TraceRisk is a SaaS risk management solution for financial institutions — it gives risk managers the tools they need to understand their risk profile and maintain compliance with industry regulations.
TraceRisk is a small agile team, that is bootstrapped but growing rapidly. The sales team is a one man show consisting of Advisor & Chief Design Officer — Derek Yankoff. Being a one man powerhouse required qualified leads with Chief Risk Officers within community banks across the country. After making the decision to continue bootstrapping their way through, Derek called RevBoss looking for some help to find these prospects that aren’t a well sourced set of prospects.
Derek worked with Heather — his RevBoss Account Manager – to put together a strategy to first source the right prospects and then testing different messaging strategies to find the right pitch and call-to-action.
Previously sourcing the right target at the right type of bank was a challenge for the TraceRisk team at a large scale. RevBoss found the FDIC site to be a reliable resource for identifying the right banks to target, allowing the team to reach more banks than ever before.
Multi touch sales flows have been a huge success for the TraceRisk team. The flow starts with a first email touch, followed by a LinkedIn connection, and then additional email touches containing links to relevant, helpful content published by the TraceRisk team. It took a few months to nail down this flow but it was a process of trial and error that has been a great learning process — helping Derek create an efficient follow up process while gaining a better understanding for the decision making process within the bank.
Over the past 7 months, TraceRisk has ramped up sales demo volume from 1 or 2 a week to 6 demos a week. This has validated outbound sales as a viable growth channel for TraceRisk and has increased the brand’s exposure in a very small market segment — both of which have been big wins. For Derek, the one man team, the largest benefit has been to have another person on the front end of his sales process. He can focus on advising and being a trusted consultant for these banks instead of prospecting the right people to get in touch with. He now has a process in place that is more engaging for prospects and has reduced his time to qualified conversations.
“We are okay with giving away the value of an informational call with a prospect, knowing our sales cycle can take months, said Derek, “We know we can’t rely on traditional marketing, we need to be a trusted advisor to executives while driving revenue not just brand recognition.”