MemberSuite recently secured a second round of funding from investors thanks to strategic insights into the company’s sales cycle and clear visualizations of the company’s accelerating growth.
“We raised $4.5 million in funding, in part, because InsightSquared helped our investors see how far we’d come,” Ryan said. “When I presented my update to investors, I literally pulled up the InsightSquared dashboard.”
Accurate Pipeline Management
Ryan explained that before MemberSuite started using InsightSquared, he couldn’t figure out what was causing inconsistencies in the company’s sales cycle. MemberSuite had a history of poor sales results in Q3, specifically.
“Our sales reps always killed it in Q2 and then we would have a slump in Q3,” Ryan said. “We didn’t know why. When you’re just getting Salesforce reports, the data is not readily apparent.”
This lack of data pushed the company to look for a powerful sales analytics product that could provide better insights into their sales process. Ryan considered GoodData and a few other products on the market, but ultimately chose InsightSquared for the ease of use, clarity of reports and fast time to value. Once Ryan looked at a Pipeline History report in InsightSquared, the sales problem was immediately clear.
“We looked at the InsightSquared report and saw that reps weren’t working any opportunities in the initial discussion phase in Q2,” he said. “Once we finished Q2, there was nothing in the pipeline to close the next quarter, causing sales to drop.”
Winning 25% More Business with InsightSquared
With better insights into their sales process, MemberSuite reps were able to focus on constantly working new opportunities to fill the sales pipeline throughout the year, for more consistent results. This change led to a huge jump in sales numbers, according to Ryan.
“We absolutely crushed it the first couple of quarters this year,” Ryan said. “We did 25% more business in the first five months of this year than we did all of last year. InsightSquared allowed us to improve our sales considerably – we now have a longer sales cycle and we’re doing 5-figure deals.”
We raised $4.5 million in funding in part because of InsightSquared.
- Andrew Ryan, CEO and Founder of MemberSuite
With those impressive sales numbers to report to investors, MemberSuite quickly raised another round of funding this year to fuel continued growth and expansion into the marketplace.
“We obviously couldn’t raise money without performing well, but when you can visualize the data and show it to investors, that makes a big difference,” Ryan said.
Future Business Growth
MemberSuite’s future plans include expanding use of InsightSquared into their growing marketing team and enabling more of their sales reps to use the tool. InsightSquared has also become a powerful part of Ryan’s weekly routine, helping him keep track of how the sales pipeline is changing, tracking the lead and bookings trajectory, keeping an eye on the sales funnel and ensuring the sales team is on track to hit goals.
“My favorite report is the Bookings Trajectory,” Ryan said. “I look at that report every couple of days.”
He said that InsightSquared has been invaluable in uncovering unknown patterns in the company’s sales activities, enabling the company to drive growth, increase sales and secure funding.
“I can’t overestimate the importance of being able to visually understand what’s happening in your sales organization,” Ryan said. “It gives you Malcolm Gladwell ‘Blink’-like abilities to see into your sales cycle and be better at sales and marketing.”