Ryte Achieved 23% Revenue Growth from Outbound & 26% ASP Growth with Predictable Revenue’s Coaching Services
Magdalena, who was in a Sales Enablement Executive role (when the engagement started) and Georg Schildknecht, the VP Growth at Ryte, came to us to help them establish outbound sales within their organization.
BEFORE PREDICTABLE REVENUE
Ryte decided to work with Predictable Revenue as they had a “bit of knowledge missing” and they wanted to have a proper “kick off” to establish the outbound sales function. As a young sales team, they looked to Predictable Revenue to gain knowledge that comes from experience. Ryte needed a well-thought out strategy to ensure they were establishing the outbound sales functionality at their organization the right way, the first time. They thought about trying to build the outbound sales team first internally with research. They had bought some lead lists and were diving into understanding their target market personas but noticed that they were missing knowledge in how to do sales outreach, specifically messaging and sequencing.
Ryte had seen historical success with inbound marketing and had a team of five Inbound SDRs handling those leads. They had also hired one SDR who would be handling outbound sales. When Ryte hired Predictable Revenue the outbound SDR “was only handling one market and was not entirely doing outbound.” Their reps were handling a mix of inbound and outbound sales, instead of focusing on one.
Unfortunately, Ryte saw their inbound lead flow plateau with the onset of the COVID pandemic however they knew they were well-positioned to ramp up their growth in 2021.
The tipping point to hire Predictable Revenue was the company raised a fundraising round at the end of December 2020 and would need to show specific revenue results. This was the perfect time to get everything implemented and ramp up outbound sales. They wanted to strategically show where they would be heading in the next few years.
Team Lead Marketing Operations & Revenue Programs @Ryte
Ryte had bought some lead lists and were diving into understanding their target market personas but noticed that they were missing knowledge in how to do sales outreach, specifically messaging and sequencing.
VP Growth @Ryte
The Predictable Revenue team decided to focus on three things:
- Uncover Gaps in the Lead-to-Revenue Cycle
- Rebalance SDR Staffing & Hiring Plan
- Build the Outbound SDR Program
With a 100-day outbound team plan, Ryte was provided with a step-by-step process to shift staff internally into new roles, establish the metrics necessary to measure the success of the program from the start and move forward with nailing their niche, drafting sequences and finally beginning outbound outreach.
“From our side, the biggest success factors were splitting SDRs & BDRs into separate teams and building a program around LinkedIn pipeline generation.” Magdalena Prantl
Ryte found they were provided with a lot of material to work with. With a breakdown of the project plan it was easy to know what they needed to work on in a consecutive order. They even found the decision-making process of purchasing new tools (including sales engagement & data enrichment) was made easier through the coaching engagement with Predictable Revenue.
After working with Predictable Revenue they now have 5 Outbound SDRs and 5 Inbound SDRs. They also were able to expand from 3 markets to 2 additional markets during the engagement with Predictable Revenue.
One of the goals set out for the engagement and for Ryte was to create 1/10 of target revenue coming from outbound sales. Looking at 2021 results, Ryte did not only hit but exceed their goal with outbound activities contributing 27% of all pipeline and 20% of new customers.
The average selling price (ASP) of these new customers has a 26% higher average selling price compared to other channels and contributed 23% growth in new business.
“From our side, the biggest success factors were splitting SDRs & BDRs into separate teams and building a program around LinkedIn pipeline generation.”
Magdalena Prantl and Georg Schildknecht were fans of the concepts found in the Predictable Revenue book. And while Ryte had a well established inbound marketing engine, they knew they wanted the help of our company as they established their outbound sales team. Without our team, they’d be stuck implementing it on their own and possibly not being able to avoid the pitfalls that come from establishing outbound for the first time at a company.
“Lessons learned are that it [Outbound] takes time and it is worth giving it time. As well, looking at the program and starting the program independently of already existing Marketing/ Inbound activities earlier would have helped speed up the process.” Magdalena Prantl
After partnering with Predictable Revenue and following a straightforward process with an easy-going and manageable project timeline, Ryte was able to hire 5 outbound SDRs to establish a team of 6 managing 27% of their overall revenue pipeline. Thanks to the Predictable Revenue coaching team, Ryte has been able to establish themselves in 2 new markets in the process.
Most importantly, the goal of establishing metrics in the lead to revenue cycle has allowed them to easily measure their 23% growth in 2021.
Outbound Sales created
higher average selling price
2 additional markets
in 2021 through the engagement