Our Client had the need to identify upcoming opportunities to improve its engagement with Tier 1 EPC contractors on specific projects. The earlier a prospect is identified, the more likely a successful outcome for the Client.
In addition to this, the Client needed a way to verify their internal data with a reliable third party to ensure their internal revenue projections and market sizing are as accurate as possible.
At Westwood we take a methodological approach to solving problems, and so our processes ensure we three core elements:
- Understand the Client’s business
- Understand the challenge being faced
- Assess how we can help
In context of the challenge being faced it was clearly important to understand from the outset who the target prospects were and the wider addressable market. Critically, understanding what stage our Client would seek to engage the prospect was identified, and not just simply ‘as soon as we can’. With a business growth drive planned, this would clearly incredibly important to the business moving forward.
Early on, our Offshore team established some important facts about current data sources, application and available internal resource to critically assess important prospect data. Through multiple calls, screen shares and some initial data sharing it was clear that the Client was relying on customer provided data and had no way to analyse the data. Furthermore, there were extensive data gaps, as the Client was reliant on pre-existing customer relationships.
What then followed was an extensive review of data and intelligence requirements. Through open, clear and honest communications our sales and analyst teams determined specific requirements that would go beyond the overall goal and made sure that any solution would be set within commercial boundaries.
- Build reports that allowed for opportunity identification specific to the business
- These reports enabled quick identification of who has upcoming subsea ordering activity, and allows the Client to quickly formulate plans of action and capitalise on potential opportunities
- Beyond the time sensitive reports, our Offshore team also presented the delivery of a quarterly report, which would help the Client understand market sentiments and overall macro drivers for the subsea industry
- To provide ongoing support when internal analyst resource was challenging, Westwood’s offshore analyst team was made available
As a result of SubseaLogix the Client is now able to quickly determine and evaluate upcoming business opportunities, which increases the likelihood of successful results.
Following feedback from the Client, we identified that SubseaLogix is now part of the Client’s weekly workflows and enables the Client to be incredibly well informed, which in turn translates into impressive presentations to their own prospects and Clients. This in turn establishes knowledge and credibility of their business and staff.