Aug 5, 2021
It’s almost hard to believe how far we’ve come since we first introduced Mindtickle to the world. Almost. Early on, we saw a gap between what sales and revenue leaders should be doing to make their teams more effective and what was actually happening in the real world. This gap continues to grow given the changing business landscape fueled by digital transformation and buyer centricity. But now, it is crystal clear that sales readiness is the single most critical lever revenue leaders have to consistently meet or exceed their goals. We’re thrilled to continue our partnership with Softbank to fund our vision for sales readiness and bring a platform to market that helps these leaders modernize the revenue organizations and help their sellers be ready.
The rise of sales readiness
With a dynamic business landscape filled with new products, competitors, and disruptions — as well as savvier, more well-informed buyers — businesses have invested trillions in digital transformation projects to modernize their business infrastructure with AI, machine learning, and customer experience technologies. However, as technology has raced forward, 21st-century workers have fallen behind, compromising their ability to add value to their businesses, including how they interact with prospects and customers, causing them to lose out on revenue opportunities.
This problem is particularly acute in sales, where the Pareto Principle — the notion that approximately 20% of sellers generate 80% of the revenue — is no longer holding. Ramp times are increasing, seller tenure is decreasing, and we’re seeing drops in seller performance. Against this backdrop, businesses can’t afford to rely on a small subset of sellers being the “heroes” for their revenue leaders. Rather, these leaders must look for ways to systematically enable and ready their sellers to be in a continuous state of excellence.
The perfect storm described here has created an appetite among organizations around the world to look for a viable solution for employee and sales readiness. Dozens of Fortune 500 and Global 2000 companies and hundreds of the world’s most recognized and fastest-growing companies use Mindtickle’s complete sales readiness platform to help their revenue leaders (CROs, CSOs, and front-line managers) define excellence, build knowledge, align content, analyze performance and optimize behavior. Delivered in a single solution, it provides a more comprehensive approach to readiness so sellers can maximize customer interactions to ensure better business outcomes.
Mindtickle has documented a number of business transformations among its many customers. Splunk, for example, created a dynamic, companywide culture of coaching using Mindtickle as the foundation for “Splunk Coach.” Ultimately, Splunk was able to gain greater insight into skills gaps, realize improvements in sales productivity, and improve its new-hire training process with Mindtickle. MongoDB realized significant gains as well, including a 45% reduction in ramp time for new hires, a $200k increase in average productivity of fully ramped reps, and double the number of new reps hitting quota.
Investing in the future
Given all this, as well as the accelerated pace at which business moves, Mindtickle is at the intersection of these trends poised to bring significant and measurable value to companies around the world. And investors like SoftBank are all in. After investing $100 million in Mindtickle just nine months ago, SoftBank quickly saw Mindtickle’s value, appeal across industries and geographies, and the market opportunity, and doubled down on us for another $100 million in our latest round.
With this latest round, Mindtickle continues to be laser-focused on innovating and expanding toward our mission to create sales readiness as the instrumental new category of tech to solve the readiness crisis. In addition, we’re making Mindtickle more accessible to businesses around the world in every market, helping them to future-proof their organizations so they can be successful in the face of these dynamic and ever-changing environments.
With that, I congratulate everyone at Mindtickle — and those who have journeyed with us at one point or another — who’ve worked tirelessly to support our vision and our customers. And monumental thanks to our customers and investors who believed in us and our mission. The road to SaaS unicorn can be long, with only a select few companies — with the vision, innovation, and temerity to get here. But this moment represents a pivotal point in time for Mindtickle and the sales readiness category. And I’m looking forward to entering this new phase of growth with you all.