This week, the Bowery Capital team hosted Stephanie Jennings, SVP of Sales at MINDBODY, to discuss “Go-To-Market Considerations In Vertical Software.” MINDBODY provides cloud-based business management software for the wellness services industry, helping studios of all types--yoga, pilates, personal training, dance, martial arts, spas, salons--to better service their end customers. The company serves about 35MM consumers located in over 130 countries and territories. MINDBODY raised over $100MM in venture and growth capital before its IPO in mid-2015. In today's episode, Stephanie will walk us through the considerations that are unique to vertical software companies as they enter the market and seek to build & retain a strong customer base. We cover topics such as: differences between sales & marketing for vertical plays, target market penetration, expansion of vertical focus, achieving ACV growth, building a referral base, moving up & down market whilst avoiding cannibalizaton, and pricing in vertical markets.
Stephanie Jennings is the SVP of Sales at MINDBODY, a role she has held for the last year and a half. Stephanie has been with the company in a sales capacity for 9 years, having started as a Sales Manager in 2008. Prior to that, she worked as an Account Executive at various companies in the telecoms sector. In addition to her vertical software sales expertise, Stephanie is an educator: both in related professional disciplines like technology (Salesforce, Eloqua) and marketing (Google AdWords, social media), but also in health, fitness and beauty. Like many MINDBODY customers, she is a group fitness instructor and massage therapist. Stephanie has seen the evolution of MINDBODY from its earliest days--when many questioned how big a tech company selling into yoga studios could get--to one of the most high-profile success stories in vertical software. Her deep experience selling the product as an AE, an SVP of Sales, and everything in between make her a perfect guide to for today's podcast topic.
This week, the Bowery Capital team hosted Daniel Barber, SVP of Sales & Customer Success at Datanyze, to discuss “the Software Pricing Quadrant.” Datanyze is a sales intelligence platform that arms customers with deep "technographic" data: information regarding companies' technology stacks and changes in its composition over time. Datanyze's insights are leveraged by any type of role in a variety of ways, but they are valued particularly highly by B2B marketers & salespeople seeking the right timing to approach new leads or an edge to help close their best accounts. In this podcast episode, Daniel joins us to discuss the Software Pricing Quadrant, a logical framework he has developed that one can use to weigh various pricing models, and the key factors at play when considering each. Having held a variety of sales leadership roles, he has dedicated an impressive amount of time thinking about the costs and benefits of different software pricing methodologies, and shares with us today his thoughts on how best to understand and apply the Quadrant in the real world.
Daniel Barber is the SVP of Sales & Customer Success at Datanyze, a role he took on after serving as VP of Sales at the company for 7 months. Prior to Datanyze, he was VP of Revenue at Node.io (an account-based sales intelligence platform) and served in various sales leadership roles at ToutApp, including Senior Director of Pipeline Development. Daniel began his career in software customer acquisition at Responsys, which was acquired by Oracle in 2013, about a year into his joining the company. He has also served as an advisor to many startups, including Chorus.ai, a sales call analytics & intelligence tool that has raised over $20MM to "open up the black box of sales calls" using AI and NLP. Daniel's deep experience across a range of SaaS companies and his particular specialization in sales data & intelligence, make him a perfect guide to software pricing considerations, the topic of today's podcast.
This week, the Bowery Capital team hosted Allison Metcalfe, VP of Customer Success at LiveRamp, to discuss “Cohort Analysis for Customer Success.” LiveRamp is a marketing data company that unifies customer data across disparate sources. Large brands use LiveRamp’s identify resolution capabilities to drive true omnichannel marketing at new levels of accuracy and efficacy. At LiveRamp, as well as in previous roles, Allison has explored the full spectrum of analyses a customer success leader can use to track the health of a customer base to increase retention, upsells, referrals, and healthy customer-product engagement overall. Today, she joins us to discuss the importance of cohort analysis as it applies to the customer success function.
Cohort analysis is a quantitative exercise that companies can use to understand how metrics trends differ between various comparable groupings. It can be used across various functions within an organization, such as sales and finance. Sales analysts, for example, commonly use a form of cohort analysis to measure close rates (or other conversion rates through the sales funnel) and sales cycles (time-to-close). By breaking up deals into groups or “cohorts” consisting of the opportunities created in a particular month, we can see how the effectiveness of our sales team is changing over time. Cohort analysis is equally critical for customer success: not only for proper measurement of churn, but also for other customer health metrics. We’ll learn how Allison has used cohort analysis and similar exercise to optimize CS performance at LiveRamp, and how any startup stakeholder can do the same.
Allison Metcalfe is the VP of Customer Success at LiveRamp, where she has worked over over 3 years. LiveRamp is based in San Francisco and employs over 300 FTEs. The company is a subsidiary of Acxiom, which acquired the business in 2014 for a reported $310MM. Prior to that, she served as the Senior Director of Customer Success at Demandbase, where she spent two years. She also brings experience from earlier customer success roles at Jigsaw (now Data.com, acquired by SalesForce) and Equilar. She also serves as a customer success advisor to Entelo. Allison holds a BA from the University of St. Thomas.