[image source_type=”attachment_id” align=”left” source_value=”30999″ width=”150″ height=”150″ quality=”100″] BrightPearl offers cloud software that helps retailers accelerate their growth. BrightPearl has been growing quickly in both the US and the UK. In 2013 it was becoming increasingly difficult for the company to keep all revenue-focused segments of the business aligned.
As the team grew, managing and measuring sales and marketing metrics was becoming more difficult; both the sales and marketing teams developed their own reports, using Salesforce data, Excel, spreadsheets and a Salesforce administrator. Carter Perez, Senior Vice President of the American Sales Team, Tom Glason, Vice President of Sales for Europe, the Middle East and Africa, and Andy Young, Chief Marketing Officer, were spending far too much time during executive meetings comparing their data. If they were not looking at the same data set (which was often), they wasted time building a new report and digging around trying to figure out why there was a disconnect with the data. This could easily add up to five hours a week, draining the company of valuable time and money. BrightPearl started looking for a way to tame their data and align sales and marketing.
Their solution came in the form of a webinar they attended about analytical sales management hosted by InsightSquared. The webinar inspired Glason to request a product demo, and his team quickly realized the value of using InsightSquared to align sales and marketing.
Wins for BrightPearl Since Implementing InsightSquared:
- 40% growth in business globally
- 30% increase in US sales in less than 6 months
- 32% more productivity from sales reps in the first 180 days of using InsightSquared
- 28% improvement in tenured reps from using the Strikezone report
InsightSquared as the Single Source of Truth for Sales Data
When it comes to using InsightSquared, BrightPearl breaks down into three user groups: the Executive Team, the Sales Management Team and the Sales Reps themselves. The executive team meets weekly to make sure sales and marketing are aligned and driving business. “It’s absolutely taken us from compiling the data to being able to analyze it. The time we spend together is now used discussing the business and our goals, rather than making sure the data is correct,” Perez explained.
“InsightSquared has helped us improve the alignment between sales and marketing. While we had a good relationship and working process before, InsightSquared has given us a common view of the ‘truth’ around our pipeline,” said Perez. “We’ve virtually gotten rid of our Excel spreadsheets and are now using InsightSquared as our point of truth, our data point of record.” For BrightPearl, InsightSquared has become the great equalizer. “It is the single view into the business and it saves us time,” said Perez. This enables the teams to spend more time discussing actionable outcomes versus aligning reporting parameters. “This has helped us accelerate the growth of our business by over 40%,” said Perez.”
“It gives us new and deeper insights that we can access ourselves. Every Go To Market meeting we have, our executive team opens up InsightSquared. It highlights issues we have, and it helps us focus on having the right conversation,” said Young.
InsightSquared allows the sales and marketing teams to set common goals and see how those goals are progressing. A big proponent of sales and marketing alignment, Young said that, “In order for us to be successful, we all have to be operating with the same goals and the same way of measuring how we are progressing against that set of goals. We really have to be working together.”
Greater Pipeline Visibility, More Accurate Sales Forecasting, and More Predictable Revenue
BrightPearl needed better visibility into their pipeline and its historical trends. They were asking themselves questions like: Is our pipeline growing? Are we increasing our number of deals? How are our opportunities changing over time? InsightSquared answered these questions, and allowed even further analysis into BrightPearl’s data.
“For marketing, InsightSquared gives a CMO who works with a sales team, a view into pipeline value and the components of pipeline. The CMO is then able to sit down with the sales team and have good conversations about the pipeline, asking ‘Is it enough? Are we confident?’ instead of saying, ‘It feels low’ or ‘The quality doesn’t feel good enough.’ I’ve had too many of those conversations in the past and they are not as helpful as actual data,” Young explained. “Actual data holds people accountable and it shines lights on performance, which I think is good.”
Young now has a better sense of how much pipeline the company needs to create in the present to succeed in the future. “I know how much pipeline we need to be building in December to feel confident about January and then how that needs to look as we look further ahead into February and March.” He spends a big chunk of time in the sales pipeline, specifically the Pipeline History and Forecast reports in InsightSquared, which together show him not only what has happened, but what he can expect to happen. “Is our pipeline sufficient and is it forming at a rate we need so we can meet our business objectives? I’m not sure how I would have gotten at this information before,” Young elaborated, “InsightSquared has allowed us to have a future conversation ‘How are we going to be feeling sitting here six months from now?’”
“We have a much faster ability to measure how we are forming our pipeline and measure the quality of our leads, before it was harder to get to the data,” said Young. This process, which had previously been difficult, and required the assistance of a Salesforce administrator, is now managed entirely by InsightSquared. Young can now independently and easily look at lead flow and pipeline flow. With InsightSquared’s filtering options there is also the added ability to drill into the data by stage and by value.
InsightSquared also cohorted company size, allowing them to segment their pipeline according to company size. “We’ve added an additional filter that looks at employee size of the company. We have a clear target that we’re trying to attract, so it’s not all leads, it’s a very specific profile of lead and we have goals set against that,” said Young.
BrightPearl also needed to know their forecast, and InsightSquared’s Forecast report allowed BrightPearl to see their sales forecast for the month or quarter, and analyze the individual sales forecast for each rep. Prior to InsightSquared, BrightPearl was using forecasting tools in Salesforce, but they could not access the data they needed to get accurate, predictable revenue projections. Perez elaborated, “We’ve transitioned our forecasting process to 100% InsightSquared. It gives us better visibility into the pipeline and lets us drill down to a greater degree than anything we had before.”
Better Sales Management and Increased Sales Rep Productivity by 32% with InsightSquared
BrightPearl was in need of a tool they could use with individual sales reps so that management could help them understand their strengths and the areas of weakness relative to the rest of the sales team. Ultimately, they wanted to increase rep efficiency. Sales reps at BrightPearl use InsightSquared to better evaluate their open opportunities, benchmark effectiveness at various stages, and figure out who is performing best at each stage. The Sales Funnel By Employee Report specifically, is a way for the reps to improve by shortening their own sales cycle.[image source_type=”attachment_id” source_value=”31001″ align=”center” width=”600″ height=”318″ quality=”100″]
Sales in the United States went from being only 8% of global contribution to being 38% in less than six months because of InsightSquared’s powered pipeline analysis, which enabled BrightPearl to understand how much pipeline they were building week in and week out. “InsightSquared enabled us to compare conversion percentages at various stages of the pipeline to understand where we had issues, and then quickly benchmark with reps who were best in class/ category, to rapidly iterate our sales skills. This resulted in our new hire class of US sales reps becoming 32% more productive in the first 180 days.”
Perez favors the Strikezone report, which the sales managers use to help reps understand which deals to spend their time on. “This type of deep dive analysis wasn’t even possible or practical pre InsightSquared,” said Perez. BrightPearl uses Employee Scorecards during weekly one-to-one meetings between sales manager and sales rep as a tool to coach the reps.
“We’ve seen up to a 28% improvement in our tenured reps as they use tools like the Strikezone report to determine which deals have the highest probability of closure, and deserve the most focus,” said Perez.
BrightPearl has net new insights they could not see before and, as Young put it, “We have a better day to day handle on how effective our programs are in driving the right amount and quality of leads into our sales teams.”
The sales and marketing teams at BrightPearl are now aligned on a common set of objectives and can work off of the same data set, which is always easily accessible. InsightSquared has saved BrightPearl time, money and a lot of unnecessary effort when building reports and pulling company data. The management team is better able to manage and coach the sales reps by using InsightSquared.
Perez’s closing thoughts about using InsightSquared for the executive team, management team and the sales reps: “InsightSquared is an essential tool for your success. Truly understanding what is happening in your business in near real-time allows you to form and test hypotheses much more quickly and it provides real actionable insight.”
If you’d like to learn more about how InsightSquared can help you get more from your Salesforce data, sign up for a Free Trial.
Brightpearl exists to help retailers accelerate their growth. Its cloud software and services enable multi-channel retailers to manage the heart of their business by combining orders, inventory, customer data, accounting and reporting into a single, reliable retail management system. Brightpearl’s Commerce Acceleration Platform delivers real time integrated inventory, cash flow, profitability by SKU and channel, customer purchase behavior, and more. With these insights, retailers can focus on what they love: merchandising and growing their business. Brightpearl also offers built-in access to multiple retail channels for growth, via integrations with Magento, eBay, Bigcommerce, Shopify and Amazon. To learn more,visit www.brightpearl.com[image source_type=”attachment_id” source_value=”22194″ width=”632″ height=”250″ quality=”100″ link=”https://offers.insightsquared.com/12-must-ask-questions?blog_source=organic&blog_medium=blog&blog_content=postID-22182&blog_campaign=12-must-ask”]