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Case Study

CASE STUDY – TECHNOLOGY SERVICES

By August 5, 2024August 12th, 2024No Comments

Executive Summary

This case study focuses on a Mumbai-based IT services company, founded in 2010, which experienced initial growth followed by stagnation and decline in its fourth year. Despite achieving cash profits, the company was accumulating losses and needed a strategic overhaul in sales and marketing to revitalize its revenue growth.

The Brief

The company aimed to:
  • Implement a revitalized growth and go-to-market strategy.
  • Transform the sales and marketing functions to enhance productivity.
  • Establish a strong digital footprint to enhance brand visibility and lead generation.

Client Challenges

Challenges included:
  • Lack of a strategic outlook and understanding of market dynamics.
  • Growth achieved sporadically rather than through planned efforts.
  • Sales and marketing teams were demotivated and lacked effective performance monitoring.
  • Outsourced digital marketing efforts lacked performance-based accountability.

RenB’s Approach and Execution

RenB implemented a structured transformation strategy, which included:
  • Opportunity Profiling: Developing a detailed customer profile, understanding market size and demographics, and defining target segments.
  • Go-to-Market Strategy: Crafting a three-year revenue forecast and a detailed roadmap for achieving these goals, including execution plans with milestones and timelines.
  • Branding and Marketing:
    • Redefining the brand positioning and theme.
    • Overhauling the website and other digital collaterals to align with the new brand identity.
    • Establishing a comprehensive digital marketing strategy encompassing SEO, SMO, SMM, and SEM.
  • Sales Funnel Management: Implementing a robust process for managing the sales funnel from lead generation to closure, including training for the sales team and setting up a performance management system.
  • Customer Service and Feedback: Initiating a customer feedback mechanism and monitoring customer satisfaction indexes to enhance service quality and foster repeat business.

Execution and Results

  • Engagement and Workshops: Stakeholder engagement through virtual and physical meetings facilitated the planned interventions.
  • HR and Organizational Changes: Performance management systems were revamped to enhance productivity and motivation within the sales and marketing teams.
  • Digital and Sales Outcomes: Within four months, organic leads increased by 62% month-over-month, and sales conversion rates improved by 40%, leading to significant revenue growth.
  • Revenue Growth: By the sixth month, the company achieved its targeted revenue forecast, and by the end of the year, it had exceeded its revenue target by 18%, achieving an 86% growth over the previous year.

Conclusive Achieved Results

  • The project successfully transformed the sales and marketing functions, resulting in an 86% revenue growth within the first 12 months.
  • There was a fourfold increase in enquiries, improved conversion rates, and a 20% increase in value realization per customer.
  • Enhanced customer service and feedback processes contributed to a 22% repeat business rate.
  • Systems and procedures for the sales and marketing functions were automated and optimized, reducing costs and increasing profitability.
  • Improved collaboration between sales, marketing, and backend functions enhanced departmental efficiencies through real-time online visibility.

Advisory Role

Following the project’s success, Mr. Vincent Fernandez, Chairman of RenB, was named an Advisory Director on the company’s board in January 2019 to continue guiding their growth strategy.
This case study demonstrates RenB’s effectiveness in driving significant improvements in sales and marketing functions, directly contributing to substantial revenue growth and operational efficiency.

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