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- Valuations have been cut in 50%. So assume your company is worth half what it was in Q4’15. And/or you’ll have to get twice as far to achieve a target valuation.
- Assume it will be twice as hard to get funded. Many VCs are slowing things way, way down in Q1. Others aren’t. But even those are more skeptical. And VCs are OK asking for flat rounds now.
The single most important business decision in evaluating a business is pricing power. And if you need a prayer session before raising price, then you’ve got a terrible business –Warren BuffettI read this quote in Confessions of the Pricing Man: How Price Affects Everything, written by Hermann Simon. Simon is a former academic, an ex-professor at INSEAD Stanford, Harvard, and London business schools, who extensively researched and taught pricing theory. As Simon writes in the book, he left academia in 1985 to found Simon-Kucher & Partners, the preeminent pricing consultancy that generates several hundred million dollars a year in revenue and employs more than 300 people. Pricing power, or market power, is the ability of a startup to raise prices over time. As Simon writes later in his book, “People have asked me thousands of times to name the most important aspect of pricing. I answer with one Continue reading "What Pricing Implies About Product Market Fit for Startups"
With the ’16 Annual behind us and a huge success (on most levels — a full debrief to follow), it’s time to bring on some dedicated resources for ’17 and beyond. We’re hiring a full-time Director+ of Events to manage the ’17 Annual and all other SaaStr events. The goal for the ’17 Annual is to be able to accommodate at least 2x the attendees (say 10,000) and about 50% more content. More detail is here. But what we really need is (x) an Owner that (y) has managed, or at least help manage, a 5,000+ event or two. IT COULD BE YOU! Or find us the right candidate, and we’ll give you up to 5 VIP tickets for the ’17 Annual! Based in SF in Potrero Hill, but a lot of potential for flexibility as long as you Get Cr*p Done
In mid 2015, Datahug began the process of transitioning its sales team to an Account-Based Selling model. We know our market well, and wanted to capitalize on this understanding as fast as possible. The primary goal was to minimize friction in our pipeline by focusing on prospects that would get the most value from our product, while requiring the shortest sales cycle to close.
Selecting Target AccountsTo start, we had to identify what this sort of customer looks like. For Datahug, this means tech-forward North American companies with between 200 and 2000 employees, a sales team of 25 people or more, an average sales cycle of 45 days or longer, and average deal size of $30,000. Next we had to create the list of Accounts we’d prioritize over general prospecting. There are a few places to source this data. We’ve been in business for a while and are transitioning
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like salespeople, customer success is an investment that should make money, not a cost to be put off as long as possible. Do you retain 95% of your customers month-to-month? That sounds like something to be proud of – until you do the math. That’s 5% churn per month, or 60% per year. In other words, you have to replace 60% of your revenue every year just to break even. What if you have monthly 98% retention/2% churn? That’s still 25% a year, or a quarter of your revenue. Read more on 6 Keys of Customer Success… The post 6 Keys of Customer Success appeared first on Predictable Revenue.
I’m in an enviable position where I both buy technology (for Box) and at the same time, train people how to sell our technology (Box). The duality of my role as both a buyer and a seller affords me great opportunity for learning AND quickly sharing what I learn. I thought I’d take this opportunity to share my story, as a buyer, with a broader audience as I think this may resonate with some of you. Agree or disagree on the premise, or insight, makes no difference to me as this is just information, and you are free to do with it as you please. A few weeks ago I received a prospecting email from an AE (we’ll call him Bob). The subject of Bob’s email made it very clear to me (in a matter of .5 seconds) that he did his homework “Saw you are speaking at TOPO summit, excited
Continue reading "Simple Sales Advice from Box’s VP of Sales Productivity"