Revenue Transformation at Signifyd: From Data Gaps to Sales Excellence
more contacts and buyer roles
emails added to Salesforce
meetings added to Salesforce
Signifyd is a San Jose-based Fraud Prevention software provider with 500+ employees globally. Founded in 2011, Signifyd has over $200M in funding and is rapidly growing with customers such as Samsung, Lacoste, and Walmart.
Poor sales data, poor win predictability
The problem statement was very clear – Signifyd was unable to predict wins accurately because they were missing a lot of the contacts, emails, and meetings in their CRM to measure buyer engagement and deal progression.
- No visibility into buyer engagement in opportunities. Most deals had just 1 contact – this was mandatory due to validation rules. As such, sellers would simply add 1 contact, and ignore the rest. This affected the accuracy of their forecasting.
- There was a disconnect in contact data across Salesforce, their sales engagement platform.
- Their Salesforce was missing a significant number of emails and meetings.
Signifyd always knew that without clean and complete sales data, no optimizations or improvements could happen. So, they started to evaluate tools to unify all their sales data, with a focus on buyer contacts.
Nektar was the vendor of choice for 3 reasons:
- Product innovation:
- core focus on contact and activity capture
- flexibility and customizability to match Signifyd’s sales process and requirements
- Superior buying experience from start to finish, making the process easier for Signifyd’s buying committee
- Lastly, Nektar promised to deliver tangible value. The platform provided an excellent ‘Proof of Value’ that satisfactorily met the buyer’s expectations.
Successful implementation and results
The implementation of Nektar yielded remarkable results across the board. On day 1 of going live, Nektar brought back 12 months of historical contacts and sales activities from every seller’s inbox and calendar into the CRM. This resulted in a staggering 4X rise in contacts and Opportunity Contact Roles (OCRs). The system also facilitated a 2X surge in emails and an impressive 9X increase in documented meetings. These improvements translated to a clean, detailed visibility into each deal, mitigating the previous accuracy issues.
Just having more contacts on the opportunity… and activities that came with the contacts… alone has impacted so many different parts of our business in terms of forecasting, deal desk, cross functional collaboration, managing risk, prospecting, marketing. We’re now able to run plays off of that.
Signifyd now had clarity on factors that contribute to winning deals. Some of these include:
- The average number of contacts needed to win an opportunity is 5. This number became a benchmark. Today, the average number of contacts that Signifyd’s sales team engages per opportunity is 9. Every seller now has made it a habit to multithread.
- Clean and complete visibility into buying committee engagement, resulting in improved plays and processes. For example:
- It became clear that deals that had 3 specific personas were more likely to win than the ones without those.
- Additionally, because sales and marketing teams had visibility and access to contacts and contact roles, both teams started targeting them in their campaigns: outbound teams in their sequences and marketing teams in their account-based campaigns.
- Lastly, Signifyd also identified additional key personas in their deals. They developed messaging for this persona and started targeting them in their outbound, resulting in more opportunities being created.
- Deals that are open even after 3-6 months must have 11+ engaged contacts to improve the likelihood of winning them.
Additionally, with clean and complete activity data in their CRM, they now run more meaningful reports on buyer engagement.
With every account and opportunity on the CRM having more contacts, Signifyd’s marketing team is leveraging these contacts for their ABM campaigns. The juggle between sales and marketing for these contacts is now replaced with harmony and collaboration.
With Nektar in action, the buyer’s journey continued to evolve positively. The platform wasn’t just a one-time solution; it became an ongoing tool of choice. Within 3 months, Signifyd decided to expand Nektar beyond the Sales team. Nektar was deployed in the Customer Success department to monitor executive engagement and champion movements, enhancing customer experience. Encouraged by the success in Sales and Customer Success, the team is now prepared to expand Nektar’s capabilities to the Professional Services team. This extension promises to further enrich their insights and enhance their business strategies.
In summary, Nektar emerged as the ideal solution that seamlessly bridged the visibility gap in buyer engagement, improving the predictability of winning deals. With its robust deal-tracking capabilities and the ability to deliver quantifiable results, Nektar not only tackled the initial challenges but also positioned the business for further growth and success.