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In the wake of the US government's historic US$2trillion federal stimulus package, a business development team from a global lighting company found themselves at the starting line of a high-stakes race.It will be a huge opportunity for businesses nationwide to receive a share of the massive funding.
To seize the opportunity, they need to be the first to know which states would receive the funds and who would wield the power to allocate them. Early knowledge and strategic engagement were the keys to unlocking a competitive advantage, but traditional methods were proving woefully inadequate.
The team previously tracked the news manually onGoogle and the industry websites, which were too slow and ineffective. By the time opportunities appeared on official tender portals, the company had lost any competitive advantage.
“We were stuck in the slow lane, relying on manual news tracking using Google searches and official tender portals,” recalled a team member.
With TSC’s system - the business development team was able to track the flow of the federal stimulus package in real-time, and identify key stakeholders with influence over the spending decision under one platform for effective account management.
TSC’s solution developed customised data modelling of all key related topics to build a real-time tracking system for comprehensive monitoring of every federal, state and city-level media announcement related to the stimulus package and new infrastructure projects.
The Machine language (ML) model identifies and recommends upcoming project opportunities from live media and the team then builds a scalable workflow to pass those leads to Account Managers throughSFDC.
The team leverages a customized media feed as a daily tool, enabling them to identify and monitor relevant news and developments related to potential infrastructure projects in major cities.
Once a project is shortlisted, the team conducts further analysis to identify critical city stakeholders, mapping them to specific projects and decision-makers with significant influence over spending decisions. This granular and actionable insight allows the team to engage proactively, shaping the allocation of contracts, bid shortlisting, and RFQ content. The identified stakeholders are classified as MQLs (MarketingQualified Leads) and subsequently passed to a dedicated team for further engagement and nurturing.
TSC’s solution of customised data, media monitoring and engagement platform allows the team to quickly identify potential projects and proactively engage with the stakeholders which in turn helps them influence the allocation of contracts, shortlisting of bids and the contents of RFQs.
New Businesses: The team identified over US$50m in opportunities within the first two weeks and more than 70opportunities in the first six months.
Cost Savings: The cost per lead, with the use of a system in lieu of manual labour, plummeted by approximately two-thirds.
Time Savings: The time required to manage lead generation centrally was slashed by 50%, freeing up resources for strategic engagement.
Suggested Use-Cases:
1) Government Relations Specialists
Professionals responsible for maintaining relationships with government agencies and staying informed about policy changes, funding opportunities, and regulatory updates can utilize a similar solution to track government announcements and projects, enabling them to advise their organizations on strategic engagement and business development opportunities.
2) Business Development Managers
Managers focused on identifying new business opportunities, partnerships, and collaborations can use a solution like TSC's to monitor government initiatives, track project updates, and identify &engage with key stakeholders, increasing their chances of securing contracts and driving business growth.
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