PandaDoc Accelerates Opportunity Pipeline Growth While Increasing Average Annual Customer Value
Using SalesLoft, the PandaDoc’s sales team grew ACV by ~35% without extending time to close. The company has also discovered unexpected process efficiencies by extending the platform to the Customer Success and Finance teams.
PandaDoc is an all-in-one software that streamlines sales workflows for all businesses, with a focus on the SMB market. Using PandaDoc, sales teams create, send, track, and eSign documents to help win more business in less time. On average, PandaDoc customers save 12 hours per week. This equates to a 65% decrease in document creation time, a 28% increase in close rate, and an 18% increase in average sale price.
Much like PandaDoc helps other organizations leverage efficiency to improve sales performance, it is constantly looking for ways to streamline its own business operations.
A great example is the company’s decision to combine marketing and sales to form a single Revenue Operations team at the beginning of 2018. Under Denis Malkov, Revenue Operations Leader for PandaDoc, the sales and marketing teams now collaborate to align and improve the company’s efforts.
“As many fast-growing organizations know, there is not a clean handoff between marketing and sales when the teams are disconnected. You can’t just have marketing throwing leads over the fence to sales and expect things to work. By aligning everyone, we’re working towards the same shared goals across the entire customer lifecycle.” – Denis Malkov
With a single revenue operations team, PandaDoc focuses on selling across a continuous customer lifecycle. Feedback loops along the way enhance accountability for achieving results.
Improving collaboration and streamlining processes across the customer lifecycle were only part of the recipe for improving sales velocity. PandaDoc wanted to further enable efficiency across the team by better utilizing its existing investment in SalesLoft.
“I inherited SalesLoft when I took on the revenue operations role at PandaDoc. I had experience using a different sales engagement solution but was quickly won over by how comprehensive the SalesLoft platform is. The quality of our account management impressed me, and I felt the solution was capable of doing everything we needed and then some.” – Denis Malkov
PandaDoc primarily targets sales management, sales operations, and marketing operations leaders at fast-growing technology companies. Most prospects believe they are doing fine with their current processes for producing a high volume of PDFs or Word documents. Therefore, the biggest challenge sales reps face is helping prospects realize their own pain.
There is also a perception that the company is simply an e-signature service like EchoSign. Therefore, after overcoming the value hurdle, sales must also educate prospects about the comprehensive solution.
The company currently relies on an inbound approach, offering a 14-day free trial to generate leads. They mobilize an inbound team to connect and educate prospects about PandaDoc’s full capabilities during the free trial period. Qualification of inbound leads is a significant challenge for the team. They must also assign qualified leads to the right team members and cadences for efficient engagement and pursuit.
“We currently have more than 800,000 visitors per month, and a large number of those visitors act on our primary free trial offer. We needed a way to automate our processes to better evaluate, prioritize, and assign those leads to reps. Specifically, to identify the best conversation track for reps to use, based on the type of opportunity. This is the primary challenge we are solving with SalesLoft.”