Performio Q3 RevNews | October 1, 2023
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Welcome to the RevNews, your quarterly newsletter of everything that's been going on in the Revenue and Marketing Orgs, designed to keep everyone at Performio informed and up-to-date.
We're always looking for contributors, if you've got something that's making Performio better, let us know and we'll include it in our quarterly update!
Brent
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Officially the 2H
With a strong 1H behind us, the GTM teams (sales, customer success, marketing) touched down in Denver back in July for a couple days of Strategy, learning, collaboration, and planning at the 2H GTM Team Meeting... we had some fun too.
This was also time when we were able to hear first-hand from new Performio customers; Thryvv, Toptal and LINQ and why they chose Performio. How we were able to align our value prop to their business, establish ourselves as a critical part of their tech stack, and how our consultative approach differentiated us from competitors. Click the image below to watch the customer panel.
During SKO, we focused on how identifying strategic buyer initiatives (what they care about), how to build better and more impactful relationships (getting wide and deep), and how to be a trusted and valuable partner, all of which are showing success in our sales cycles. We want to double down on efforts that yield results! These focus areas are directly correlated to doing deeper discovery with our buyers. During the 2H GTM Team Meeting we made this a focal point, enabling the teams on the methods to execute better discovery, uncover pains that Performio can solve, and using the URCEPRED discovery framework to illustrate our value prop and differentiation. Click the image below to watch a team's discovery exercise.
We've got a big hill to climb in the 2H but this team is resilient, dedicated to learning, improving their skillset and overall becoming masters of their craft to sell Performio and execute strong. Thank you to everyone for supporting the sales org, we can't win without your help!
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Q3 Wins/New Logos
Q3 saw challenging economic conditions, deal variances, and unforeseen circumstances but the team stayed the course and fought hard to win. We've identified key areas for enablement and continue to develop strategies that will help us execute in Q4 but it's going to be all hands on deck closing out the year. Onward and Upward!
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Industry Enablement
While some SaaS products are targeted toward one or two specific industries, incentive comp spans across many.
We started our industry focused enablement last year with Distribution, then Banking in Q2, and released and enabled on Manufacturing in Q3, and will close out the year learning about prospects in two other key industries where we've already seen success; MedTech and Telecom.
Take a look at this call example from Kyle Nelson and Christian Lewis to see how we introduce Performio to MedTech companies
Competitive Muscle
Over the past few months, competitive enablement has been a core theme for the sales team and we've spent a lot of time strengthening our competitive knowledge. Aside from our most common competitors; Xactly, Captivate, SPIFF, and Varicent we've seen a number of new smaller competitors enter the space in the last year.
We're continually enabling the sales team to stay up-to-date on competitor product advancements, strategies to sell, objections to overcome and ways to differentiate Performio.
Tim Broderick won a deal in Q3 with Insider Intelligence that was a heavy compete against Xactly. Tim did a great job at showing the team at Insider Intelligence how Performio could solve for their pains. Click the image below to watch a call with Tim and the Insider Intelligence team.
Understanding and staying up-to-date on the competitive landscape is critical for the sales team. As new competitors emerge and competitor products advance with new features like AI, we need to continually work to stay current on trends in the market. We will be advancing our competitive intel program in the coming quarters, stay tuned!
The Challenge, The Solution, The Value
Last quarter we started enabling and learning about the power of storytelling in sales. The challenge, solution and value framework allows the team develop simple talk tracks that can help prospects understand how Performio works with companies like their own, facing similar challenges, the value they will gain by working with Performio.
We're continually capturing new stories to share. If you're interesting in reading some of the stories the team has already developed, you can read them in Customer Stories. Click the image below to hear Mitch McMahon sharing Uber Freight's success with prospect Penske.
Product Enablement
Sales loves new product features, functionality and advancements! It gives us ways to better differentiate against our competitors and we've already enabled the team on the new Plan Management experience thanks to a huge effort by Gosia Salgues to build resources! The team is now equipped with a talk track, high-level positioning slides, detailed screenshots and thanks to the PEX team, a Figma to demo for prospects. As we get closer to the GA for the new plan management experience, the team will continue to build on this momentum and be enabled to fully demo the experience. Click the images below to see how AEs Christin Campbell and Tim Broderick pitch the new experience.
During Q4 we're going to be doing more enablement on Plan Management, Analytics Studio and anything else the PEX team delivers for us to sell!
Upcoming Enablement
The sales leadership team has been spending time reflecting on Q3 observations, the learnings and strategizing on what we need to do differently, more specifically what our targeted enablement approach needs to be in Q4.
Most importantly, we need to ensure we have tighter alignment not only with the prospect but also the executives at our accounts. We need to be experts on the product and messaging to better illustrate our value and differentiation.
We'll be spending time during the QSRs next week enabling to improve our executive engagement and alignment. Throughout Q4 we will be getting better at providing and showing value to prospects at every stage of the sales cycle. And finally, we will continue to rinse and repeat on the fundamentals; messaging delivery, discovery, objection handling, competitive and closing!
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Growth Marketing
Thanks to Gina Price, the sales team is finding great success utilizing 6Sense for data around our prospect accounts. In Q3, we optimized our 6Sense reporting and the sales team is continually receiving fresh info about key accounts whether a deal we lost, someone researching Performio regularly or someone who's actively looking to purchase ICM, the team has access to this information through the following reports;
Marketing Calendar
Performio Content Digest: Q3 2023 Edition
Here's a quick reference guide from Seth Godwin to all content published on the Performio blog in August and September!
6 Qualities of a Great Sales Leader: What Your Sales Reps Want to See in You
How to Conduct Effective Exit Interviews for Sales Employees
Hiring and Retention in Sales: 7 Alarming Stats You Should Know
How to Sell Your Sales Comp Plan: Tactics for Making Your Plan Compelling
Retention through Culture: Why Sales Reps Leave, and What to Do About It
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Upcoming Webinar
Brandon Gottfried and Brent McNamara will be hosting another webinar on Thursday November 9, 2023 at 9:30am PST.
More details to follow.
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Thanks to all our contributors and thanks for reading! If you'd like to be a future contributor, contact Brent McNamara.