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Backed by an emerging investment firm, they had a refreshingly new approach to this emerging market - transform your work experience by leveraging great design & a flourishing ecosystem of service providers such that all aspects of a work-life balance can be accessed in one destination.
We sat down with the CEO to understand his business development goals & his team’s current approach for demand generation, especially for their offerings of fully customized office spaces.
Plug-n-play workspaces are ideal for freelancers & small teams, offering them flexibility & convenience to focus only on what they do best.
However, with significant investments in real estate, this leading Co-working Space had a unique advantage in setting up office spaces for Enterprises, who’re fast catching up with the trends of co-working.
Their goal was to capture business from these:
1. Enterprises with facilities in target micro-market
2. MNCs trying to enter India
3. Series A+ funded startups
Their team was trying to penetrate niche segments in an emerging market, and they lacked required business intelligence.
Knowing who you want to sell to is only the first step.
Finding why & when will they buy is the key to opening meaningful conversations.
1. Organizations whose leases with their current landlords are ending
2. Startups raising Series A funding & beyond
3. MNCs trying to setup operations in India
4. Organizations hiring aggressively for a new micro-market, especially City Heads
Next step was to map the relevant decision-makers & influencers from each target account & Get in Touchore about them.
The team’s existing demand generation efforts were broad-based & weren’t able to reach the ideal target audience for customized office spaces.
Inbound Marketing has always been the go-to strategy for driving demand generation that is based on demographic attributes (entrepreneurs, freelancers, luxury good buyers) or search intent (‘setup office spaces in india’, ‘coworking spaces’, etc.)
This approach being the equivalent of ‘casting a wider net with fishing’, poses a challenge to your pipeline of getting choked with a ton of invalid inquiries. Additionally, you don’t expect the decision makers in the target accounts to just enter your funnel.
Enter Account Based Marketing. By leveraging GMA’s proprietary workflows, we were able to target & engage decision makers from desired accounts across multiple channels. By being present in front of them, we could gain their attention & engage when they’re ready.
Existing outbound email campaigns were unable to open conversations with target prospect list.
En-masse email campaigns have been age-old favorites, but if you want to be successful today, you must be able to personalize these outreaches, at scale.
First step to personalization is identifying ‘Demand Groups’, i.e. group of target companies with similar buying behavior or needs.
The campaign messaging must be differentiated for industry, geography, department & seniority.
Their team had a finite marketing budget, most of which was reserved for traditional inbound marketing programs
Marketing teams allocate budgets to traditional channels first. Inbound Marketing based on demographic attributes & search based intent has continued to be an all-time favorite for good reasons.
However, unlike ‘fishing’ (read inbound marketing), ‘hunting’ (read ABM) has a flipped funnel, which begins with defining & mapping the right accounts you want to sell to, and deploy a similar mix of channels to achieve our goals.
Thus, we’re able to achieve better results in the same budget.
Their team was looking for partners & not vendors.
Having aced outbound email campaigns, digital marketing experts mistake the former as a substitute to an informed Account Based Marketing campaign.
While the ABM programs also leverage a similar mix of channels, the approach is highly differentiated in terms of content creation, and the right strategy for distribution, such that the marketing & sales leaders become aligned & start seeing improvements in a prospect’s velocity across the funnel.
Team GMA immediately got to the first task - identifying Demand Groups.
Using inputs from their sales team & data on existing prospects & customers, we’re able to shortlist companies we’d like to sell to. This required plugging into business intelligence on buying indicators relevant to each bucket.
E.g. Enterprises with facilities in target micro-markets were shortlisted on the basis of timelines for lease expiry, hiring signals for a new function being set-up or expansion plans in that geography.
Other similar Demand Groups include but hyper-growth startups funded in Series A+ stages & MNCs planning to expand to India in near future.
Opened conversations with Senior & Mid-Senior executives from 81 Enterprises in 6 months.
Opened conversations with CXOs for 35 Funded Startups at Series A+ stages.
Increased Deal Velocity of Inquiries by 97%
100% of deals opened in mid-2018 influenced by GMA campaigns