From David to Goliath: How a SaaS Company Cracked the Enterprise Market with Strategic Industry Analyst Engagement
Challenge:
In the highly competitive SaaS industry, a mid-sized sales performance management (SPM) company was facing a David versus Goliath situation. Despite having a solid product and a successful track record with small to mid-sized businesses, the company was struggling to gain recognition that would enable its sales reps to succeed up-market and break into the enterprise market. IBM was an incumbent and posed a significant brand challenge.
Solution:
To tackle this challenge head-on, I conducted extensive persona research and competitive analysis. It became clear that to win enterprise-level contracts, the company needed to excel in two key areas: The Gartner Magic Quadrant and The Forrester Wave. These industry analyst reports were the gatekeepers to success, and they had to make a mark.
I worked closely with the C-suite, product owners, and services leaders to develop a strategic plan. I identified the analysts, both directly in the market and adjacent—and worked with the account managers at Gartner and Forrester to get on their schedules for regular briefings. I worked cross-functionally to craft compelling presentations that showcased our roadmap milestones and customer success stories. I carefully selected the right spokespeople for each meeting, ensuring that our message was delivered with impact.
Managing the complex annual submission process for each analyst report was my responsibility. I coordinated input from every area of the business, including customer success, finance, marketing, operations, product, sales, and services. Implementing efficient processes, I collected and aligned questionnaire responses, and applied my communications skills to create a persuasive narrative.
To keep the analysts engaged and up-to-date, I created an exclusive newsletter that provided them with inside information about our company, product announcements, and upcoming innovations. This kept us top of mind and sparked their interest in our offerings.
Results:
The hard work and data-driven strategy paid off. The company was positioned as a leader in The Forrester Wave and the Gartner Magic Quadrant and Critical Capabilities reports, continually improving its position year after year. This significant recognition propelled the company into the top three vendors of choice, alongside industry giants and well-known brands, like IBM and Callidus Cloud.
The impact was immediate, with a noticeable surge in RFPs, offering the potential to generate an additional $15 million in annual revenue. Moreover, the sales team was able to forge strategic partnerships with over a dozen global enterprises, cementing the company’s position as a player in the enterprise market.