VersionOne provides agile lifecycle management solutions for some of the largest software and technology companies in the world. They compete against companies like Microsoft, CA Technologies, and Atlassian, who have enormous market reach and product breadth. As a smaller, growing company, they knew it was imperative to make the switch to an account-based approach if they wanted to compete effectively in the market.
However, VersionOne faced a paralyzing challenge: marketing, sales, and sales development were all chasing different and divergent accounts largely based on broad inbound activity. On top of that, like most B2B companies, they had an overwhelming amount leads in Salesforce without an active opportunity – 20,000 leads to be exact.
The impetus to change finally came when, during a management meeting, marketing and sales gave different answers on the number of accounts being targeted. Marketing provided a number and sales/sales dev replied that they did not have target accounts. Management realized they were operating on different approaches, unnecessarily wasting extra time, money and resources that could be spent more wisely.
The executive leadership theorized that sales & marketing would align, conversion rates would rise and ASP would skyrocket with ABM.
With a single click, Demandbase’s lead-to-account matching took VersionOne’s 20,000 leads and automatically matched them to the proper account in Salesforce. This saved their sales and marketing team weeks of work in having to painstakingly examine each lead, then find and convert leads to accounts manually. Immediately, lead visibility became account visibility, which led to valuable, actionable intelligence for marketing and sales.
“My ah-ha moment was the first demo of Demandbase that provided roll-up reporting on account activity and lead-to-account matching. Visibility and reporting that would previously require an unmanageable manual effort for a small marketing team clearly were clearly now possible.”
– Peter Herbert, VP of Marketing
After implementing Demandbase in their ABM program, VersionOne saw three significant outcomes that took their business to the next level and allowed them to compete against the Goliaths in the market. First, they achieved 88% engagement with target accounts. This growth in engagement translated into an increase in conversions, resulting in a 66% increase in size and value of their opportunities. This naturally led to a significant increase in their ASP.
Concurrently, these positive results facilitated a shift in their marketing spend and sales development resources to focus only on accounts that showed fit, intent to buy, and a strong probability to deliver higher ASP.
“ABM allows us to create more awareness, engagement and conversion with the accounts most likely to buy. We have achieved overall engagement of 88% with target accounts in 2016. We have converted 20% of our top 100 accounts to pipeline through the ABM program.”
-Kristen Wendel, Director of Marketing Ops