Tell Us More about InsideSales
Dave explained to Josh that InsideSales uses Artificial Intelligence to help sales people sell more. The company's platform helps optimize "next best prospect," "next best action," and to track each within the platform. They also use machine learning and AI to assist Sales Managers and Leaders to know which sales will close and which are in need their assistance to close. The platform allows them to be more efficient and to give them insights on where to invest their time with the most impact. Basically, the InsideSales' platform uses data and science to help companies sell more.
What's on the horizon for InsideSales, especially in regards to AI and Machine Intelligence?
InsideSales facilitates about a million phone calls a day and about the same on email. All of which have data around either successful sales pursuits or not-successful ones. Because of this, the company has trillions of data points available to individual companies. InsideSales take this data and crowdsource the information and come up with signals that indicate what activities lead to success and which activities are unsuccessful. This now will provide companies with information on what efforts work and what efforts should be stopped. As Dave mentions, there is "a lot of science behind this. In the future, they will be able to tell you "which companies are likely to buy" and then beyond that actually who to target based on machine learning.
As a Busy Executive What's Your #1 Tip for Staying Organized?
Dave told Josh that his number one tip for staying organized is that he rewrites his to-do list every morning. He makes every item on day's to-do-list compete to be on the next day's list. He says it forces you to re-prioritize every day.
What is an Important SaaS Metric that People Don't Pay Enough Attention to?
Dave reiterates that InsideSales tracks all the normal KPIs like cost of acquisition, bookings, and retention. He told Josh that they also track some other data points that are unique. They carve out "Expansion Bookings" which are customers use the platform, have had success and then buy more. That is a key metric that they feel is a sign of healthy business.
The other metric they carve out is "Active Tickets Filed." This is essential a trouble ticket filed about an issue with their platform. They found that actively filing a ticket is a sign of customer engagement with their product. And they've been able to positively correlate it with expansion and retention.
What Advice Can You Provide to an Start-up CEO that isn't on the Cloud100 This Year?
Dave said to not take venture (VC money) too early. He went on to explain that a mentor once told him that venture money is like lighting rocket fuel. Once it is lit, you shoot-off in one direction and all the metrics and advice speed at you in a super paced environment. He said that the better way to go would be to first determine your company's path forward and the strategic direction of the product, well before getting venture funding. That way you are very grounded and ready for the trajectory that follows VC funding.
What is the First App you Check in the Morning?
He noted that he's very "Old School" -- checking email, Facebook and LinkedIn first.
Facebook Live video here
See how Nasdaq is rewriting tomorrow with technologies like blockchain, cloud applications and more.
This broadcast is prepared by Nasdaq, Inc. At the time of broadcasting, the information herein was believed to be accurate, however, such information is subject to change without notice and Nasdaq makes no representation or warranty as to the correctness or completeness of the information set forth herein. Nothing herein shall constitute a recommendation, solicitation or offer by Nasdaq for the purchase or sale of any investment product, nor shall this material be construed in any way as investment, legal, or tax advice or as a recommendation, reference or endorsement by Nasdaq or its affiliates.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.