3 New Markets, 500,000$ Revenue In 3 Months: FrontCore Case Study
FrontCore is a software development company located in Oslo. Having a small yet nimble team, FrontCore managed to make its way to the market of Denmark and even some markets in the United Kingdom, selling a custom-made training management system that helps training providers structure and organize their courses.
FrontCore wanted its solution to be seen and accessed by the target audience. Having made their name on the market of Denmark and around the United Kingdom, they looked for new territories. In order not to put pressure on the in-house team, FrontCore connected with Belkins for assistance.
Sometimes, it's hard to find your ideal customer. However, when you make it your goal and align your efforts with qualified researchers, your task goes from mission impossible to a solvable challenge.
Despite being nimble and productive, the FrontCore team was too small to fulfill its next goal - building an outbound campaign for entering the new market and spreading awareness about their training management system for training providers. Therefore, our task was to help FrontCore out with such steps as:
- Fast growth boost. The client realized the need to expand the brand's influence to a new market by establishing a productive and efficient channel. However, such a decision required a lot of research and expertise.
- Complicated targeting. Promoting the FrontCore training solution was no easy feat: not every company that fell under the "training" category turned out to be the perfect fit for the client. FrontCore wanted a client database that consisted of at least 70% of training companies that offered public courses and 30% of companies that provided bespoke corporate training. To achieve this, the FrontCore team required new insights and hand-curated lead data.
- Limited internal resources. Instead of putting pressure on the in-house staff, FrontCore started looking for outsourced professionals who could assist with building and overseeing the new campaign.
What we did
- Dive deep into the ICP. To understand why the current targeting didn’t deliver enough high-value leads, our team studied the client’s Ideal Customer Profile to see what kind of data it lacked.
Additionally, we explored the value proposition of FrontCore. This part of the research was necessary to establish the key definitive features that set the client apart from the competition and figure out how to implement those features in future campaigns.
The ICP of FrontCore turned out to be quite tricky because the training solution was meant for training providers, i.e., companies and organizations that provided training and courses for various industries. The purpose of the FrontCore training management system was to help these enterprises improve their performance and the process of providing training for their clients. We made sure to address this with our next step.
- Customized research. We assigned a qualified Belkins researcher to the task of exploring industries and companies to find a perfect fit according to the FrontCore ICP. This stage required working with hand-picked data and dipping it into various data pools, from social media platforms, such as LinkedIn and AngelList, to more niche-specific resources, such as Xing.
Within the research phase, we were able to map out the industries we could target. That list included training providers in Forklift Training, Oil & Gas Industry, Project Management, Leadership, Design, Maritime, Truck Driving, Accounting & Insurance. The Netherlands became the first new market where we decided to try out our new outbound strategy for FrontCore.
- Template crafting. Knowing our goals, our market, and our target audience, we handed the information over to our copywriters, who wrote a set of customized cold email templates.
In general, we went for a 4-email cadence as it promised to be the most efficient in supplying prospects with information and pushing them to respond.
- Project management. An AM and an SDR from Belkins kept overviewing the new campaign since the very beginning of its implementation. It allowed us to keep things under control and ensure that we delivered the best results while swiftly adapting to the changes. In the meanwhile, the FrontCore team was free to process new warm leads and take them to the appointment-setting stage.
- Successful presence on the market. Our research and campaigns for new markets delivered great results. In the first months of our work with FrontCore, we managed to find ten high-value prospects and convert them into customers for FrontCore. Given that each new deal with the client that fits the ICP to a tee drives considerable amounts of revenue, it was an outstanding result and clear evidence that our targeting and campaigns were based on accurate research data and succeeded at capturing the attention of the target audience.
- Responses mapping. We provided maximum clarity regarding the responses received, giving the client transparent insights and more understanding of how the campaign should be developed.
- New territories explored. Through our research, we discovered profitable markets in Austria, Switzerland, and Belgium. In these markets, the FrontCore training solution turned out to be almost unique, which meant a high probability of new deals and long-term customers. Currently, we continue working with FrontCore to make the most out of these new markets.
- Company growth achieved. Having built a streamlined, transparent workflow and new powerful campaigns, FrontCore started growing rapidly. The company gained the opportunities and resources necessary for expanding the core team, installed a CRM to structure the lead flow, and continues working with Belkins team to secure even more victories in sales and project management.
- Always start with your ICP. When you design a product, you must outline a detailed image of a person or a company that would benefit from it. Write down all the important details, from location to business goals. The more specific you are, the higher are the chances of finding your perfect client without having to rewrite your email templates and redesign your outreach campaigns a few times.
- Don't reuse the same email template. Cold emails must appeal to your recipients, and you can't achieve that by copy-pasting body text and changing some variables (the recipient’s name, company name, etc.) You should create new content, inject relevance, and make it clear that you treat each of your prospects as an individual and you're ready to come up with a customized solution to their pain points.
- New markets are always out there. Even if you think that all niches are occupied and dealing with competition is inevitable, it shouldn't stop you from researching new opportunities. Your solution may not be unique in your local market, but it will turn out to be in high demand in other markets. The only way to find out is to be on a constant lookout for new territories.
- Team up with experts. When you have a productive, yet small team, and you want your company growth to be natural, not forced, approach your tasks carefully. Putting too much work on your sales representatives and researchers will result in exhausting your human resources and losing great sales opportunities. Hiring new in-house staff on a budget that could have been spent on more campaigns will hinder your progress. Joining efforts with an outsourced team will let you distribute the workload evenly and move along your roadmap at the pace you're comfortable with, making the most out of your sales funnel.