Emily Barksy is the Global Sales Strategy and Operations lead at Codat and the first speaker of Traction Complete’s Revenue Optimists series. Here’s her take on expanding to new markets and sub-industries.
Does doubling down on key markets miss potential new verticals?
Emily: We always say in our company, our slogan is “Usage is Life.”
That’s how we make money. That’s how our customers use our product and will be happy. And so we didn’t want to just look at the revenue piece. We want to look at who was actually using the product and where we could double down to increase that usage and to make sure that our customers are launching successfully.
Dave: Awesome. And out of curiosity, what are you using to monitor that usage? Is it all in-house grown?
Emily: It’s all in-house. It also uses the CPQ data because we have the usage data from our platform. And then we have all the pricing information from CPQ.
And so by layering those on top of each other, we’re able to do some really sophisticated usage revenue forecasting.
We can say “okay, based on how this account has grown over the past three months, what their price per unit is, and where they come out of their contract, this is where we can expect them to be in three, six, and nine months from now.”
Dave: Oh, incredible. That’s great. Now I can imagine if you’re using mostly historic data to stack rank those verticals, it becomes hard to start to break into new verticals. Have you guys encountered that or is it too fresh yet to start deciding whether to invest in new markets?
Emily: No, that’s a really good question. I think that is one of the great benefits of the BDRs is they’re on the front lines and they will hear about these new companies and new sub-industries first, but we actually have a process in place.
It’s basically a checklist of everything that a company or sub-industry would have to hit in order to be moved up into that priority list:
- Do we have a sufficient pipeline?
- Do we have the product and engineering to bolster it?
- Do we have a total addressable market (TAM)?
- We’re not just doing this for one customer, it has to be for a multitude of customers.
- Can it unlock a different type of product usage that we don’t have already?
And so there’s a whole story and thought process behind it to make sure we’re not just throwing in the hottest new technology, you know. We’re making sure that there’s a really intelligent way of expanding our strategic account and strategic verticals.
Want to learn more?
Ready to learn more about the selling tactics that Emily Barsky uses at Codat, as well the what she looks for when expanding to new markets and sub-industries?
You can listen to her in-depth interview on Episode 1 of the Revenue Optimists series. We’ll see you there.