Challenge
A tech company delivering pharmaceutical rebate automation faced a pivotal juncture in 2019. With a valuation of $20 million, the company had carved a niche for itself in the long-term care and skilled nursing sector and attained commendable success within this distinct space. The company’s leadership had the foresight to realize that embracing national expansion was paramount to establishing a commanding presence within the market.
However, the absence of a requisite strategic framework, systems, and specialized expertise restricted the company’s ability to actualize this ambitious growth plan. This obstacle was not only impeding the company’s growth trajectory but also curbing its ability to unleash the latent potential of its offerings fully.
SOLUTION
Armed with a comprehensive approach encompassing people, processes, and tools, HL Advisors swiftly moved to implement a set of strategic solutions:
- Strategic Sales Team Expansion: HL Advisors played a pivotal role in building a specialized sales team to drive the company’s national expansion. This encompassed the recruitment of a proficient Sales Leader and the assembly of five sales professionals with subject matter expertise strategically positioned across the United States. Deliberate geographical studies were conducted to discern the ideal coverage model to align with the company’s high-value prospects.
- Territory and Quota Optimization: The existing sales structure was reimagined, and territories and quotas were meticulously mapped out to maximize market reach and performance. Compensation plans were strategically crafted to incentivize high performance and align with the company’s growth objectives.
- Appointment of CRO and Executive Networking: HL Advisors facilitated the search and selection of a Chief Revenue Officer (CRO), entrusted with spearheading strategic decision-making and propelling the company’s ambitious growth agenda.
- Enhanced Tools and Streamlined Processes: Drawing upon their expertise, HL Advisors refined the existing tools and processes, seamlessly integrating them to amplify the sales team’s productivity. This encompassed elevating support systems, optimizing meeting structures, and refining operational procedures to empower the sales team with the essential resources for success.
- Facilitating CEO Connections: HL Advisors utilized its expansive network to initiate meaningful interactions with influential CEOs, fostering opportunities for valuable partnerships and collaborative ventures.
RESULTS:
The transformational journey for the tech company led by HL Advisors yielded impressive results and tangible benefits:
- Revenue Surge: Within the span of 18 months, the company experienced a remarkable doubling of its base revenue, demonstrating the efficacy of the refined sales structure and strategies implemented.
- Widened Market Reach: The Tech Company achieved a 50% increase in its end-user base, signaling a substantial improvement in market penetration and client acquisition.
- Strategic Readiness: Beyond immediate gains, the company was now strategically poised for national expansion. Equipped with a cohesive sales team, optimized tools, and refined processes, the company was primed to seize opportunities on a larger scale.
During the engagement, a significant development occurred: an ownership change resulted in a merger of teams. In response, HL Advisors orchestrated a smooth transition by retaining the best elements of both groups while strategically removing redundancies.
CONCLUSION:
HL Advisors’ strategic intervention propelled their client towards unparalleled growth and market dominance.