The SME Productivity & Innovation Centre (PIC) at Edge Hill University delivers impact through an intensive fully-funded programme that helps established SMEs, with the vision and potential for growth, build a coherent business model strategy to scale-up.
David Southworth, Sales and Marketing Director of Isotech entered the Innovation Sprint Programme to formulate a market development strategy for growth by building on generating consistent levels of new demand and gaining greater control over the customer profile. Isotech were also focussed on the opportunity to achieve a greater sales yield from the existing customer base of international distributors. Isotech needed to take an insight-driven approach to define the market opportunity, reachable market and routes to market.
The key to unlocking the opportunity was through customer segmentation. The SME Growth Experts facilitated Isotech to analyse data and evidence already in the business to clearly define their most profitable customers and use the technology to identify the available markets to reach more prospective new customers. The business intelligence platform used in conjunction with their existing Customer Relationship Management system will automate key processes to reach new customers, and monitor and measure performance and conversion rates.
The key changes
Facilitated by Edge Hill University, Isotech recognised the need to rebalance their portfolio of customers and design and implement a new outbound sales process underpinned by the new business intelligence platform. Isotech identified key drivers such as industry and customer location that will all be embedded into the initial assessment stages of their sales process when qualifying new customers. Embedding quantifiable benefits in their refreshed value proposition will also help Isotech reach and engage with new customers. David and the team were also facilitated to plan their sales pipeline, customer journey KPIs, customer acquisition and revenue model ensuring the market development strategy was viable.
The plan and outcomes
Isotech used the latter stages of the programme to devise their Growth Action Plan for embedding the business model changes and recognising the need for the new business intelligence platform. The adoption of the new business intelligence platform has maximised the productivity of their new outbound sales process, driven the growth of UK sales and achieved a greater sales yield from the customer base of international distributors. Isotech left the programme with a coherent plan to scale-up, allowing them to create and adopt new digital technologies to drive up revenue and generate consistent levels of new demand.
”The Innovation Sprint Programme provided a valuable opportunity for us to look at the strategy for growth. The programme gave us new insights centred around building support for existing clients and markets. As a direct result of the programme, we have adopted a new business intelligence platform to target clients outside our traditional markets. I would encourage all companies looking to grow to participate in the programme.”
Sales and Marketing Director – Isothermal Technology Limited (Isotech)