WePay - Sales Distinction of the Year
Company: WePay Inc, Redwood City, CA
Company Description: WePay is the payments partner to the platform economy. It processes billions annually for online platforms including Constant Contact, FreshBooks, GoFundMe, and Zoho. WePay protects its partners from risk and regulatory exposure while supporting seamless payments experiences for their end-users. It was named to the 2015 and 2016 Inc. 500 lists as one of the fastest growing private US companies.
Nomination Category: Sales Awards Distinction Categories
Nomination Sub Category: Sales Distinction of the Year - Financial Services
Nomination Title: Major Accomplishments to Position WePay for Scale
Tell the story about what this nominated organization achieved since the beginning of July 2015 (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:
WePay has grown significantly since its founding in 2008 and public launch in 2010. Along the way, it secured $75M in funding and has been recognized for 1,795% growth in the last 3 years.
A victim of its own success, WePay went through a major turnaround in early 2015. One of their key hires in early 2015 was Kurt J. Bilafer, the VP of Sales and Customer Success, a Sales veteran with over 20 years of industry experience, who redesigned the Sales organization from the ground up. Specialized teams were put into place with new leadership that was aligned across focus areas. This allowed the team to be more productive and effective with customers, resulting in greater customer intimacy and new business growth.
In less than a year, WePay’s sales team transformed from an organization without any processes and systems to one with greater structure, processes, talent and tools.
Key Highlights for Past Year:
1. Inaugural Sales Kick Off Meeting: This meeting united all teams across the Sales & Marketing organization, built deeper and stronger relationships across team members, aligned the team on new processes and tools, and created a richer fun culture
2. Inaugural Customer Summit (The Influencer Summit): The first of its kind at WePay, the summit brought together industry thought leaders, customers, partners and prospects for a day of lively discussion and networking.
3. Fun Culture: The team embraced the Honey Badger as its mascot to represent how the team stops at nothing to get their job done. Many inspirational quotes are plastered on windows, walls, and floors throughout the office, much to the envy of our non-Sales counterparts. A newbie walking through would see the prominent leaderboard broadcasted on TV screens, a unicorn head stuck to the wall with team achievements lists below, honey badger stickers on laptops, and team members wearing honey badger work shirts or unicorn t-shirts. There is even a book club to learn best practices and improve team tactics.
4. New Commission Planning System: Transformed a manual error-prone commission planning process to a more structured, reliable and scalable system that provided greater visibility to the reps and managers
5. Better adoption of Salesforce.com CRM resulted in cleaner data, better tracking of customer data and better management reporting on deal/account progress
6. New Incentives: Spiffs to incentivize reps to close higher quality deals and competitive deals
7. Better contract management process: From not being able to find contracts to having contract agreements tied to every deal with better approval and tracking process
8. Deal Review meetings with key executives to provide visibility and faster deal closures by leveraging the executives’ networks and insights
9. On-boarding: New Sales & Marketing orientation session for new hires, and new hire on-boarding guides for the first 30 days
10. Better alignment with Marketing:
a. More competitive insights and better product collateral
b. Collaboration on lead generation events: “Summer of Platform” tour of North America at baseball stadiums to network with prospects and existing partners
c. Collaboration with marketing promotions: “Wrapped” a San Francisco Commuter train with WePay messaging and partner logos, which enhanced our relationship with existing partners as well promoted our brand.
1. Many more larger enterprise deals have closed in the past year as 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.
2. WePay’s brand presence was enhanced and more prospects were familiar with our brand
3. Customers derive more value from our brand and offering.
4. Year over year revenue had grown by over 116%
5. 2016 Industry Award:
a. Inc. 500 list
b. San Francisco Business Journal: Fastest-growing Bay Area FinTech companies
c. Silicon Valley Business Journal: Best places to work in Silicon Valley
The WePay Sales organization is now in a great position to scale for future growth.