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WhoDoYouKnowAt. Innovation @ Wharton. Meet Luke, a sales manager for a large software company. . Name : Luke Walters Location : Chicago, IL Current mood : Confused.
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WhoDoYouKnowAt Innovation @ Wharton
Meet Luke, a sales manager for a large software company. Name: Luke Walters Location: Chicago, IL Current mood: Confused Luke wants to sell software to MediHearts, a particular medical devices company that could benefit from his product…but he doesn’t have any contacts at that company. Maybe someone on his sales team does? But, he typically has to make several phone calls and shoot out numerous emails to find out who might have a relationship. Even after spending a lot of time blasting his team, he doesn’t know if he really has an in or not. The sales cycle is already long enough, and Luke worries he might not make his sales target. The average sales cycle for enterprise software is 6 to 9 months. (1) (1) How to succeed in the enterprise software market by Craig Le Clair, 2005, pg. 77
Luke receives a memo from his CTO announcing the purchase of a new productivity tool – WhoDoYouKnowAt. Luke sets up his company account so that he can mutually share his contacts with his sales team. Other people in his company whom he doesn’t know are also configured. He does a quick search to see who might have a contact at MediHeart, and wah-la! Luke’s colleague in the Northeast office knows the President of Sales, and in his company, 10 other people have strong relationships at MediHeart. Luke can initiate introduction requests in WhoDoYouKnowAt or call to get a hold on this lead. He just saved a month of lag time and boosted his pipeline of contacts for a prospective firm. Name: Luke Walters Location: Chicago, IL Current mood: Optimistic
Luke’s Problem: Lead Productivity (1) • Productivity in connecting with prospects or leads is not just endemic to sales teams. • The following industries can also benefit from efficiency in business development: • - Real estate firms • Law firms • Construction, Software and other service-based businesses • The biggest challenge for lead generation amongst sales teams is with productivity – finding the right contacts and figuring out how to reach them • Lead generation is a critical, front-loaded piece of the sales cycle for any relationship-based organization • WhoDoYouKnowAt boosts business development productivity by letting organizations pool their network of contacts, without compromising privacy (1)The BridgeGroup Inc. 2009 Lead Generation Report – Top 2 Challenges for Lead Generation
WhoDoYouKnowAt is a business productivity tool that helps companies identify their existing relationships to maximize revenue opportunities Privately store and selectively share your contacts with others in your organization Search your company’s network for targeted individuals, companies, industries, etc. and request introductions even from those in your company with whom you are not connected Co-workers, can then respond, anonymously or not to requests in their company Control the integrity of your address book with notifications about who has your outdated contact information Then, users decide whether to update or ignore others who have their outdated contact information, regardless of whether or not they are in the same company WhoDoYouKnowAt leverages the capacity of an online community with the power of an enterprise solution, so your contacts are kept up-to-date through the entire application, not just within your company
Designed to mirror how relationships work in real life • Professionals trust and interact with their co-workers, former colleagues and classmates, etc. in various manners. Different relationships entitle different dynamics • WhoDoYouKnowAt’s unique Level of Trust system is built to reflect how business relationships really work • Mutually share your contacts with colleagues and business associates at one of five levels of access • Level 1: Complete access to a colleague’s contacts, including contact information & access to private notes & tags • Level 5: Limited access – appear anonymous as a connection in search results and introduction requests • Between company co-workers without a relationship, users remain completely anonymous • The result is that privacy remains 100% in tact Preserve the privacy & efficacy of relationships with Levels of Trust 2 Close Business & Social Contacts 1 Closest Contacts 3 Business Colleagues 4 Business Contacts • 5 • Weaker Relationships
Relationship intelligent search results save time • Relationship intelligence isn’t limited just to Levels of Trust on WhoDoYouKnowAt • Search results can be narrowed using a specific “Relationship Rank” button that uses a proprietary algorithm to re-sort your results by the strongest perceived connections • For instance, if Luke decided to click the Relationship Rank button on his search for MediHeart: • His results would be re-sorted in order of where his strongest connection to MediHeart lies. His sales partner in the Northeast would rank higher than someone in the support department in the Canadian office with whom he doesn’t have any relationship • More intelligent, filtered results promote efficiency and reduce lead generation time
What good are contacts if they aren’t current? • Users can keep their contact database up-to-date, beyond just the network of their companies with Contact Data Integrity Management (CDIM) • This feature notifies users when they have someone’s out of date contact information • Users are also notified when someone has their outdated contact information and they can choose whether to update or ignore them • This feature is available to any user of WhoDoYouKnowAt, not just users within individual companies • Therefore, WhoDoYouKnowAt provides an enterprise footing while leveraging a greater online presence of users, creating a powerful resource for keeping your address book current in a confidential manner
WhoDoYouKnowAt offers unparalleled access to your entire organization’s relationships, without compromising privacy Reduce organizational silos and promote knowledge sharing Enhance the bottom-line of any relationship-oriented organization Produce more efficient lead generation results Expand your organization’s business development pipeline