How ServiceSource Reduced the Sales Cycle by 55% and Uncovered $1.2M in Opportunities.
Download to learn how ServiceSource inside sales teams reduced the sales cycle for a global cloud company.
Reduced Sales Cycle
In modern sales, “the funnel” is a misnomer. The traditional model by which businesses foster and grow customer relationships is no longer linear. With a diverse array of potential touch points, educational resources and longterm possibilities, best-in-class sales strategies would be best represented by a limitless double-helix.
The ever-extending customer life-cycle means that today, building a community of customers-for-life is well within
reach. But, it relies significantly on thinking beyond a single transaction.
For businesses to win, retain and grow meaningful customer relationships, sales organizations need to operate as an invaluable partner resource to prospects and existing clients.
Since 2017, ServiceSource has partnered with a leading cloud computing company valued at over $10B in revenue.
Experimentation and innovation have long been part of the cloud computing company’s DNA – reworking puzzle pieces to expand their presence, increase revenues and win new customer relationships. While this approach had been effective in driving the total number of transactions, particularly within its Small to Medium Business (SMB) target segment, there was a stark gap in converting those individual transactions into long-term revenue streams.
Were there avenues to mine new opportunities out of existing customer relationships? Furthermore, how could it take its existing cache of customer data and use that to fuel the sales cycle even further? The cloud computing company needed a sales engine to take a holistic approach to turn transactions into conversions, and customers into long-term relationships. Ideally, the sales engine would also apply inside sales best practices at scale across market segments.
The cloud computing company issued an RFP to identify potential new vendors for their Inside Sales ecosystem. After a period of review, testing capabilities, sales philosophies and data-driven processes, the company chose ServiceSource to take a new role within the company’s SMB market strategy, with an emphasis on the end-to-end, continuous sales journey.
ServiceSource quickly ramped teams across three continents, including sales representatives, technology architects, analysts and managers. The team began targeting the core SMB segment customers between $10,000 – $60,000 to increase the cloud company’s sales pipeline volume, speed time to close, improve conversion rates, boost customer satisfaction and positively impact longterm revenues.
As the ServiceSource team began to deliver results, including exceeding 138% of initial revenue targets and
increasing deal closure rates by 55%, the company entrusted ServiceSource with greater oversight of their SMB segment. Instituting new standardization processes, including persona categorization, enabled ServiceSource to glean even more insight from the performance of their teams and grow potential opportunities.
“We understood early that the company was looking for scale. The short-term need was billings and revenue, but under the right circumstances, success can beget success. Through our first-hand knowledge of the business and our datadriven processes, we were able to provide a sandbox for our partners to map not only their SMB strategy, but tactics that they could take with them to mid-market and enterprise as well.” — Grant Clarke, Senior
Vice President, Global Sales Operations, ServiceSource.
ServiceSource continues to dedicate a global team to the cloud computing company’s success. The partnership continues to grow and evolve its footprint in the SMB market.
“ServiceSource has been a proactive and reliable partner that focuses on the success of the business and the wellbeing of their employees.” — Sales Strategy and Operations Lead
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