Experts tap experts for answers

How MetricStream reduced the cost of managing the sales funnel

Compliance_Image2It takes as long as it takes to create a new life, to close a sale for a compliance tool, not to mention the prohibitively high cost of acquisition for qualified leads.

And it was this long gestation period of close to 9 months that brought MetricStream to Regalix – to find a way to shorten the sales lifecycle without the defects inherent in a premature purchase decision.

Regalix incubated the thought in its lab and produced a startling new approach to nurture sales – building a community of compliance professionals, tied together by high quality compliance content. MetricStream now had access to like-minded individuals on a single platform, making it infinitely easier to address them with issues and resolutions to problems.

Compliance_textActive participation from the community also helped vet courses and content on compliance. Further, community members could pose a question and get multiple answers from experts; one could then choose the answer that best solved the problem at hand.

Was such a community really needed with compliance information available on the net? Regalix worked with the premise that compliance information while available was not curated and went on to index the content for relevance with a structured taxonomy for search.

Taking it one step forward, Regalix allowed the community to create its own content – more relevant, more powerful and more engaging that ever before. Compliance course popularity was also determined by the community through peer reviews.

Further, the content was monetized. Professionals could sell as well as purchase content in the form of webinars on the portal. Many of these webinars were part of a structured course and could be taken up by groups of people from an organization, and were also made available on CDs for easy access.

What started out as a sales problem of an enterprise, ended up being a significant revenue earner!

From incubating the idea to reducing the cost of sales, to marketing to a niche audience and turning it into a viable business, Regalix handled the entire project for 5 years on a Build-Operate-Transfer model.

An example of MetricStream and Regalix Innovation Lab cashing in on a joint development project.

 

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