Problem / Challenge
Due to the trust of the Philippine government for financial and digital inclusion across the country, the potential for financial technology (fintech) solutions providers increased tremendously in the past years. Recognizing this development, the client expanded their presence in the Philippines and offered their solutions to support the digitalization of the local banking, financial services and insurance (BFSI) industry from their APAC headquarters.
However, the client’s APAC business development team had little success in their efforts to gain market share in the Philippine BFSI industry. They realized that they needed to have a deeper understanding of the culture and nuances of the local industry and to be more competitive from a financial standpoint. With these in consideration, the company decided that the best direction would be to localize their business development efforts, and fast, so as not to miss out on the opportunities.
After a thorough understanding of the client’s requirements, Eastvantage facilitated the building of a Philippine Business Development (BD) team for the client. In addition, Eastvantage also assumed responsibility for all other employer-related administrative functions such as:
- HR support
- payroll support
- compensation & benefits administration
- visa processing services
- compliance with labor laws
- overall management of efficiency, performance, and development
A dedicated Operations Business Partner oversees the Business Development team’s efficiency, performance, and development. The team identifies and pursues local opportunities through:
- industry networking
- lead generation
- leads qualification
- pitching to prospects
- submission of proposals
- contract negotiations
- assistance with client onboarding
- engagement of existing clients for other opportunities
Within three weeks, Eastvantage was able to source and onboard a Business Development (BD) lead who matched the required profile. Immediately after training with the company, the BD lead set out to introduce the company and its services to local banks through company sponsored events and virtual presentations. A Lead Generation Specialist eventually joined the BD team.
By having a local business team in place, the client was able to:
- Establish a business development process more apt to the local scenario
- Obtain access to networking with major banking and insurance organizations, expediting recognition and acceptance within the Philippine BFSI community
- Secure service contracts with new clients representing 150% growth in its Philippine business
- Gain additional service contracts with existing clients
- Introduce additional products and services to other industries
- Reduce business development cost
The client’s Philippine BD team achieved sales funnel targets in less than a year as follows:
– 30% of all leads generated are classified as Sales Qualified Leads
– 67% of Sales Qualified Leads move on to proposal/bid submissions
– 20% of Sales Qualified Leads are closed/won
The team is consistently achieving its targets despite the lockdowns imposed by the government in the capital where the top BFSI companies are headquartered.