Create4: managing the sales pipeline
Who is Create4?
Create4 is a specialist consultancy working principally with global associations, institutions and charities to help them connect with the right people, engage with the best partners, develop sustainable revenue streams and maximise their impact.
What were the challenges?
Create4 were contracted by Royal College of Physicians to develop a corporate partnerships programme. This was a broad commercial programme with far reaching potential but its initial focus was to have corporate partners in place in time for RCP’s 500-year anniversary in 2018 and the landmark conference Innovation in Medicine 2018.
The college was seeking five headline partners and were able to offer substantial additional partnership opportunities to organisations within the pharmaceutical, medical device, technology and digital health sectors. However, there was no contact information available and no internal resource to reach out to these markets.
We were commissioned to research and build a database in collaboration with Create4 and then to engage by telephone, individual email and via marketing campaigns with selected appropriate organisations, to establish the relevant budget holder and stakeholders and to arrange meetings and conference calls for the Create4 team to ‘sell’ partnership packages. Where we were engaging with a potential headline partner, key officers of RCP would attend meetings alongside the Create4 consultants, adding an additional logistical complexity.
We worked on the detailed research and calling strategy with Create4 and estimated that we would be engaging with approximately 1,000 companies. Data management was going to be a key issue both for us and for the Create4 consultants who were representing RCP in the meetings and conference calls that we scheduled.
We had designed an application in our Quick Base relationship management system to provide a platform for our team to manage their contact with the prospective partners and to capture all relevant data. But we then re-configured the relationship management app to manage the entire sales process, end-to-end, with the Create4 team able to enter their follow up meetings, calls, and deals and to forecast revenues. We created bespoke reporting for Create4 so that they could provide the stakeholders of RCP with real-time updates and forecasting. They were also able to append reports, proposals and contracts to the app so that the entire pipeline was managed in one place giving a single customer view.
We researched a database of over 1,000 companies and 3,600 contacts within those companies. All the companies were tagged with data as to their market sector, membership of their industry body, participation in other key medical conferences and all the other market intelligence we were able to amass.
Over a period of six months we booked over 100 meetings, which generated 81 deals and Create4 exceeded its revenue target by 1000%.