Problem

TechnoServe, a tech SaaS startup, was facing a significant drop in their sales pipeline conversion percentage from 35 at the end of the last fiscal year to 25 presently. This decline was a cause of concern for the company as it could lead to revenue loss and affect its growth prospects.

The team was assigned the objective of understanding the problem, formulating hypotheses for low conversions, and analyzing the dataset provided to arrive at possible solutions to increase it. The challenge was to identify the root cause of the issue and come up with an effective strategy to improve conversion rates.

Link to relevant video

Solution

The team started by using the 5W framework to understand the problem thoroughly. They then formulated hypotheses using Brant Framework and created mind maps to visualize different ideas. The team generated insights from data using Excel and Tableau, which helped them identify patterns and trends that were contributing to low conversions.

After analyzing all possible solutions, the team recommended implementing a new lead scoring system that would prioritize leads based on their likelihood of converting. They also suggested creating targeted marketing campaigns that would focus on engaging potential customers through personalized messaging and content tailored specifically for them.

Impact

Increase in sales pipeline conversion rate by X%
Reduction in customer acquisition cost by X%

"This project had an incredible impact on TechnoServe's growth prospects. Our new lead scoring system and targeted marketing campaigns helped us increase our sales pipeline conversion rate and reduce customer acquisition costs, which has had a significant positive impact on our revenue."

Team

Team Member #1 - Data Analyst
- Analyzed the dataset provided to identify patterns and trends contributing to low conversions.
- Generated insights from data using Excel and Tableau.
Team Member #2 - Marketing Strategist
- Suggested creating targeted marketing campaigns that would focus on engaging potential customers through personalized messaging and content tailored specifically for them.
- Recommended implementing a new lead scoring system that would prioritize leads based on their likelihood of converting.

TechnoServe Boosts Conversion Rate with New Strategy