Veracode is an automated cloud-based service that simplifies application security. Founded in 2006, the Massachusetts-based company helps companies create scalable governance programs to reduce application-layer risk.
As online security concerns become central to every business, Veracode has grown quickly. Brian Levin, Director of Sales Enablement at Veracode, explained that the company’s sales team is up to 120 people. At that size, he found his manual process for analyzing data simply didn’t work anymore. Forecasting was inaccurate, historical data wasn’t available, the sales process was inconsistent, and communication of vital data across the team was confusing and splintered.
“As we grew as a business, it became more important to be able to predict performance into out quarters,” Levin said. “We didn’t have a good system of leading indicators about our potential performance for our quarter, so we were partially blind to how we might perform one, two, or three quarters out.”
The Struggle for an Accurate Forecast
The Veracode sales leadership had trouble creating an accurate sales forecast using just a combination of Salesforce reporting and Excel. The necessary data simply wasn’t available.
“Veracode adopted Salesforce.com pretty early on,” Levin explained. “As a result, we have a lot of historical data captured in Salesforce, but we had no ability to get at the historical information we captured in our CRM system.”
Because they could not access historical sales data, sales leadership couldn’t understand the drivers of past performance or track trends over time. This meant it was next to impossible to forecast accurately, according to Levin.
Brian Levin of Veracode
Without that predictability, the sales team struggled to hit goals consistently, and to manage performance across the team. Managers didn’t know which reps were on track, and which reps needed help to close a deal.
Veracode turned to third party analytics solutions to solve these management problems. Leadership looked at a variety of options, and chose InsightSquared specifically for the ease of use combined with a depth of analytics.
“Through the analytics platform InsightSquared, we’ve been able to harvest that historical information out of our CRM system in a way that we hadn’t been able to do using native reporting in Salesforce,” Levin noted. “Instead of exporting Excel file after Excel file to try to understand and compare the history, InsightSquared has allowed us to easily bring that historical data forward.”
InsightSquared allowed us to easily bring historical data forward.
With years of data now quickly accessible, Veracode is able to run complex analyses that weren’t possible before. Sales leadership can now make better predictions about the performance of the business this and next quarter.
“InsightSquared gives us visibility into our win/loss reasons, push rates, and pipeline conversion rates, allowing us to make strategic decisions,” Levin explained. “That data overlaid on current information about our pipeline, makes us more predictable and better able to get preliminary forecast information quickly. It informs how we pursue business in the following quarter.”
“InsightSquared has enabled us to look at pipeline creation and pipeline conversion rates, which has given us less ambiguity, and more consistency in the delivery of our pipeline, and our performance quarter after quarter,” Levin said.
In the first year with InsightSquared, Mid-Market companies like Veracode (200 employees and up) on average see:
- A 7% increase in dollar value win rate (won dollars/total dollars in pipeline)
- A 12% increase in bookings
- A 13% increase in ASP for the entire sales team
- A 19% increase in ASP per employee
Improved Communication and Clarity
Now that Veracode can access historical data with ease, Levin’s team can more quickly and seamlessly provide vital business information to the C-Suite.
With InsightSquared, I’m confident that my team can answer those questions.
“When I get a question from our leadership team, I know they’re trying to make an important decision about our go-to-market,” Levin said. “With InsightSquared, I’m confident that my team can answer those questions. We can get the insights about historical performance, and about our current business situation in detailed data format, and also in high-quality visualizations.”
In addition, the splintered and confusing communication of data across the organization has become simplified and clear. Whereas before there were a number of versions of each Excel report, InsightSquared eliminated the need for version control.
“Through the power of InsightSquared’s dashboards, we’ve been able to take what were confusing, multiple definitions of our key performance indicators, and turn them into one form that is delivered to our sales leadership team,” Levin said. “Now, we understand the data and can measure consistently our performance against that KPI.”
Driving Sales Process Improvements
With that data now easier to analyze, Veracode was able to implement significant improvements in the overall sales process.
“With the analytic insights that we’ve been able to gain, it’s put more emphasis on the need to have accurate data underlying the InsightSquared system,” Levin explained. “The value of the insights we’ve been able to get out of the platform really increased the accuracy of information that we needed in the CRM system itself. We’ve partnered with our sales organization to make sure that underlying data is there, and then the insights that we’re able to get out of it really inform the way that we go to market.”
In this way, use of InsightSquared has also completely transformed the Salesforce usage across the team, according to Levin.
“By sharing the reports and the dashboards that we use as a sales leadership team with the extended sales team, it has really increased the adoption of Salesforce.com,” he explained. “Now reps can see the insights that we’re trying to draw out of the system, and they can make sure they provide those data points that will roll up into the insights that help define our business going forward.”
With an increasingly accurate sales forecast, easier sales reporting, clear communication with leadership, and improved data quality, InsightSquared has driven huge improvements for Veracode. Levin said he would recommend the solution to any sales leader:
“InsightSquared is perfect for the sales leader who is managing a complex SaaS business, and needs help with key performance indicators, providing leading indication of success in a quarter, who wants access to their historical data captured in their CRM system, and who wants a single version of the truth that they can share across their sales leadership team.”