Sales Consulting for Start-Ups: PhishMe Generates Significant Growth
PhishMe is a software firm based in Northern Virginia and with offices in New York City that focuses on educating individuals at large companies on how to avoid the ever-increasing threat from phishing attacks.
The PhishMe product is an evolution of more than 10 years of social engineering assessments performed as consultants for large corporate customers. One of the things that makes PhishMe unique is that they realized that to effectively combat phishing attacks, customers need to combine compelling exercises with dynamic training. PhishMe currently trains more than 3.5 million individuals on how to self-identify spear phishing attacks and avoid falling for the sophisticated bait hackers are launching into organizations each and every day.
But it was not always this way.
In 2008 PhishMe was confronted with a common problem for start-ups. They needed to launch the company and attract customers but were limited, both in terms of cash and time, and needed to hire and train a new sales team from the ground up.
“Hiring experienced salespeople is time consuming and expensive. It takes a long time to find the right salesperson, train them, and manage them,” said Jim Hansen Executive Vice President PhishMe “We did not have the luxury of either time or resources to do this so we hired Mansfield Sales Partners as our full service sales team. Not only did we need an experienced sales team quickly but we were launching a new product in a bad economy so our margin for error was narrow.”
Mansfield Sales Partners provided complete sales services including:
- Sales strategy formulation
- Value proposition development
- Market targeting
- Target prospect profiling and identification
- Lead generation
- Sales pipeline management
- Sales calls
- Deal closing
Mansfield Sales Partners lowered PhishMe’s risks by testing the company’s value proposition in target markets and determining where they would be best positioned for success. They then executed on this understanding and, according to Mr. Hansen, delivered “impressive sales results.”
“Our return on this investment easily was over eight times the cost as well as the significant benefit of time. We were able to focus on the products, our customers, and on what we do best,” Mr. Hansen explained. “Not having to manage and administer a freed up our time so we could develop an extraordinary solution for our customers.”
What’s more, PhishMe was able to develop an internal sales capability in an organic, cost effective way and eventually transition all of the sales functions to this internal team.
“Mansfield developed the sales process in a way that allowed us to ramp up our sales team and keep our costs in line with our growth,” said Mr. Hansen. “Mansfield’s experience in selling technology was extremely effective in getting us launched and building a deep and valuable sales funnel and repeatable sales process.”
The ultimate compliment for a service firm is having a client hire them for ongoing and additional engagements. After the initial project, PhishMe brought Mansfield Sales Partners back in to manage all lead generation activities, including generating leads, qualifying them and moving them to a sales ready stage.
“Our sales people are very good at converting qualified leads into customers,” Mr. Hansen explained. “Mansfield helps us maximize our salespeople’s time by moving leads through the process until they are ready to see a product demo. They then hand them off to our sales team for the demo, product trial, and close.
“Mansfield is also very good at following up the leads we generate during marketing events such as shows and webinars and qualifying them so our salespeople spend their time only on high value prospects. Mansfield has helped us increase the number of leads that move to the demo stage by at least 30%. They make our sales team more effective and keep our sales pipeline full.”