Today’s post features a video from our recent “Reduce Your Technology Stack” video series. In this video, one of our revenue productivity experts, Rahul Mathew, shares how one leading cybersecurity customer transitioned away from a growth-at-all-costs mentality where many reps were underperforming into a data-driven selling org that can scale and consistently meet its revenue targets.
- Get more reps contributing to quota. This customer overcame a dependence on a small number of reps to meet quota each quarter. By emphasizing repeatable quota contributions from a larger and more diverse set of reps, this customer met their $50M run rate, and their revenue model is more sustainable.
- Track the right things. Success depended on tracking both team and individual metrics. By tracking deal and pipeline risk, this customer was able to achieve repeatable quota attainment, improved pipeline health, and reduced the time to win.
- Focus on healthy deals. This customer knew that top-line metrics weren’t what mattered. They shifted their focus to healthy, winnable deals in the existing pipeline. They analyzed their time-to-win and time-to-lose rates and identified opportunities that were ripe for improvement.
Hello everybody, this is Rahul Matthew from the Product Marketing team at Mindtickle. I’m here today as part of the 2024 Reduce Technology Technology Chaos video series. I’m here today to talk about how reps can actually accelerate bigger, faster deals through consolidation.
Let’s dive into a customer example. I want to discuss a specific customer – a leading AI cybersecurity provider. Their CRO was mandated to ensure they were improving revenue productivity across the organization. Now, a couple of challenges he could foresee as a CRO were – if you think about a lot of the organizations today – a lot of organizations today are moving from growth at all costs to driving revenue productivity at scale.
Secondly, having dependence on a specific set of sales reps, you know, doesn’t necessarily help you meet your run rate or revenue target. For instance, in order to meet the run rate of $50M USD, there was a growing reliance on repeat repeatable quota contributions from a larger set of sales reps.
One use case this customer could implement was tracking pipeline risk analytics and putting data into practice. Secondly, ensure there were continuous improvements, not just for the team but also for the individual reps. This resulted in repeatable quota attainment, improved pipeline health, and reduced time to win. Eventually, reps started seeing the acceleration of many of those bigger, faster deals through this consolidation exercise.
Here’s how they cut down the chaos. First and foremost, ensuring repeatable quota contributions. Now, it has become very vital to drive repeatable quota contributions, not just from a select set of reps, a select set of reps, but also from a larger number of sales reps beyond those top-performing reps. Pipeline risk analytics was vital to focus on cleansing the pipeline and identifying disengaged prospects. This involves constant risk scoring and discussions with the team to improve engagement so as to get those conversations back on track.
Building trust with the teams [was imperative.] The customer was privy to many data points, and unleashing these data points in one shot was not good. It was going to be counterproductive. Getting those data points gradually out to the team and then getting them to collaborate in a more productive way helped avoid disengagement and perceived micromanagement.
Upgrading their sales process and methodical methodology [was key.] Focusing on key milestones in the sales process helped ensure that things were on track. Insight-driven decision making [was imperative] Insights provide a contextual view. Allowing for those informed decisions to actually happen and having impactful arguments in board meetings was one of the things that they were able to do as well. [The customer also] focused on those healthy deals. There was a shift from focusing on top-line metrics to truly healthy and winnable deals in the existing pipeline. This required analyzing time-to-win and time-to-lose rates and helped identify those opportunities that were ripe for improvement, Along with reducing risks.
These are some of the things that helped this customer cut down their chaos in a significant way. If you’d like to learn more about more actionable insights from your revenue enablement or operations perspective from some pharmaceutical experts, please feel free to scan this QR code and get more details. Thank you.