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:

  1. 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.

  2. Emerging Competition - Here, you need to differentiate your services from a handful of competitors. This requires clear communication about what makes you superior.

  3. 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."

  4. 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.

  5. 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:

  1. Developing foundational copy

  2. Identifying target markets, positioning, and segmentation

  3. Analyzing past customer demos and meetings to gain insights into completed projects

  4. Crafting the sales pitch

  5. Producing multiple iterations of the sales letter

  6. Setting up necessary tools and infrastructure

  7. Undertaking a rebranding initiative and redesigning the website

  8. Compiling lists of target prospects

  9. 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.