Guest - Matt Ostanik - Founder, CEO, FunnelWise
Matt Ostanik is our guest on this week’s podcast. Matt is the CEO of FunnelWise. He previously founded and grew Submittal Exchange, a provider of web-based collaboration tools for commercial construction projects. In a five-year period, Matt grew the company from two employees to more than 100 and more than 100,000 users of their software. He sold Submittal Exchange to Textura Corporation (NYSE: TXTR) in 2011 and remained its president. He served on the executive team at Textura when the company completed a successful IPO on the New York Stock Exchange in 2013.
Sales and Marketing - Addressing the Disconnect
One of the most common disconnects between sales and marketing are the measurements of success. Marketing may be measured by the number of people who enter the stadium, while sales is measured on the revenue generated at the concession stands, the souvenir shop, the increase in season tickets. This metaphor applies in B2C, B2B, sports, culture, etc.
Beyond the metrics, there is usually a disconnect in vocabulary. MQL vs SQL vs Nurturing vs Qualification vs Discovery vs Fit/Feasibility vs ... the list can go on and on. A Funnel Blueprint can help you address these gaps.
The Revenue Funnel Science Framework
Revenue Funnel Science is a methodology to help businesses better measure, forecast and optimize their revenue funnels. It documents and teaches best practices, while combining the application of data and science to effectively manage the revenue funnel. Think of it as data science for the revenue funnel.
- Build the Foundation - To build the foundation, a funnel blueprint is needed to define the requirements for each stage of the buyer’s journey (from the top of the funnel to the paying customer at the bottom)
- Connect the Dots - Once businesses have the tools in place to properly monitor the funnel and connect the dots, they can now take the next action to optimize the revenue funnel
- Operationalize the Funnel - Establishing a Revenue Leadership Team with a defined cadence of weekly, monthly and quarterly meetings is the starting point. By gathering the relevant information, leadership and key stakeholders – such as marketers, sales leaders, CFOs, CEOs, board members or investors – can strategically plan to grow their business.
How “Your Data Always Tells a Story”Are you listening to what it is saying? There are a couple of things your data should do. First, it should answer a question, then it should ask two more, according to Matt. What is your data doing for you? How are you interpreting it?
Are you looking to your data to reinforce your current assumptions or expectations? If so, are you stopping your analysis too soon? This creates a significant amount of risk, and reduces the chance of identifying potential growth opportunities. This also creates a potential scenario where you direct the organization down a path based on assumptions that could set you back several months. Measure twice - cut once.
Your data may be the key that will unlock your growth potential. Is there a team or individual rep that is outperforming the norm? Do you know why? What if that performance could be transferred? What about within a specific product or vertical? This is where sub-funnel analysis can help.
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Matt Ostanik on Twitter - @funnelwisematt
FunnelWise on Twitter - @funnelwise
Learn More About FunnelWise
Since FunnelWise launched in early 2014, we have created a single source of truth for sales and marketing to rely on for revenue funnel metrics, allowing businesses to determine future outcomes, set attainable goals and predict revenue. But it’s our discipline, Revenue Funnel Science, and our dedicated team of experts who have established FunnelWise as the industry leader in full-funnel intelligence.
If you have questions about the Catalyst Sale approach, how we help organizations validate and identify product market fit and break through plateaus, you can reach us at firstname.lastname@example.org
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In every business, in every opportunity, there is someone who can help you navigate the internal challenges and close the deal. There is a Catalyst. We integrate process (Catalyst Sale Process), technology and people, with the purpose of accelerating revenue. Our thoughtful approach minimizes false starts that are common in emerging markets and high growth environments. We continue to evolve our practice based on customer needs and emerging technology. We care about a thinking process that enables results versus a process that tells people what to do.