The landscape of B2B sales is undergoing a monumental shift towards digital customer and prospect engagements. And it's not just a trend – it's a strategic move that is redefining GTM strategies and restructuring sales cycles to be significantly more efficient.
One of our customers, a Fortune200 Financial Services company, recently shared insights into their 2023 experience with Omedym, a buyer engagement platform designed to revolutionize how businesses engage with prospects. Based on their report, over the last year they were able to save almost $3M and a year’s worth of time by engaging prospects through Omedym rather than having live meetings. Those sound like crazy numbers, but those figures illustrate the power of engaging prospects digitally at scale. Let’s break it down.
Within their organization, the average weekday saw 46 active Omedym buyer portals. Buyer portals are private, on-demand digital environments private to each prospect, in which prospects can seamlessly navigate product content and get immediate answers, empowering them to learn about products/services on their terms.
To get to that $2.9 million, we first need to quantify the cost of a live discovery call or demo meeting a sales team member would have with a prospect. In this case, the cost of a live meeting is relatively low – about $250. This cost per meeting varies for each company based on factors like employee salary, tech and tools used, opportunity cost, and others.
This company recorded an average of 46 active portals per day, with the average visit being 15 mins long. If those digital interactions were in fact live meetings, the estimated cost would amount to $11,500 per day. Yes, you read that right - $11,500 daily! Multiply that by five business days, and the weekly cost equals $57,500. On a scale of 52 weeks, that expense amounts to $2,990,000 per year.
The impact of Omedym isn't just in the cost-saving; it's about the time reclaimed. With an average engagement of 15 minutes per visit, the platform is saving this F200 company 57.5 hours of live meetings each week, which translates to an astonishing 2,990 hours annually. 2,990 is the same as 373.75 eight- hour work days.
Imagine giving your team an additional 373 eight-hour workdays! That's the powerful efficiency of engaging prospects through digital channels.
So, what are the sales teams doing with their time instead of conducting discovery calls or general product demos? Omedym empowers them to refocus their effort on engaging with prospects further down the sales cycle, spending much more time negotiating and closing deals rather than being part-time demo jockeys.
Not only do they save millions per year and over a years worth of meeting time, this F200’s sales teams are closing deals more efficiently and effectively, reporting a 14% increase in close rate, 30% shorter sales cycles, and a 20% increase in deal size. By drastically cutting down their customer acquisition cost (CAC) while accelerating revenue generation, this company is exhibiting true sales excellence and leading the pack in pursuit of efficient growth.
Not factored in these cost and time savings calculations is the fact that Omedym never turns off, allowing prospects to operate beyond traditional business hours (nights and weekends) while the sales team is offline.
By having a digital teammate manage the top of funnel meetings, like discovery calls and preliminary demos, sales teams are freed up to forge deeper connections with sales-ready prospects and close deals more effectively. This is where the future of B2B sales lies – a seamless fusion of digital and human touchpoints. Tools like Omedym are pivotal in helping sales organizations optimize resources, delivering value to broader audience while preserving the human touch essential to close deals successfully.
Curious to explore how Omedym can elevate your organization's sales efficiency without expanding headcount? Click here to experience an on-demand demo, secure your exclusive buyer portal, or connect with our Omedym team for personalized insights.
Leading Sales, PreSales, and Revenue teams use Omedym's best-in-class buyer engagement platform to consistently close deals by providing a modern buying experience. Learn more here.