THE OBJECTIVE Salelytics, together with one of the nation’s largest diabetes care companies, had a need to better promote their premier glucose meter for patient bedside testing to new business prospects, clinician practitioners, and decision-makers. The team previously utilized webinar technology to demonstrate the features and benefits in one-to-one or one-to-many presentations. Salelytics recognized an opportunity to leverage innovative virtual technology and demonstrate the product’s features and benefits early in the sales cycle with a more dynamic and engaging presentation – facilitating product assessment and compelling the prospect to make a purchasing decision sooner. The process would shorten the sales cycle and improve win rates.
THE SOLUTION Salelytics began using technology to connect via real-time video with prospects on a 2-Camera, Virtual Sales & InServicing (VSIS) channel in one-to-many or one-to-one engagement. The platform utilized two cameras for face-to-face engagement and live product demonstration, providing a cost analysis presentation, polling questions, file sharing, and links to related resources. Preliminary results were promising. Process KPIs indicated the innovation of the VSIS channel drove shorter sales cycles and increased win rates.
THE METHOD A 6-month over a 6-month comparison of opportunities representing the “Before” VSIS channel and the “After” VSIS channel process was analyzed – against win rate, mean days of the overall sales cycle, and mean days between sales stage. Only opportunities which both opened and closed in their respective 6-month period were considered in each sample - a constraint required to fairly evaluate and compare the sales cycle between two finite and equal periods.