Shaking up the world of Enterprise sales – how Requestly is on a mission to disrupt an industry
Global Enterprise Software revenue is currently at $968.2B and is expected to grow to $1.5T by 2025. Gartner predicts total IT spending will reach $4.5T by 2022.
Software companies that want a larger piece of the pie need to accelerate their sales cycles. “Despite thousands of tools in sales acceleration, the average sales cycle remains unchanged in 30 years. It was 9 -12 months then, and it’s the same today”, said Michael Matsoukas, Founder and CEO of Requestly.
“We see a future where a developer or project manager can buy the software they need in a few clicks. Avoiding a 12-month process whilst following compliance and regulatory requirements,” continued Matsoukas.
Sales leaders know that sale cycles begin 65-70% into the buying cycle. By this time, the buyer has already chosen which vendors to engage.
“Therefore, the answer to faster transactions is not in the sales cycle, but rather in the buying cycle”, added Matsoukas.
Buyers today have access to more information than ever before. With thousands of tech startups launching every day, making sense of that information is becoming unmanageable.
Requestly is the first vendor with a solution to this problem, and it’s creating a new category of software called Buyer Automation.
“Vendors should aim to shorten the buying cycle by helping buyers to gather technical requirements, build business cases and get internal consensus. Doing this will increase win rates and bring value to the buyer faster, meaning improved retention/renewal rates; it’s win-win”.
Requestly allows sales teams to do exactly that before they’ve even met the buyer. Buyers can understand product differentiation and include it in their requirements. Vendors only need to spend 15min updating their product info on requestly.co.
“We want to simplify B2B buying, and we built a platform that transforms a 12-18 month process into a few clicks”, added Matsoukas.
“Buyers can tap into crowd-sourced knowledge from thousands of vendors to understand if they have a problem, how to fix it, and who are the best vendors to engage. Labour-intensive tasks like technical requirements gathering take (on average) 3 people, 30 days. It’s just a few minutes or hours on the Requestly platform”.
That’s a game-changer for buyers who can now innovate faster and avoid spending 18 months on buying cycles.
The buyer has also drastically changed in recent years. 50% of the workforce are now Millennials. Gartner reported that 2/3 Millenials want a sales rep free experience; that number is even higher for the next generation (Gen Z).
These buyers prefer to do their research, test solutions on their own, and finally, approach vendors to get the best price.
Most marketing and sales teams aren’t able to deliver such an experience. It’s no surprise that “77% of buyers stated that their last purchase was very complex or difficult”, according to a Gartner report.
“We live in an age where AI can do the heavy data lifting, and people can focus on business relationships”, concluded Matsoukas.
Visit requestly.co to see the future of Enterprise Buying and Selling.
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Company Name: Requestly
Contact Person: Michael Matsoukas
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Country: United Kingdom
Website: https://requestly.co/
