Company: Softrax Corp.
Contact: Stephen Foster, Director of Marketing Programs
Location: Canton, MA
Industry: Business Software (B2B)
Annual revenue: $27,000,000
Number of employees: 125
Softrax Corp. is the developer of enterprise revenue management and billing software designed to automate a company's entire revenue cycle, including revenue recognition, reporting, and forecasting, as well as complex billing and contract renewals. Effective as these solutions may be, they also tend to be pricey, and therefore not an easy sell.
Softrax realized that its pitch would be more effective if potential customers better understood the many complexities—and opportunities—associated with revenue reporting and so recognized for themselves the advantages of automating such functions. Accordingly, the company embarked on a new marketing strategy based almost entirely on educating the marketplace.
At the core of this strategy was a series of informative monthly webcasts presented by government and industry authorities. The "Executive Webcast Series" served as a broadcast medium to educate viewers on topics that related directly or indirectly to Softrax products, but did not specifically market those products.
The webcasts were initially an expensive undertaking, but Softrax has worked relentlessly over time to refine the program by accessing more suitable technology and improving the brand experience without compromising its soft-sell approach. By trying different vendors until it found a good fit, Softrax was able to dramatically lower the costs of the webcasts and turn them into one of its most cost-effective marketing mediums. Webcast attendance—and the resulting sales—skyrocketed after Softrax was able to develop a simpler, more economical method of webcasts offered via personalized email.
Enterprise revenue management is a crowded space. Many of Softrax's competitors used expensive classic advertising or sometimes suspect guerrilla marketing techniques to promote their products, so Softrax sought a different approach. It decided to educate the market on the issues its products addressed—without directly promoting the products—allowing potential customers to realize the value themselves.
Kimberly Smith is a staff writer for MarketingProfs. Reach her via firstname.lastname@example.org.