Mathsoft Engineering & Education, Inc. pioneered engineering calculation solutions that protect engineering innovation, investments and intellectual capital while improving organizational efficiency and productivity. Mathsoft’s Mathcad is the internationally recognized standard for engineering calculations and applied mathematics. Ninety percent of Fortune 1000 companies, 500 government agencies and 2,000 colleges and universities around the world use Mathsoft products to capture the strategic value in their engineering calculations.
Mathsoft wanted to transform their sales model from single user license sells to Enterprise Software Sell in order to generate better quality opportunities and increase their sales pipeline. The company was caught in the paradigm of selling to Engineers and end‐users which resulted in smaller sales transactions and no ability to become an enterprise‐wide solution. They were spending the majority of their selling to these current accounts, which did not help in accelerating revenue growth.
The goal was to create sales opportunities in major accounts at the VP and Director level within Product Development and Engineering, in order to increase average order size and sell Enterprise Calculation Management solution – a new solution from Mathsoft. This included developing and executing a strategy to build market awareness in order to develop a stream of high quality opportunities and major new accounts. Without the internal sales and business development resources and bandwidth, Mathsoft needed to increase their pipeline for the Enterprise Calculation Management solution.
Mathsoft turned to VizQuest to lead a successful campaign that would fulfill these objectives. VizQuest implemented their proprietary methodology, Pipeline PlusTM to effectively, efficiently, and rapidly build Mathsoft’s sales pipeline through the creation of Validated Sales Opportunities (VSO). A VSO is a confirmed prospective buyer, such as a key influencer or decision maker, who has the right situation, problem, or opportunity that a company’s solution addresses. They have serious intent to investigate a solution, and there is a defined action item for advancing the sale after the buyer has seen a sales presentation. VSOs create shorter sales cycles and better ROI on business development investments. Pipeline Plus, a comprehensive business development program, accelerated revenue growth by creating a consistent, scalable flow of the highest quality sales opportunities; enabling the Mathsoft Sales team to be more productive to maximize yield on sales capacity. VizQuest executed their Revenue Factory Model to rapidly identify and engage target decision markers with a need for the Enterprise Calculation Management solution. They created multi‐touch‐point campaigns and leveraged their extensive referral network to develop opportunities and close sales for Mathsoft’s solution.
Based on an assessment of current sales operations, a major account strategy and action framework was developed in order to successfully introduce the Enterprise Calculation Management solution. This allowed VizQuest to rapidly penetrate target markets using a multi‐ touch point opportunity generation program that utilized awareness development tactics. VizQuest leveraged its knowledge of the Design, Engineering and Product Development space and relationships with key Vice Presidents and Directors to rapidly penetrate target accounts. VizQuest employed a team of client development executives to break into key business groups and connect with the right decision makers, resulting in a steady stream of VSOs. VizQuest worked closely with Mathsoft’s sales team to meet defined requirements and manage new VSOs, enabling internal team members to close deals with opportunities provided.
Within the first 60‐days, a strong pipeline of over 25 Validated Sales Opportunities was built with companies, such as Boeing, Ford, ATK Aerospace, UTC, Bombardier Aerospace, and Gulfstream. Through repositioning and branding by VizQuest, Mathsoft was also elevated to Enterprise Software Company, which incorporates other technology solutions into their own and distributes them industry wide. This allowed Mathsoft, with the help of VizQuest, to refine its sales and marketing collateral, articulating Enterprise‐wide benefits. In 2006, Mathsoft was acquired by Parametric Technology Corporation for $63.25 million.
“VizQuest acted as Mathsoft’s sales management and business development team to improve sales performance in the F500 market. VizQuest increased revenues by 235%, leading to significant valued acquisition of the company.”
‐ Steve Schindler, Sales Director, Mathsoft