Every quarter our team analyzes the projects we work on with our 500+ PE firm clients to get a bird’s eye view of the market. We recently compiled our Q1 2023 findings into our BluWave Insights Report. You can request your copy and our client coverage team will be in touch.
Key findings from Q1 ’23 include:
Value creation activity is at an all-time high, matching Q1 2022.
Human capital remains PE’s primary area of focus at 45% of all Q1 activity, also matching an all-time high.
Technology remains a priority at 11% of all Q1 PE activity.
Service Provider Type: Supply Chain Technology Firm
Industry: Information Technology Managed Care Services
Need
Healthcare Managed Services IT Firm
An IT firm that serves the mid-size and enterprise market needed compliance help around HIPAA laws
Challenge
HIPAA compliance for sensitive client medical information
The IT firm had a lot of clients with a large customer base in the healthcare/medical industry. They had accumulated a large amount of sensitive information from their clients that had become an afterthought when servicing the customer.
The firm’s internal legal team is lean, and they didn’t have time to tackle this issue. They contacted BluWave asking us to connect them to a compliance firm that could help them do an internal audit on customer data.
How BluWave Helped
The Business Builders’ Network
We immediately tapped our network for a short list of exact-fit solutions. We knew just who to turn to for this mixed bag of regulatory challenges, having worked with third parties that completed similar projects for other companies.
Result
Connected with an IT firm for an audit
The firm selected one of the service providers we shared, kicking off their audit to ensure HIPAA compliance. They accelerated the company’s process, freeing up internal resources to focus on other pressing matters while ensuring that they weren’t legally exposed to any privacy issues.
When the engagement was completed, the client asked us for opportunities to continue working with the third-party firm.
Our Primary resources have shown an exceptional level of knowledge in preparing us.
Their assistance made all the difference and allowed us to be extremely successful in preparing our policies.
They went well above expectations in answering questions, performing the work requested and being flexible with our schedules as we coordinated all of our teams availability. They were extremely detail-oriented and very organized throughout the entire initial period. We are looking forward to continuing our work with them.
A sales process workflow is a systematic and visual representation of the stages and activities involved in the sales process. It outlines the sequence of steps from identifying leads to closing deals and post-sale follow-up.
The primary goal of a sales process workflow is to provide a clear roadmap for the sales team to follow, improve their performance, reduce errors and be more efficient.
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It can also help identify bottlenecks or areas where the process can be improved. A well-designed sales process workflow ensures that every opportunity is properly managed, tracked and nurtured to maximize potential.
Let’s discuss the different components of a sales process workflow and provide guidance on how to develop and optimize a sales process that works for your business.
A sales process workflow is a structured approach to selling that outlines the steps involved in closing a sale. It typically includes four key stages: research, prospecting, sales call and close, and relationship-building. By having a well-defined sales process, sales reps can spend more time on activities that drive revenue and less time on non-productive tasks.
The first step in developing a sales process workflow is to gather input from your sales reps and stakeholders. This can include feedback on the current sales process, as well as suggestions for improvements.
Once you have this input, you can begin mapping out the workflow. This involves identifying the key stages of the process and determining the criteria for moving prospects through the pipeline.
When mapping out your sales process workflow, it’s important to consider the different stages of the buyer’s journey. This can include the research stage, where the prospect is gathering information about your product or service, the prospecting stage, where the sales rep is reaching out to the prospect, and the sales call and close stage, where the sales rep is working to close the deal.
Each stage should have clear criteria for moving the prospect through the pipeline, such as a certain level of engagement or likelihood to convert.
Lead categorization is the process of organizing your leads based on their level of engagement and likelihood to convert. This can include categorizing leads as hot, warm, or cold, based on their level of interest in your product or service.
This step allows you to prioritize your sales efforts and focus on the leads that are most likely to convert.
There are different pipeline methodologies that you can use to structure your sales process workflow. The traditional sales funnel is a popular approach, where prospects move through the funnel from awareness to consideration to decision.
The more modern flywheel approach focuses on creating a continuous cycle of attracting, engaging and delighting customers. Each approach has its benefits and drawbacks, and it’s important to choose the approach that works best for your business.
Working with an experienced third party that’s familiar with your industry can be a great way to build the most efficient pipeline for your particular business.
Tracking metrics is an important part of optimizing your sales process workflow. Key metrics that should be tracked include conversion rates, time-to-close and customer lifetime value.
By analyzing these metrics, you can identify areas for improvement and optimize your sales process for maximum effectiveness.
If your sales process workflow is not working effectively, it may be time for a redesign. This involves identifying bottlenecks and areas for improvement, testing new processes and iterating until the process is optimized.
It’s important to involve your sales reps and stakeholders in this process to ensure that the new process is effective and sustainable.
The BluWave-grade service providers in the Business Builders’ Network are equipped to help businesses with this exact process, whether you work in healthcare, manufacturing, technology or other sectors.
Training and coaching are important aspects of implementing a sales process workflow. Sales reps should be provided with the tools and resources they need to be successful, including training on the sales process, product knowledge and objection handling.
Ongoing coaching and feedback can help to improve performance and ensure that the sales process is being followed effectively.
Depending on your situation, an interim CFO may be just the person you need to get set the tone internally and chart a strong path forward for your sales team.
Technology can play an important role in optimizing your sales process workflow. This can include tools for lead generation, sales enablement and CRM software. It’s important to choose the right technology for your business and to integrate different technologies for optimal results.
Evaluating and optimizing your sales process workflow is critical to getting the most out of your business. Whether you’re a private or public company, or a private equity firm working with a portfolio company, getting expert third-party guidance can be a fast track to success.
You don’t have to be a private equity firm to use PE-grade resources. Every service provider in the Business Builders’ Network has been vetted and approved by multiple PE firms.
Product positioning refers to the strategic process of establishing a distinct and favorable perception of a product in the minds of consumers relative to its competitors. It involves creating a unique and compelling position in the market that differentiates the product from others and resonates with the target customers.
It is also a strategic marketing process that of identifying and communicating a product’s or service’s key attributes, differentiators and positioning statements to target customers.
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To effectively position a new product, it is important to have a deep understanding of the factors that influence its adoption within a specific market segment. This involves gathering and analyzing facts, as well as formulating hypotheses and incorporating them into a dynamic model.
The goal of product positioning is to create a favorable perception of the product in the minds of consumers, giving it a competitive advantage in the market and driving customer preference and loyalty.
Let’s dig deeper into the importance of product positioning and what it entails.
The right strategy will help private equity firms and their portfolio companies, as well as public or private companies, to position their products and services as favorably as possible.
This can be done by conducting voice of the customer interviews, as well as other market research. By speaking with existing customers, organizations can better understand why people use their product or service.
Speaking to non-customers, however, can be just as important as it sheds light on why people are not using your product or service.
This information can then be used to determine current perceptions, and assess growth opportunities and requirements for deeper market penetration.
Customers – existing and potential – can also be segmented in a way that allows the company to understand which group would be most valuable. Future strategies could then be geared toward those segments.
Indications are important considerations in product positioning as they help define the target market and communicate the value proposition of a product. They provide information about the specific problems, needs or desires that a product is designed to address or fulfill. They can be based on various factors, such as the product’s functional attributes, performance characteristics, intended user demographics or usage scenarios.
For example, in the healthcare industry, product positioning for a pharmaceutical drug may involve indicating the specific medical conditions or diseases for which the drug is approved, the recommended dosage, patient age groups or other relevant factors.
In the consumer goods industry, product positioning for a household cleaning product may include indicating the types of surfaces or stains the product is effective on, the recommended usage instructions, or the target market segment, such as families with young children or pet owners.
Indications help guide consumers in understanding how a product can fulfill their needs or solve their problems, and they can also help differentiate a product from competitors by highlighting its specific use cases or advantages.
Clear and accurate indications are crucial in marketing and branding strategies to ensure that the product is positioned effectively in the market and resonates with the needs and preferences of the target customers.
Effectively marketing your product’s features and benefits is crucial to a product positioning strategy. Here are some of the more important elements:
Differentiation: Positioning a product as unique or superior based on its features and benefits can create a competitive advantage and set it apart from similar offerings.
Value Proposition: A well-crafted value prop highlights the unique features and benefits of a product to customers, justifies its price and creates a compelling reason to choose it over competitive alternatives.
Target Market Alignment: Understanding the target market’s requirements and desires and aligning the product’s features and benefits accordingly can help position the product as relevant and appealing.
Communication: Clear and effective communication of what the product offers through marketing messages, packaging, branding and other promotional materials can create awareness, generate interest and influence perception of the product.
Customer Needs Fulfillment: Ultimately, the purpose of a positioning strategy is to fulfill customer needs or solve customer problems. By aligning the product’s features and benefits with customer needs, the positioning strategy can establish the product as a viable solution that addresses pain points and provides value, increasing customer satisfaction and loyalty.
A price analysis is conducted to assess and determine the optimal strategy for a product or service based on its intended market positioning.
Pricing is a critical element of a positioning strategy as it affects how a product or service is perceived by consumers in terms of its value proposition and competitive positioning. It can affect the perceived value of a product, influence customer perception of quality, impact customer willingness to pay and affect overall market positioning.
For example, if a product is priced too low, it may be perceived as of low quality or lacking premium features. On the other hand, if a product is priced too high, it may be perceived as overpriced and not providing adequate value.
Cost-Based Pricing: This strategy involves setting prices based on the production costs, such as materials, labor and overheads, with a desired profit margin. Cost-based pricing can position a product as affordable and budget-friendly, but may not necessarily convey premium quality or unique value.
Value-Based Pricing: This strategy involves setting prices based on the perceived value that a product offers to customers. It takes into account the benefits, features and unique value proposition of the product, as well as the target market’s willingness to pay. Value-based pricing can position a product as premium, high-quality and worth the investment.
Competitive-Based (Market-Based) Pricing: This strategy involves setting prices based on the prices of competitors’ products. It can be used to position a product as competitive and comparable to other products in the market. It may not, however, necessarily differentiate the product or highlight its unique value proposition.
Competitive analysis is a critical component of positioning strategy as it provides insights into the competitive landscape, helps identify market opportunities and threats, and guides the development of an effective positioning strategy.
Some key aspects include:
Understanding Competitors: This understanding enables a company to identify the competitive advantages it can leverage and the potential vulnerabilities it needs to address in its positioning strategy.
Identifying Market Opportunities: By understanding the unmet needs of customers or the gaps in the offerings of competitors, a company can position its product or service to address those gaps and capture market share.
Assessing Competitive Threats: This may include competitors launching new products, changing their pricing strategies or implementing aggressive marketing campaigns. By understanding the competitive landscape, a company can anticipate and respond proactively while adapting its positioning strategy accordingly.
Differentiation: Competitive analysis helps in identifying the unique selling propositions (USPs) of competitors and their positioning strategies. By offering unique features, benefits, or pricing strategies that are distinct from competitors, a company can create a competitive edge and attract customers who are seeking something different or better.
Refining Positioning Strategy: By monitoring competitors’ actions, customer feedback and market dynamics, a company can make informed decisions about adjusting its positioning strategy to stay relevant and effective.
Proven marketing strategy firms know exactly how to position products and services like yours in a competitive market. As margins become tighter and the economy more uncertain, getting the best value for what your business offers is paramount.
The invite-only BluWave-grade network of service providers are expertly vetted for these exact situations. We only connect you to those with a proven track record and who also have multiple recommendations by the world’s leading PE firms.
No matter what your business’s need, we’ll connect you with tailor-made resources in less than 24 hours.
When you’re ready to launch or refine your positioning framework template, contact our research and operations team to start your project.
Manufacturing pricing strategies are top of mind for businesses in this transitionary economy. Industrial pricing has becoming more competitive than ever as margins shrink and supply chain problems persist.
“BluWave is seeing an increased number of resources allocated to competitive pricing analysis from our private equity clients and their portfolio companies,” BluWave co-head of operations Keenan Kolinsky says. “Specifically in the manufacturing and industrial spaces, companies are running into much higher costs for production materials, which is putting a dent in their margins.”
When private companies, public companies, and private equity firms and their portfolio companies contact BluWave for help with industrial pricing, it’s because they’re presented with two difficult options.
1. Increase the Price of Manufactured Goods
This may increase margins, but it also means passing costs along to customers.
They end up paying more for the same products, some of which arrive later due to supply chain and sourcing challenges.
2. Keep Prices the Same
In this scenario, customers continue paying the same price for products. The problem? Margins get thinner and thinner as material and production costs continue to rise due to inflation and demand.
There is, however, a best-case scenario that takes both of these choices under consideration when it comes to industrial pricing.
The expertly vetted service providers in the Business Builders’ Network know industrial pricing strategies for companies like yours inside and out.
“Specialized pricing resources allow companies to stay up to date with their pricing models so they keep margins healthy while maintaining strong relationships with their key customers,” Kolinsky says.
Here are some of the strategies they might employ for your business or portco when you work together.
Understand Your Costs
This includes both your variable costs (those that change with production) and your fixed costs (those that do not).
Variable costs are costs that change depending on the quantity of goods or services produced. For example, the cost of raw materials, labor and packaging are all variable costs.
Fixed costs are costs that do not change regardless of the quantity of goods or services produced. For example, the cost of rent, insurance and equipment are all fixed costs.
Conduct thorough research to understand your customers’ needs, preferences and willingness to pay.
This can be done through surveys, interviews and focus groups. It is important to understand what your customers are looking for in a product or service, and how much they are willing to pay for it.
Create Value-Based Pricing
Focus on the value your product or service brings to customers rather than just the cost of production.
This means understanding the benefits that your product or service offers to customers and pricing accordingly. For example, if your product or service saves customers time or money, you can price it higher than a competitor’s product or service that does not offer the same benefits.
This includes looking at the prices of similar products or services offered by other companies. It is important to be aware of your competitors’ pricing strategies so that you can price your product or service competitively.
Consider Pricing Tiers
Offer different pricing tiers with varying features or levels of service to cater to different customer segments.
This allows you to reach a wider range of customers and maximize your profits. For example, you could offer a basic tier with limited features and a higher tier with more features at a higher price.
Continuously test and adjust your pricing strategy based on customer feedback, market trends and business goals.
This is an important part of pricing strategy because the market is constantly changing. By testing and iterating, you can ensure that your pricing strategy is always up-to-date and effective.
Align Pricing with Customer Value
Understand the value your customers perceive in your product or service and price accordingly.
This means understanding what your customers are willing to pay for the benefits that your product or service offers. For example, if your product or service is unique or offers a significant benefit to customers, you can price it higher than a competitor’s product or service that does not offer the same benefits.
Tailor your pricing strategy to different customer segments based on their needs, behaviors, and willingness to pay.
This allows you to reach a wider range of customers and maximize your profits. For example, you could offer a discount to customers who purchase in bulk or who sign up for a subscription.
Data analytics tools – especially AI-driven ones – can make this a much more efficient and accurate process.
Clearly communicate the unique value propositions of your product or service to customers through marketing and sales efforts.
This means highlighting the benefits of your product or service and explaining why it is worth the price. For example, you could create marketing materials that focus on the features and benefits of your product or service, or you could offer free trials or demos to let customers experience the value of your product or service for themselves.
Implement Pricing Discipline
Ensure consistent pricing practices across all channels and avoid unnecessary discounts or price concessions.
This means setting clear pricing policies and procedures and ensuring that all employees are aware of them. It is also important to avoid giving away discounts or price concessions unless it is absolutely necessary.
Regularly Review and Update Pricing
Regularly review and update your pricing strategy to align with market changes, customer feedback and business objectives.
This is an important part of pricing strategy because the market is constantly changing. By regularly reviewing and updating your pricing strategy, you can ensure that it is always up-to-date and effective.
You can get connected with a data-driven pricing resource in less than a single business day.
Set up a scoping call with our research and operations team, and they’ll introduce you to a short list of best-fit service providers to help you capture margins and continue to drive volume.
Platform modernization is the process of updating the infrastructure, architecture and features of existing platforms to bring them up to current standards. This makes the platform more efficient, secure and valuable.
Outdated platforms can be a major business liability, leading to performance issues, security vulnerabilities and compliance problems. Fixing this can help save money on operating costs and improve customer experience.
App modernization can be a complex and time-consuming process, but it is essential for businesses that want to remain competitive. There are a number of different approaches, all depending on your specific needs and your business’s industry.
If you are evaluating your application modernization strategy, it is important to carefully consider your needs and goals. These should be formulated with time, costs and the impact it will have on your business in mind.
An experienced outside resource may be just what you need do make sure your applications modernization is done right, and we already know the perfect fit for your business. In the meantime, here’s a little more about the benefits of the process, and the steps that go into it.
Platform modernization is essential to improving the customer experience. As expectations continue to rise, a modern platform allows for customization and a better overall experience. Here are some of data platform modernization trends and benefits.
This crucial IT strategy step provides many benefits:
Enhanced Scalability and Sustainability: Modern platforms are designed with scalability and sustainability in mind, enabling them to handle increased user base and data load without incurring exorbitant maintenance costs. This feature makes them appealing to potential acquirers seeking platforms that can support their plans to grow.
Enhanced Security: Cybersecurity is especially important to companies these days because it protects against potentially catastrophic disruptions caused by cyberattacks. Modern platforms are more secure compared to older platforms. State-of-the-art security technologies and best practices are employed to safeguard against unauthorized access, data theft and destruction.
Cost Optimization: Known for their cost-effectiveness, modern platforms are designed to operate efficiently and utilize resources judiciously. This translates into reduced operating costs, which can be a significant advantage for potential buyers.
Enhanced User Experience: Prioritizing UX, modern platforms leverage cutting-edge technologies and user-centric designs to offer a superior experience compared to older platforms.
Innovation Potential: Modern platforms are synonymous with innovation, leveraging open standards and technologies to facilitate seamless integration of new features and functionalities.
Assess your current platform. The first step is to assess your current platform and identify its strengths and weaknesses. This will help you to determine where improvements should be made as well as to prioritize them.
Develop a modernization plan. Once you have a good understanding of your current platform, you can develop a modernization plan. This should include goals, the steps you need to take and the resources you’ll need.
Migrate your data and applications. The next step is to migrate your data and applications to the new platform. This can be complex and time-consuming, so it is important to plan and execute carefully.
Test and deploy the new platform. As you get closer to a larger rollout, you need to test the new platform to make sure everything functions as expected. Deploying to production is a safe way to do this while monitoring performance.
Train employees on the new platform. Before clients or customers get their hands on the modernized platform, make sure your employees know it inside-out, upside-down. Not only do you want to make sure they can use it effectively, but they should also be able to help the end user with any issues. Training can be done through classroom instruction, online training or in an on-the-job setting. Whichever route you go, make sure it’s hands-on. Even for apps or software that are for internal use only, you want to make sure key leaders understand how it functions before performing a wider rollout.
Support and maintain the new platform. Once the new platform is live, you need to maintain it. This includes providing support to users, fixing bugs and making security updates. True platform modernization is a never-ending process in today’s business environment.
When going through this process, consider starting small. Don’t try to modernize your entire platform all at once. This will help you to build momentum and learn from your mistakes.
Related to that, you should also use a phased approach to reduce the risk of disruption and make the process more manageable.
Lastly, get buy-in from stakeholders before you begin to ensure everyone is on the same page.
Whatever your approach, be prepared for change and be willing to adapt.
Whether you’re a private or public company ready to upgrade an existing system, or a private equity firm looking to boost a portfolio company’s value, we’re here to help.
The BluWave-grade service providers in the Business Builders’ Network have extensive experience with platform modernization, no matter what your industry.
They understand the importance of upgrading not only with speed, but also quality, with the end user in mind all the time.
Our research and operations team will connect you with two or three best-fit options for your exact situation within a single business day. Reach out today to get your platform modernization project started ASAP with an experienced team of experts to guide you.
An interim CEO is someone who leads a company on a temporary basis during a time of instability.
The interim is hired to provide stability and direction during the transition.
As the most important role in just about any organization, this is a seat that can’t afford to be left open. An experienced, talented individual will be able to come in and have an impact from day one while a long-term solution is identified.
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“Every company needs a strong leader – someone to steer the ship and tie all of the business functions together,” says Jake Adcock, Service Provider Coverage Manager at BluWave. “Having an Interim CEO alleviates pressure and allows a company to be selective in choosing the right CEO for the company long term.”
Let’s talk in more detail about when and why a company might hire a temporary chief executive, and the benefits of doing so.
There are many reasons why a company might hire an interim CEO. They depend on company size, industry, current challenges, future goals and more.
Whatever the situation, though, this temporary executive’s goal is to be the glue that keeps everything together.
Unexpected resignation: In this situation, an interim is used as a “stopgap.” The company gets them in the seat as soon as possible – usually within days – while it figures out a long-term solution.
Fill a short-term gap: On rare occasions, the full-time CEO will take a leave of absence for an emergency or for personal reasons.
Turnaround: If a company is struggling financially or operationally, an interim CEO can be brought in to help turn the company around. This often happens when PE firms aren’t satisfied with a portco’s performance, or when key stakeholders or shareholders don’t like the way their private or publicly owned company is performing.
Merger or acquisition: If a company is merging with or acquiring another company, it helps to have someone in charge who has been through that process before.
Post-close: There are times when a PE firm purchases a founder-owned business and needs a new executive in the corner office once papers are signed and the company has changed hands.
These are some of the more common situations in which an interim CEO is sought.
“You can bring in someone who has been there and done that multiple times before and knows what best-in-class looks like,” BluWave Co-Head of Research & Operations Scott Bellinger says. “You can rent an A player instead of hiring a C player.”
Sometimes private equity firms aren’t sure if they’re going to need an interim CEO, but they want to have one on standby just in case.
Perhaps the current CEO is running out of steam, or has come up against an unfamiliar situation. Despite their best efforts, they may get tired of the slog and leave the seat vacant on short notice. Or you may have to make the difficult decision to pull the plug to before things get worse.
In this situation, it’s nice to know you an interim CEO on standby who can step in on extremely short notice. Welsh and the R&O team at BluWave are prepared for this exact situation.
If you’re not sure whether you’ll need a new temporary chief executive, but you want to have the security of knowing there’s a perfect fit waiting in the wings, contact our team to fill us in on the situation. If and when you come up against this situation, you’ll be connected with an experienced, industry-specific option in less than 24 hours.
Benefits of Hiring an Interim CEO
What makes a good interim CEO? There’s no one trait that can answer that question, but there are some that transcend particular situations and are applicable for almost any assignment.
Experience and Expertise
Interim CEOs typically have extensive experience in senior leadership roles. This allows them to get a lay of the land as soon as they start a project, and make difficult but important decisions accordingly.
They shouldn’t just have general executive experience, though. They must also be familiar with the organization’s particular industry, the unique challenges it presents and how to solve them.
Preexisting relationships in that industry can also go a long way to solving key operational challenges.
When things are going wrong at a company and you’re not quite sure why, it’s a huge benefit to get a fresh set of eyes on the situation.
Not only is this interim chief executive officer coming in after the challenges have already arisen – viz a viz they’re not responsible for them – they also won’t be around (in most cases) more than a year maximum.
That gives them the freedom to do what’s best for the company while injecting as little bias as possible during their tenure.
That same built-in objectivity with which a temporary executive is equipped allows them to roll up their sleeves and affect change in a way that would be more difficult for someone with a stronger connection to the business.
This may mean optimizing human capital, refining product or service offerings, reevaluating partnerships or a number of many other challenging choices.
Bring Stability
No matter the impetus for bringing on a short-term CEO, employees and customers will be comforted by seeing a steady hand at the helm.
An effective communicator can be an especially calming force in these situations, providing a vision for the way forward.
There are exceptions, but most companies that come to BluWave for help hiring an interim CEO are looking for someone who can be in the seat for around 9 months.
Many short-term CEO stints fall within the 6–18-month range, but others can just as easily turn into a permanent hire.
How To Hire an Interim CEO
Hiring the right interim CEO can be an arduous task, especially since time is of the essence. Companies can’t afford to be without a chief executive for an extended period of time.
Word-of-mouth recommendations can also be helpful, but even a group of individuals have limited networks. You might overlook a great candidate by relying on just a few people’s suggestions.
You could also look within the company, but in most cases, that’s less than ideal. You miss out on the opportunity to get an outsider’s perspective on the challenges the company is facing. That same person may also be a part of the problem, giving power to an individual who will only make things worse.
The best option is to consult with a business builders’ network of highly vetted, niche-specific, exact-fit options that are ready to hit the ground running.
When you work with BluWave, for example, we connect you with two or three candidates who are tailored to your particular situation in less than a single business day.
These are PE-grade individuals who have proven success in turnarounds and high-pressure situations. You won’t waste time scouring through generalized, unfamiliar recommendations.
“As you find yourself in an urgent situation, we can provide solutions really quickly,” Bellinger says. “A lot of times, the people we’re recommending could be the full-time CEO as well. It saves you time and money from going to an executive search firm. We’re way faster, and we get you someone with long-term potential.”
If your portco or private or public company needs an experienced interim executive to help an underperforming business, connect with our research and operations team today.
Before we even get on the initial scoping call, we already know the resource you need. We’ll get in touch with the most qualified individuals on standby in our BluWave-grade network and connect you with them as soon as you’re available.
“Our extensive network allows us to connect with PE-grade CEOs looking to support other businesses,” says Welsh, who speaks with these executives on a daily basis. “We meet, vet, and reference reputable CEOs before our clients even need them, so they are prepared to start as soon as possible.”
Service Provider Type: Supply Chain Technology Firm
Industry: Waste Management
Need
System Selection & Implementation in Waste Management
A rapidly expanding outsourced waste management company had outgrown its accounts payable automation tool. With a modest-sized IT team, they needed expert help with greater depth and engineering to better handle their growth requirements.
Challenge
Tech service provider to ingrate their CRM with their AP tool
With an IT team of less than 10 people, the VP of Tech asked BluWave for help finding a service provider that could better integrate their CRM with their AP tool. As business continued to boom, they weren’t able to keep up with the transactions and needed guidance on not only getting the most out of the tools in place, but finding something more powerful for the future.
How BluWave Helped
The Business Builders’ Network
The very next day, we connected them with four experienced service providers that have done excellent work for other independent and portfolio companies, respectively. They landed on their top choice – a proven system architecture firm that understands their industry – and we continued to support the company by monitoring the service provider until the project was finished, and beyond.
Result
Connected with a best-in-class IT firm
The IT firm helped the portco reorganize its systems internally, better equipping them to select and implement a new AP automation tool. They were able to better integrate with their ERP and manage ever-increasing transactions more efficiently.
The work product we have seen is very good, both for documentation and quality of expected outputs.
They stayed involved from the discovery phase on through implementation.
The changes all look very good and were completed faster than expected. Additional input on changes were well received and follow up has occurred quickly.
Knowing how to analyze sales data is a valuable skill that can be used to improve sales results. By tracking and analyzing sales data – concrete information about how your products or services are selling – you can identify trends, patterns and opportunities that can help you close more deals and increase revenue.
For example, you might see that your sales cycle is longer for certain types of customers. This could be because you need to do more research on them or because they are more difficult to close. Once you know this, you can take steps to improve your process for these types of customers.
Having this information is a great way to increase sales effectiveness and training. The more actionable data your team has, the better set up for success they’ll be.
An experienced third party that specializes in sales effectiveness and training within your specific industry can be a great resource for these situations.
To help you get a better understanding of your situation, let’s talk about the importance of analyzing sales data, how to do it and what steps you can take to improve your business’s process. Whether you’re at a private equity firm, a portfolio company, or a private or public company, you’ll benefit from being equipped with this overview.
Two common ways to track sales data are Customer Relationship Management systems and spreadsheet. The most important thing is to choose a method that works for you and your team.
As your company grows – or aspires to grow – a powerful CRM such as Salesforce or Hubspot will be a must. If you’re reading this article, you probably already have a CRM in place.
These platforms provide comprehensive tools for managing sales data, including tracking leads, opportunities, deals and customer interactions. You can easily input, store and retrieve data in a centralized location, making it convenient to extract meaningful insights.
A spreadsheet is probably only a good option for companies that are just starting out and have small sales teams. Microsoft Excel or Google Sheets offer basic functionality for organizing and analyzing sales data.
They allow you to create custom columns and rows to input sales data, and you can use formulas and formatting options to calculate totals, averages and other key metrics. While spreadsheets may lack the advanced features of a CRM, they can be a cost-effective solution for businesses with limited resources.
Regardless of the method you choose, it’s essential to establish a consistent and structured approach. This includes defining clear data entry processes, setting up regular data updates and implementing data quality checks.
It’s also important to define and track relevant sales metrics that align with your business goals, such as those mentioned in the previous section.
Analyzing sales data is a crucial step in understanding the performance of your business and identifying areas for improvement. One effective approach is to utilize various visualization tools such as charts, graphs and tables to represent your data in a visually appealing and easy-to-understand manner.
For instance, you could create a line chart to track the monthly trend of leads generated, allowing you to quickly identify patterns. If you notice a decline in the number of leads over time, you can take proactive measures to address the issue. For instance, you could revamp your marketing strategies, optimize your website for better lead capture or invest in targeted advertising campaigns to boost lead generation.
In addition to visualizing data, statistical analysis can provide valuable insights into sales performance. For example, you could conduct regression analysis to identify the key drivers of sales, such as the impact of pricing, discounts or promotions on sales volume.
By analyzing the statistical significance of these factors, you can make data-driven decisions.
It’s also important to compare sales data across different time periods, geographical regions or customer segments to identify any variations or patterns. Sales may be down from Q4 to Q1, for example, but up year-over-year.
If Q4 is traditionally your strongest quarter, there may be no need for concern. In fact, it’s probably worth celebrating the increase from the same period in the previous year.
Getting more granular, if you notice that sales tend to dip during certain months, you can strategize accordingly, such as by offering special promotions during those periods.
This information and more can help you tailor your sales strategies to better meet the needs and preferences of different customer segments or regions.
Once you’ve analyzed your sales data, you can use it to make decisions about your strategy. For instance, if you observe that a specific product or service is underperforming, you may consider discontinuing it or revising your marketing approach.
On the other hand, if you identify a product or service that is performing exceptionally well, you may want to allocate more resources towards its promotion or expansion.
You can also use sales data to make decisions about your sales team. By analyzing individual sales performance data, you may identify trends or patterns that highlight areas for improvement.
For example, if a particular salesperson consistently struggles with closing deals, you may consider providing them with additional training or coaching to enhance their skills. Alternatively, you may identify high-performing sales team members and recognize their achievements to motivate the rest of the team.
Sales data is not just for you. It’s also important to share your data with your sales team so that they can use it to improve their performance.
There are various ways to do this. For instance, you can create a shared spreadsheet or database that is accessible to all team members, allowing them to view and analyze data in real-time. This promotes transparency and fosters collaboration, as team members can collectively track progress, identify opportunities and take appropriate actions.
Another option is to send out regular reports that summarize key sales metrics and performance indicators (KPIs, or OKRs) to your team. These reports can be delivered via email, shared on a team communication platform or posted on a shared drive for easy access.
In addition, holding regular sales meetings or performance reviews where sales data is discussed and analyzed can provide opportunities for team members to provide input, share insights and collectively brainstorm improvement strategies.
It’s essential that the sales data shared with your team is presented in a clear and understandable manner, with relevant context and insights provided. This can help team members interpret the data correctly and use it to make informed decisions, set realistic goals and take actions that can positively impact performance.
Using sales data to improve your results is a continuous process. Perhaps this level of detail is new to your business, or maybe you’re unsure how to scale your existing strategy.
You might even be trying all these things and still not seeing the progress you expect.
It might be time to bring in an expertly vetted service provider that knows your industry inside-out and can equip your sales team and its leaders to reach the next level.
Whether you’re selling physical products, software, services or anything else that’s core to your business, the BluWave-grade sales effectiveness firms and consultants are on standby to help.
We maintain a close relationship with each and everyone one of the resources that make up our invite-only network, which means we know the best match for you before you ever contact our research and operations team.
Contact us today to lay out the challenges you’re facing to properly leverage sales data and we’ll connect you to two of three niche-specific matches in less than 24 hours.
Service Provider Type: Business Process Outsourcing – Offshoring
Industry: Human Capital
Need
Business Process Outsourcing – Offshoring
PE firm sought offshore assistance with manual tasks to increase efficiency, lower costs and focus on higher order.
Challenge
Finding an offshore partner to free up resources
The PE firm sought an entity that could get them as close as possible to a turnkey finished product for several daily manual tasks performed by one of their human-capital focused portcos. Many of their work streams were labor-intensive, and the right offshoring partner would help them free up those resources to focus on higher order while lowering costs.
How BluWave Helped
The Business Builders’ Network
After the initial scoping call to understand the PE firm’s specific needs, we reached to a pair of exact-fit resources that we knew would be great matches for this project. The firm evaluated them both and engaged with a BluWave-grade service provider that has completed multiple successful projects for other PE firms.
Result
Lowered operation costs and freed up resources
We connected the private equity firm to a trusted, proven service provider that specializes in offshoring. They tapped into their network in high-growth emerging cities, allowing the firm to lower its operations costs and connect with tenured expertise in a less competitive environment. The manual processes were offshored allowing the PE firm to reinvest the time and money it saved its portco.
A tech stack is a set of software tools and programming languages that serves as the foundation of any technology project, including websites, desktop software and apps.
It’s also the backbone of a project and can determine its performance, scalability and maintenance in the long run. Selecting the right one can help developers streamline their work, speed up the development process and provide a better user experience.
The LAMP Stack is a widely used open-source web development stack that is suitable for creating dynamic websites. It comprises Linux, Apache, MySQL, and PHP, where Linux is the operating system, Apache is the web server software, MySQL is the database management system and PHP is the programming language used to create dynamic web pages.
MEAN Stack is a comprehensive JavaScript framework that is widely used to create dynamic web applications. It comprises MongoDB, Express.js, Angular and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, Angular is the front-end JavaScript framework that enables the creation of dynamic web pages and Node.js provides the back-end JavaScript runtime environment.
Another JavaScript framework that is commonly used for creating web applications that support real-time updates is the MERN Stack. It comprises MongoDB, Express.js, React, and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, React is the front-end JavaScript library used for building user interfaces and Node.js provides the back-end JavaScript runtime environment.
Ruby on Rails is a well-known web development framework that utilizes the Ruby programming language. It is a preferred choice for startups because of its user-friendly interface and straightforwardness. Ruby on Rails follows the Model-View-Controller (MVC) architectural pattern and emphasizes convention over configuration.
The .NET Stack is a Microsoft technology stack that includes tools such as C#, ASP.NET, and Microsoft SQL Server. It is widely used for creating enterprise-level web applications. C# is an object-oriented programming language that helps develop Windows desktop applications and ASP.NET is a web application framework used for creating dynamic web pages.
Django Stack is a Python web development framework that is widely used for creating scalable and secure web applications. Django follows the Model-View-Template (MVT) architectural pattern and incorporates an Object-Relational Mapping (ORM) layer that enables developers to interact with databases using Python code.
The iOS Stack is a comprehensive stack of tools that includes Xcode, Swift, and Objective-C and is widely used for creating iOS mobile applications. Xcode is an integrated development environment (IDE) used to develop iOS apps, Swift is a programming language developed by Apple specifically for iOS app development and Objective-C was previously used to develop iOS apps before Swift was introduced.
The Android Stack is another comprehensive stack of tools that includes Android Studio, Java, and Kotlin and is widely used for developing Android mobile applications. Android Studio is an IDE used to develop Android apps, Java is an object-oriented programming language that is used for building Android apps and Kotlin was introduced by Google as an alternative to Java for Android app development.
Choosing the right tech stack is a critical decision for private equity firms. The right PE technology stack should be a cohesive system that enables fund managers to source deals, manage relationships with limited partners and portfolio companies, and close more deals.
A firm with the right technology solutions in place can work smarter and faster, deliver higher-margin services and ultimately increase profitability. For private equity firms, the technology stack should be viewed as an investment and a way to stay ahead of the competition.
There are many factors that go into choosing the technology stack, but here are some of the more important ones:
Out-of-the-box solutions: These are pre-built software solutions that can be used to solve common problems. They can save time and money by reducing the need for custom development. Examples include WordPress, Shopify and Salesforce.
Integration with third-party solutions: This refers to the ability of a tech stack to work with other software solutions. It’s important to choose a tech stack that can easily integrate with other tools you may need in the future. Examples include Zapier, Segment and Twilio.
Developer availability: This refers to the availability of developers who are skilled in a particular tech stack. It’s important to choose a tech stack that has a large pool of developers available so that you can find the right talent for your project.
Documentation: This refers to the quality and quantity of documentation available for a particular tech stack. Good documentation can help developers get up to speed quickly and reduce the time needed for troubleshooting. Examples include React documentation and Django documentation.
Easy to test: This refers to how easy it is to test code written in a particular tech stack. A good tech stack should have testing tools built-in or have easy-to-use testing frameworks available. Examples include Jest for React and Pytest for Python.
If any of this sounds like unfamiliar territory (and even if it doesn’t), it may be a good reason to look for expert help.
There are experienced, proven service providers out there who know industry-specific tech stack requirements inside-out and can help your business make the best decisions every step of the way.
Fortunately, you don’t have to waste time searching for them. Hundreds of PE firms and private and public companies tap into the Business Builders’ Network for this exact reason.
Not only will you be connected in less than one business day, but we’ll only provide the exact-fit resources that are experienced in your particular industry.
