Unbxd is a San Francisco-based, leading e-commerce product discovery platform that applies advanced data sciences to connect shoppers to the products they are most likely to buy while providing predictive, actionable insights for merchandising.
To explain this in further simple terms, let's take an example:
After registering, merchant X puts up their products on a certain E-commerce platform. For them, the most important thing is visibility and knowing whether they are shown to the right audience.
Unbxd uses AI to do this. Using trends, demographic data, pricing, gender, and other filters and parameters historically for a specific segment or product, Ubxd ascertains which audience it should be shown to.
This results in more significant sales and success for the merchant.
Unbxd built a great product that tells its users with certainty who they should show their product to and rightfully got the fruit for it. Over 1300 commerce websites now trust them in more than 40 countries.
With more customers comes more growth, and with more growth, more revenue. However, managing this revenue was not easy, and Unbxd was facing trouble with this. Their revenue machine was leaky.
This means that there was potential revenue that Unbxd could earn, which they sometimes factored in and sometimes not, but couldn’t.
Ernst and Young estimates companies regularly lose anywhere from 1% to 5% of EBITA due to inefficiencies in their pipeline. This severe problem needs attention, and Unbxd paid heed to it by choosing Clientell.
But first, let us see why they were facing this problem in the first place.
Manual data entry
For updates on every deal, sales reps had to fill in data manually into salesforce. This was a time-consuming task that they weren’t even supposed to prioritize. Hence, it ended up being done shabbily. Reps would sometimes leave data fields incomplete and sometimes delay making entries.
This would cause their forecast numbers to be incorrect. Hence they wouldn’t be able to predict revenue efficiently, sometimes leaving out deals that could’ve been converted.
Moreover, let's say the deal was converted. Data entered and updated post that wasn’t accurate often, causing revenue to leak here too.
No single source of truth
Different teams at Unbxd had different tech stacks for increasing their productivity. They also worked on different aspects of the deal and handed it to the next required team.
However, this handover didn’t include all the intricacies and nitty gritty, which could be a game changer in converting the deal. What marketing had done, sales broadly knew but didn't know clients' individual qualms and behaviors, which probably only the marketing POC did. There was nowhere to document this professionally.
Similarly, when the client was moved to the customer success team after converting a deal, there was a gap in knowledge about the clients. Since customers’ needs constantly evolve, CS needs to have a precise picture of what’s happened with the deal up till that point so that they know how to tackle it further and expect anything different in the client’s behavior if required. But this was not made possible.
This gap was a significant cause for not optimally converting and upselling clients. Unbxd was doing well, but they weren’t hitting their potential.
Lack of an efficient view
Stemming from the previous problem, a follow-on was that the folks at Unbxd didn’t have a bird’s eye view of the entire funnel with a client.
As mentioned earlier, there was an incomprehensive flow of information between teams, and there needed to be a place where everything done with a deal was collated.
So let’s say a rep from sales is pursuing a potential client, and they’re showing interest. However, he feels that giving a discount will ensure the conversion. He asked finance for this, but finance takes some extra time, maybe a week, to approve that, and at this time, the customer’s lost interest.
If there was a platform where sales and finance, in this case, had a view of what was going on with this deal, and the deal was flagged as one where a discount was paramount, finance would’ve realized that this permission was more important than the way they treated it.
We at Clientell assured Unbxd that we would take care of this problem and help them hit optimal revenue. And lest be assured, we did. Here’s how:
To tackle the manual data entry problem, we suggested they use two of our main tools - Tracktable and the Clientell Revenue Intelligence platform.
Tracktable is a Chrome plugin that incentivizes data entry by turning it into a habit rather than a work by integrating Salesforce with LinkedIn and spreadsheets.
Tracktable would provide an in-line edit function, where fields to be edited in an opportunity were adjacent to the opportunity, allowing you to adjust the date with a few clicks, which would immediately reflect into salesforce.
This meant that the various steps required to enter data in Salesforce would be reduced to a maximum of 2-3 steps, similar to the experience of changing a spreadsheet, making it much easier for reps and AEs.
Add to that the Clientell Revenue Intelligence platform's sophisticated AI, which would extract data from CRM notes, calendars, email inboxes, conversation intelligence software, and other third-party data sources. This would result in 30% more data in the CRM, and the addition of nearly 3000 deleted contacts.
This combination resulted in an efficient data input method and more time for reps and AEs to focus on selling. With data in place, projections improved, as did deal awareness.
Reps and managers could now work more efficiently using software that provided accurate information, allowing them to aim and convert more effectively, maximizing revenue and avoiding leakage.
Clientell's virtual Deal Rooms provided a powerful solution to the dilemma of an inefficient view and the lack of a single source of truth.
The Clientell Revenue Intelligence Platform's Opportunities page displays all active deals in a logical and easy-to-understand manner. Each deal has its deal room where all analytics, activity, and insights are visualized in a single collaborative platform.
This, in effect, is like a virtual deal room. Visualize this:
On the platform, whoever owns the transaction creates an opportunity. The opportunity may belong to an SDR but be acquired by a specific product manager for feature requests and then passed on to a specific customer success executive.
When the view is opened, it shows what has happened with the opportunity over time. The prospect engagement window displays which meetings have occurred or will occur, which emails have been sent and received, and at what stage the communication occurred. To shorten ramp time, managers can examine objections and use winning opportunities to train incoming reps using real-life scenarios.
As a result, visibility improves because everything is conveniently available on a single page. This makes it much easier for all stakeholders to know what's going on in the opportunity, and the process of dealing with it becomes much smoother.
If the manager believes that a deal should be molded, included, amended, excluded, or passed on, he can readily communicate with the owner using this. Whatever dialogue takes place is available to everyone who is involved.
With such a comprehensive view and efficient flow of complete information between various stakeholders, decisions regarding deals are no more arbitrary but confidently taken, helping optimize revenue and preventing unnecessary leakage.