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Bowery Capital Startup Sales Podcast

Bowery Capital is an early stage venture capital fund that focuses solely on helping portfolio companies with sales related challenges. This podcast is a discussion between the Bowery Capital team and experienced industry friends in an effort to help a younger generation of startups better understand the issues and pain points they will face when thinking about early revenue generation.
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Now displaying: November, 2018
Nov 26, 2018

This week, the Bowery Capital team hosted Grant Halloran, Chief Marketing Officer and Vice President at OmniSci (formerly Map D), to discuss "Elements of Successful Product Marketing." OmniSci offers an advanced data analytics platform by combining the capabilities of software with GPU hardware. By bridging the gap between CPU and GPU computations, the platform allows users to utilize and interact with big data analytics on an accelerated scale. On this week's podcast, Grant Halloran first discusses the importance of an effective customer acquisition strategy. According to Grant, sales teams should really know the customers they want to sell to and why the product matters to buyers. Moreover, Halloran says that momentum matters. Once a strong momentum is established, product marketers should double-down on their efforts. Next, Grant talks about transitioning from Anaplan to OmniSci and notes changes in his marketing strategy. He mentions that OmniSci's close relationship with developers helped form a more competitive and technical marketing angle. Grant also offers his insights on what the biggest change in product marketing has been. Before, product marketing was very technical. Now, it's become much more business oriented. Additionally, there's a greater emphasis on bringing in marketers with deep domain expertise. Finally, data now plays an important role in marketing. Sales teams can implement customer data platforms in their strategies, allowing them to understand behavioural signals and act on those insights. After speaking about these changes, Grant explains some common pitfalls in marketing execution: 1. Poor integration of marketing strategies. Product marketers need to be 100% integrated within the company. Specifically, sales teams should understand the value proposition of the company and its core material. It's important for companies to design training programs that enable marketers to credibly and confidently talk about their products. 2. Not taking enough initiative. Sales teams need to see themselves as more than content teams. There needs to be more emphasis on marketing as a driving factor, not a reactionary one. This includes having the initiative to step into leadership roles and thinking strategically about what the team needs to nail down on. 3. Staying in the office. Field oriented marketers are often the most successful salespeople. Simply put, marketers shouldn't be sitting in the office all the time. They should also be spending time out and about with customers, adding value and learning from that process. In regards to a team's marketing methodology, everyone should be on the same page. Sales teams should be willing to experiment with different approaches to figure out what works and what could be better. Finally, creating good content and developing a presence on social media is crucial to a campaign. Towards the end of this week's episode, Grant discusses some misconceptions about B2B SaaS marketing and offers some final thoughts for listeners. He concludes with a last piece of advice for marketing teams: think carefully about which audiences you need to reach. Then, try to balance your team between business and technical salespeople accordingly. Grant Halloran currently serves as Chief Marketing Officer and Executive Vice President at OmniSci. In addition to his role at OmniSci, Halloran has an impressive history of leadership at other successful SaaS companies. He was previously Chief Marketing Officer at Anaplan, an advanced platform for enterprise planning, and served as Global VP & GM at Infor, the world's largest private B2B software company. He also co-founded and built three companies: ProductBank, Brand Manager, and Orbis. Notably, ProductBank was recognized as an award-winning SaaS business in the advertising industry. When Orbis was acquired by Infor in 2012, Halloran led its integration process and continued to build the company's growth.

Nov 2, 2018

This week, the Bowery Capital team hosted Alex Hesterberg, SVP and Chief Customer Officer of Turbonomic, to discuss “Scaling Your Customer Success Organization Through Hyper Growth.” Turbonomic is a software company that delivers workload automation for hybrid cloud environments. The software understands the demands of application workloads and provides necessary resources in response, improving infrastructure supply efficiency. Alex first defines scaling through hyper growth as a transition from startup to “scale-up” mode, typically at the $100MM threshold. The company in question possesses a set of ride-or-die customers, has experienced a taste of its total addressable market, and now needs to tackle consistency in scaling. Management must address functional reorganization: individuals who were previously wearing seven different hats must specialize and wear one each. Alex then dives into the four key "interlocks" of scaling: 1.) Sellability - Empowering your field to sell through structured operational support (e.g. tools, demo labs), 2.) Deliverability - Ensuring that the field delivery team can deliver success based on customer expectations, 3.) Consumability - Bringing consumers into the development of the product itself and receiving real-time feedback (e.g customer advisory boards, beta programs, 4.) Supportability - Supporting customers in an ongoing way (e.g. recommending version updates). In terms of where to begin, a company must first focus on defining its customer journey. The company should examine its initial customer base and analyze why certain customers onboarded properly and why others didn't. Iterating this analysis allows the company to directionally align itself along four axes: onboarding, advisory, expansion, and renewal. Once aligned, the company can enforce the interlocks and determine how to divide internal responsibilities across the interlocks. For most hyper-growth companies, Alex explains, sellability is key. It's crucial to get your product off the ground and sell it to a greater audience.  For companies with an unchanging product and market, the focus is instead on expansion and renewals. The most successful hyper growth companies actually combine the two—sellability and renewals.Alex also notes that many startups tend to forget consumability. Most become too comfortable with catering to their initial customer base and neglect to integrate a customer feedback loop. Companies consequently miss out on market developments and face the risks of competitive displacement and scale-up failure. Alex Hesterberg is Turbonomic's first Chief Customer Officer. He drives the company’s customer-centric business approach to help customers accelerate and activate their hybrid cloud journey, and is responsible for establishing, scaling and executing a holistic strategy for all customer-facing initiatives, programs and activities. Alex is a 20-year tech industry veteran with a track record of delivering end-to-end measurable customer impact, and building customer-centric services and solutions at hyper-growth companies.

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