LeadGenius Carves Out Custom, Niche Market Segment for an Enterprise Payment Processing Company
PAYMENT PROCESSING INDUSTRY
The idea of the exchange of money is always changing, but in the past three years, it has evolved at a rapid pace. Competition is fierce and the ongoing war of alternative payment channels to remain cutting edge relies on sales and marketing teams to have the best data possible to target and gain traction within niche market segments.
LeadGenius was approached by a leading, enterprise payment processing company because they were ready to build out their first SDR team and arm them with a tech stack they needed to succeed. They had a very specific portion of the marketplace they were interested in, Quick Service Restaurants.
The company had tried several bulk data providers in the past resulting in a sub-par account and contact data, and the overall company fit was bad. Since the company had narrowed down its market segment for this campaign, Quick Service Restaurants, they were not interested in a large portion of the food and beverage market. This sounds like a good thing, but to bulk data providers this is a problem. The company knew that fine dining and full-service restaurants were not their sweet spot but asking a bulk data provider to filter these segments out seemed to be impossible.
So, after finding out the hard way that bulk data providers were not the answer, they tasked their SDRs with creating their lists from scratch. The team created good, targeted lists, but at a high overhead cost. After some time, it became very clear that this was an unsustainable project for the team due to the amount of time the SDRs were spending on research, data input and it was fast becoming a clerical nightmare within their CRM.
The Management team was getting discouraged, even if the reps were making headway with creating lists from scratch, the cost of their time was high and was not a scalable solution.
When the company came to the table with LeadGenius they laid out very realistic goals and objectives for the first six months:
- Lower the cost per lead they were spending internally.
- Improve the quality they were getting from the bulk data vendors they tried in the past.
- Free up reps time from the clerical work they were doing to manually input the leads.
If LeadGenius could make all three goals happen, then additional spend would be allocated.
After the initial six-months of collaboration, iteration and delivery were completed, LeadGenius had exceeded all three goals. The quality of the hand-crafted lists the SDR team were crafting manually was good, but not sustainable or scalable. LeadGenius was tasked with reducing cost, NOT quality, and to the company’s surprise the quality of the contact and account data did not suffer, and the cost was only slightly higher than the bulk data providers they had tried in the past.
LeadGenius approaches data curation and delivery different from bulk data providers because of the custom process, system, filters and queries that are created for each individual use case. On top of these custom queries, LeadGenius bounce tests and use multiple data validation tools which make the data noticeably superior compared to other B2B data providers.
Prior to the LeadGenius engagement, the company’s SDR team was spending 40% of their work day doing clerical and admin work, at the end of the six months pilot the team was spending less than 10% of their day doing these tasks. Freeing up 30% of the SDRs team time created a whole new workday and the ability to scale this team as needed to hit their yearly sales goals.