Learn how a leading Indian Paints company grew their sales leads conversion by 10X with Nexizo

About the Company

It is one of the leading paint companies in India, in existence since the pre-independence era. Today it has become one of the largest and trusted brands in Asia. With a huge international presence, the company is known for its innovation and quality products. Furthermore, its dedication and commitment to deliver new-age solutions made with environmentally responsible practices has only strengthened its position in the industry, as it keeps meeting the needs and expectations of its customers. In the same pursuit, the company has always been open to newer ways of finding more efficient ways to generate their business. Large contracts, institutional businesses, and government tenders generate huge volumes of business for the company, hence becoming extremely critical too. The company needs a partner who can help them get tender updates in real time to close the maximum number of opportunities.

Learn how India’s leading paints company grew their sales leads conversion by 10X with Nexizo

Challenge

The sales and marketing team of this painting company had already been generating sales leads for themselves via multiple channels like setting up ads, purchasing data from other companies, and on-ground references. But all of this sales leads data influx was incomprehensible. As there wasn’t any supporting or backup data to support why one lead was more important than the other, CoCA (cost of customer acquisition) was typically expensive, and also funnel conversions were inaccurate & typically unmeasurable. The nature of the business is such that real-time updates on a contract/tender become a significant data point in the conversion journey. In most civil construction projects, paint is required after 50-60% of the project is completed but it's hard to get information. The team typically didn’t have any organized information on ongoing projects, though the sales teams did have it hearsay.

Solution

With Nexizo’s enterprise solution, the company started getting organized daily feeds in terms of which the latest projects were announced, their stages, participants, likely winners, rejections, and finally awardees. Furthermore, all of this data was mapped with explicit, implicit, and missed signals. To elaborate further, explicit signals are for tenders and bidders wherever specific brand names were mentioned in the make list, BoQs, or any other tender document. Implicit signals are for tenders and bidders where no specific brand is mentioned but are likely relevant to the company based on the automated contextual search set for the company's priority keywords. Missed signals are for tenders and bidders where either the company lost those bids or tender documents have the competition name mentioned in the make list. These signals give them high-level requirement sizing, to bifurcate the opportunities as big (for institutional sales) or small (for retail sales).

Nexizo is the only Global company that can extensively deploy AI/ML & NLP to read such a large tender repository of 5Crs+ documents database to extract signals and notify its clients based on their specified custom criteria daily frequency. Nexizo started contributing to its government and institutional business by identifying relevant opportunities in the form of relevant tenders or relevant profiles. They can be broadly classified into the following buckets:

• Plain vanilla relevant tenders access with dashboards & insights as per product category or as requested
• Consolidated Relevant Profiles with clear reasons on why the lead is important, capability to sort filter based on regions, aware history, categories, etc; limited to a certain amount of profiles/month
• Build “n” number of custom rules & algorithms that don’t even exist in the tech stack today. For eg: Identifying stages of tender completion based on duration, size of the project, or any other parameters the client would define
• Build Project level views for key projects aggregating all related tenders including news
• Build a relevant consultant, authority contact database which can then be used to liaison to get the client added in the BoQ/MakeLists in active or future tenders
• N number of unique logins to access Nexizo.com

Benefits for the paint company

Nexizo’s approach to solving the paint company’s challenge of getting the most accurate data feeds comes from the outlook that they believe every client’s problem is different and hence a one-size-fits-all solution is not the way to operate. Nexizo's key strength is in offering customized solutions, but its power is derived from the modular AI/ML-powered platform. Projects Today is now focussing on creating the most accurate and comprehensive information on the projects they work on. They no longer need a dozen resources just for sorting the relevant from irrelevant data manually, as that task is already done by the custom data feed powered by Nexizo’s RE (recommendation engine). This has also helped them get positive feedback from their clients, as they are only passing on the most accurate information in real time, which means its relevance is further amplified.

This paint company is having a sharper focus in terms of sales leads with end-to-end visibility of sales leads. CRM ingestion has helped the central team track the leads and guide the regional teams in tracking for higher sales conversion. With BidAssit onboarding, the team has achieved a 10X jump in their sales leads as compared to the previous time. Once a contractor's info is shared as a lead in the CRM, all the further market development and updates like tender wins, etc by that contractor are FREE of COST for the team.