Identifying Millions of Dollars of Untapped Revenue
A multinational conglomerate based in the United States that operates in the domains of manufacturing, worker safety, health care, and consumer goods approached Claritas with the challenge of gaining a more in-depth understanding of who the right businesses were for their industrial paint products as well as who were more likely to purchase their specialty vehicles.
HOW WE DID IT
Claritas leveraged a proprietary predictive analytics process to help identify and gain a granular understanding of the businesses that provided the most opportunity for both industrial paint products and specialty vehicles. This process was defined by 3 primary steps:
1. Define & Size the Opportunity: This included understanding who the company’s best channel partners are and aligning universe drivers to identify businesses by industry product and location.
2. Identify Next Best Partners/Businesses: Accomplished through discovering key demographics, firmographics, and other business characteristics that have the strongest propensity to drive sales. Then, score and prioritize new and existing businesses to determine potential.
3. Identify Next Best Product: This identified key products and cross-sell opportunities within each partner and/or business, including uncovering gaps in their product mix.
The result of the analysis provided a large universe of qualified new businesses with new and cross-sell opportunity of over $1 billion for industrial paint products. It also provided a priority group of businesses that were 19x more likely to purchase the company’s specialty vehicles, representing $190 million in potential new and cross-sell opportunities.
Claritas continues to work closely with the conglomerate and its channel partners to ensure data accuracy while continuing to help uncover opportunities within its go-to-market initiatives.
THE CLARITAS EFFECT
$1B in potential revenue identified for their industrial paint products
$130MM in potential new business revenue identified for their specialty vehicles businesses
$60MM in existing cross-sell opportunities identified for their specialty vehicles businesses
INTELLIGENCE YOU CAN USE
Claritas Predictive Analytics
– Know what businesses to market to first
– Know which product to lead with and which to cross-sell
– Know which geographic markets to prioritize
– Know the unique traits that may influence buying decisions
– More accurately forecast new business and cross-sell opportunity
– Create focus and clarity for your sales/marketing team
– Report and measure success