WePay Sales Distinction
Company: WePay Inc, Redwood City, CA
Company Description: WePay is the payments partner to the platform economy. It processes billions annually for platforms including GoFundMe, Meetup, Care.com, FreshBooks, & Constant Contact. WePay protects its partners from risk and regulatory exposure while supporting seamless payments experiences for their end-users. WePay was named to the Inc 500 list as 62nd fastest- growing private company & 5th in Silicon
Nomination Category: Sales Awards Distinction Categories
Nomination Sub Category: Sales Distinction of the Year - Financial Services
Nomination Title: WePay's Amazing Sales Achievements
Tell the story about what this nominated organization achieved since the beginning of July 2014 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Officially launched in 2010, WePay delivered 4,354.5% growth in powering payments since 2011, and received $75M in investor funding. In the last year alone, we served over $22M merchants (double the previous year) and nearly tripled the company size. In October 2015, we were named to the INC. 500 list as the 62nd fastest-growing private company and was also recognized by Silicon Valley Business Journal as the 5th fastest growing private company in the valley.
Despite our success in the early years, we were facing growing demands from our installed base, accelerating attrition in Sales and limited new business in 2014. This left the executive team to reinvent the Sales organization.
In 2014, the Sales team was like the Wild West. It was a small team of individuals who were generalists responsible for every aspect of sales from sourcing leads to closing deals and managing accounts. There were no processes, no documentation, no standard pricing, no focus on the target customer, and long sales cycles. In late 2014 and early 2015, with over 50% attrition and the loss of the head of Sales, the executive team had to rebuild the Sales organization. One of their early hires in 2015 was Kurt J. Bilafer, the VP of Sales and Customer Success, a Sales veteran with over 20 years of industry experience from startups to corporate Behemoths.
The new VP redesigned the Sales organization from the ground up. First, the team members were specialized in specific sales areas such as Sales Development, Territory Sales, Technical Services, and Account Management. A team leader was hired in each area to drive specialized focus and ensure seamless hand off between teams. This allowed the team to be more productive and effective with customers, resulting in greater customer intimacy with dedicated account teams for existing clients and new business sales teams to grow new business.
1. Efforts were made to shorten the sales cycle: standard contracts (from 21 days to less than a week), reducing the number of people approving deals, shortening the implementation timeframe and increasing visibility into the sales cycle. Their immediate impact reduced the length of the sales cycle by +30%
2. All sales processes had to be documented, repeatable and consistent. This meant taking tribal knowledge in 1-2 people’s heads and documenting them with their workflow so that it would provide greater visibility into where things got stuck in the deal flow
3. Systems & Tools were enhanced across the board: A CRM system was implemented for all customer information and interactions, and more tools were available to augment the team and help them make decisions
4. The Lead follow up process for both inbound and outbound was reinvented with a more systematic qualification process
5. The talent pool was enhanced with many industry veterans both in Sales and in the payments space. In less than a year, the sales team has more than quadrupled its talent and went from over 50% attrition to none.
6. Customers were called “Partners”, more face-to-face meetings were encouraged and the team became trusted advisors in the customer’s payments journey by sharing best practices, collaborating on partner-specific design decisions, and providing more detailed product information.
1. Customers have a more consistent experience and predictable engagement through Quarterly Business Reviews, real-time feedback channels, and regular touch points. As a result, they derive more value from our offering
2. Revenue targets were beat and the team was over 150% of plan in 9 months
3. Larger customers were attracted to a more mature, predictable and structured organization with a sales team that sold value, provided thought leadership and acted as trusted advisors
4. Silicon Valley Business Journal named us the 5th fastest-growing private company in the region
5. 2015 Inc. 5000 named us the 62th fastest growing private company
The WePay Sales organization is now in a place to meet growing demands and scale for future growth.