When a decision maker moves out of the chain or a new technical evaluator steps in, your carefully built pipeline can begin to fragment. As Regional Sales Manager for Palamida, Steve Marx is well aware of this danger, but until recently it was a daunting task to stay current. While the technology hierarchy at enterprise firms shifts constantly, ordinary org charts offer less-than-current data, forcing you to work your way up the chain all over again. It can leave salespeople in an uncomfortable position – feeling out of control.
"I need to know about changes in management as soon as they happen," says Marx. "I need to know if there's a new CTO or a new CIO at my accounts. It's a constant battle – and a constant concern."
At the same time, the Palamida team recognized that the prospect database they'd been building in-house for seven years had become dated. Their inside sales rep was spending far too much time trying to reach the wrong person or painstakingly seeking out the right contact – or simply getting brushed off because he was using old data.
"He was calling in to the same base of contacts," says Marx. "They'd say, call me back in so many months, but at some point you exhaust all that. We needed a better solution."
Today, Palamida has successfully sharpened its approach – both inside and in the field – with a solution Marx calls "the best marketing and sales tool in the industry."
Palamida's products, specifically its flagship Palamida Enterprise Edition, allow organizations to effectively develop software while minimizing the risk of IP infringement and security vulnerabilities. Palamida’s solutions analyze the project from the beginning of development, identifying matches with open source and third-party software – and establishing a record for software content, policy, vulnerability alerts and action items such as remediation. The workflow component allows organizations to establish an effective approval process for using third-party components, which reduces the risk of expensive surprises later on.
Software Composition Analysis is a relatively new software category – which means that when an organization has an actual project underway, they will often find Palamida. "We get a reasonable number of incoming leads," says Marx. "But we need to raise awareness so we're top-of-mind. Our outbound rep is calling in to medium to large technology and financial services companies – beating the bushes, and securing conversations for our domestic field reps. If he's not hitting the right people, he's not being productive."
Palamida chooses RainKing's "more mature and complete solution"
Marx asked colleagues about possible solutions and quickly narrowed the field to two candidates. "A number of us got involved with a thorough evaluation and we recognized that RainKing was definitely the more mature and complete solution," says Marx. "The competition's offering was capable, but at the end of the day, we felt RainKing had a more comprehensive offering. We presented our recommendation to our CEO, and he ultimately signed off on it."
The results were seen on Day One. The inside rep immediately became more effective – consistently reaching the right target and quickly engaging prospects with insight from RainKing. "He's now securing three times as many conversations for those of us in the field," says Marx. "Bottom line, RainKing has helped him be as productive as he can be."
Marx also saw his own productivity increase. Every morning, he receives custom Inside Scoops™, which alert him to upcoming projects and management changes at companies he's interested in.
Inside tip on management change launches sales cycle with major financial institution
"RainKing keeps me on top of my territory with up-to-the-minute updates on management changes within our prospect and customer bases – which, needless to say, is extremely valuable information. Beyond that, if I need to uncover additional contacts within a prospect company or a customer, I can find it in seconds. I know what their activities are, what their needs are, and where they're spending money.
"And when RainKing sends me an alert that catches my eye – a customer or prospect I think we should be working with – I'll forward it immediately to our inside rep, who can begin to reach out."
With RainKing's data, Marx is able to approach his accounts with the kind of insight and "insider knowledge" that leads to immediate engagement. Several times, RainKing's Inside Scoops have actually helped him seize opportunities at companies that haven't previously been open to discussion.
"For nine months, I'd been trying to get an audience with a primary decision maker at a major financial institution – with no luck," says Marx. "Then an Inside Scoop informed me that this guy had just been replaced. I called his replacement that morning, and we've begun a sales cycle. That kind of information is critical to us. In my opinion, RainKing is the best marketing and sales tool in the industry."