Overview
The B2B offshore software development industry originated in the 1970s and significantly expanded in the 1990s. With approximately four to five decades of development, it has matured into a highly competitive B2B market and reached an advanced stage of market sophistication.
The different states of market sophistication are as follows:
First to Market - At this stage, you are the first company people have heard of that provides a specific service, and thus, you face no competition. You can make general claims about your offerings, as people have no basis for comparison.
Emerging Competition - Here, you need to differentiate your services from a handful of competitors. This requires clear communication about what makes you superior.
Established Competition - At this point, multiple competitors have entered the market, each claiming their superiority. Therefore, you need to explain not only how you're better, but why. For example, you might say, "Our email automation tool boasts superior deliverability rates due to our unique XYZ process that prevents emails from being marked as spam."
Fact-Based Evaluation - Buyers now focus on the tangible aspects of the product, often requesting trials or free versions to see the product in action before making a decision. Visionary sales pitches and future roadmaps become less effective, while product demonstrations and marketing must be highly impactful.
Market Saturation (Offshore Software Development) - This stage is akin to a "blood bath," where prospects have seen countless demos and fully understand the market. They have well-informed opinions about the best available options. At this point, success requires a deep understanding of your audience, coupled with superior customer experiences. Although technical information is still necessary, brand messaging and customer experiences can be the main differentiators.
Background
Our client, established for over a decade, had grown its business through word-of-mouth and referrals to expand its software development business.The client had previously been unsuccessful in generating leads from outbound sales, and did not have any sales or marketing processes in place.
In the first 12 weeks of our engagement, we focused on the following:
Developing foundational copy
Identifying target markets, positioning, and segmentation
Analyzing past customer demos and meetings to gain insights into completed projects
Crafting the sales pitch
Producing multiple iterations of the sales letter
Setting up necessary tools and infrastructure
Undertaking a rebranding initiative and redesigning the website
Compiling lists of target prospects
LinkedIn outreach commenced in mid-July, with full-fledged efforts beginning in August
Qualified Lead Value Estimated between $35k - $1m+ LTV
Sales Output
August
21 outbound calls
735 uploaded prospects
838 sent emails
109 received emails
4 leads generated from Linkedin
September
72 outbound calls
672 uploaded prospects
1350 sent emails
78 received emails
4 leads generated from Linkedin
October
In October, Product Profits introduced an SDR onto the account
881 Outbound Calls
898 Created Prospects
1826 Sent Emails
191 Received Emails
November
784 created prospects
467 outbound calls
2394 sent emails
172 received emails
1 lead created from Linkedin
December
88 Outbound calls
716 Created Prospects
1142 Sent Emails
85 received emails
11 leads created from LinkedIn
January
2157 created prospects
1126 Outbound calls
2971 sent emails
413 received emails
9 leads created
February
At the end of February, we took the SDR off the account.
1058 Outbound calls
2162 Created Prospects
1219 Sent Emails
130 Received Emails
10 Leads Created LinkedIn Leads
March
1092 Outbound calls
1046 created leads
144 received emails
3 Leads from LinkedIn
April
533 created prospects
95 outbound calls
42 received emails
862 sent emails
6 Generated Leads
May
513 Created prospects
148 outbound calls
27 received emails
3 leads
June
990 created prospects
114 outbound calls
1739 sent emails
4 leads created
July
566 created prospects
232 outbound calls
1519 sent emails
278 received emails
2 leads created
August
524 created prospects
637 sent emails
123 Received emails
5 Leads created
September
662 created prospects
2401 sent emails
600 received emails
3 leads created
Ballpark Totals
13,604 Prospects Fed into our Linkedin Process
5678 Calls
23,939 Sent Emails
2919 Received Emails
1179 prospects bad fit
415 not interested
89 Created Leads
28 leads no requirements
7 leads went with another solution or already have offshore team
5 leads our rates are too expensive
4 leads wrong domain4 leads awaiting requirements
14 TOFU lead
4 leads we cannot fulfill requirements
1 leads quoted
12 lead no response
2 leads bad fit
1 leads not proceeding (WB internal decision)
2 leads wrong domain (not clear from targeting)
1 lead requirements received
1 lead quoted
3 could have closed but Sales Issue
Marketing Output
Written Sales Letters
The hiring framework used by Schneider Electric
How to build a high performing software team in a lower cost location
Video Sales Letters
How to build a high performing software development team in a lower cost location
The Hiring Framework used by Schneider electric to build high performing development teams
Other Marketing Output
49 Linkedin Post Produced
22 videos edited
2 Websites Designed, Developed and Launched
Analysis
We solved for lead generation with a consistent 3%-7% exposure lead rate and. we have seen early signs of resonance with our demand generation efforts. With 50%+ of the leads having discovery completed and 15%+ demo and presentation rate, the client/founders are required to now solidify relationships and impress prospective customers through demos and the account opening process.
Conclusion
For B2B Growth venture into the software development sector, an industry that has already been established for over 40 years, our approach is validated. The results we received from outbound is what we expect to receive working our protocol in a highly competitive, high-ticket market. We have successfully addressed lead generation and observed promising indicators for demand generation, such as inbound leads from our website and top-of-funnel leads from content posts. As the founders are the individual subject matter experts within Software development, they will be required to close the initial deals. B2B Growth has built the sales decks, and the sales scripts, produced the sales videos, and worked with the client to produce the sales assets, and sales funnel however B2B Growth cannot close the actual deals ourselves, as we are not the subject matter experts. The founders are required to close the initial 1-3 customers and open the relationships as they are the subject matter experts. We outline deeply why the founders or product managers must close the initial 1-3 customers in our product-market fit write-up here.
B2B Growth stands alone as the growth partner that seamlessly integrates top-level strategy with granular tactical actions. We offer businesses a comprehensive A-to-Z process that ensures no detail is overlooked. With our guidance, the complexities of sales and marketing become clear, allowing you to focus on what truly matters. Our approach helps you zoom out to understand the bigger picture, so you can effectively zoom in on the details that drive success.
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