At Correlated we allow companies to take action on product signals generated by customers or prospects to help sales teams uncover incremental revenue opportunities. We often get asked by customers what signals to monitor and which actions to take when they start using our product. Here are three examples of ways our customers are using Correlated to drive outcomes.
1. Persona targeting for cross-sell
Even if they don’t use a formal sales methodology like MEDDIC or MEDDPIC, every company we speak with keeps track of how their product is adopted within their customers’ organizations. Usually sales teams have a good understanding of buyers, champions and ways their products can be upsold and cross-sold.
We recommend using Correlated to keep track of how key personas are using our customers’ products by looking at a few different signals. For example, a leading company that helps developers monitor their infrastructure often sells to CTOs, VP, Engineering or Engineering Managers. They create Segments in Correlated to send a Slack message alerting the salesperson that owns that account whenever someone with one of those titles uses a new feature in their product.
2. Account adoption for expansion
We often help sales teams expand revenue from existing customers. Most software companies employ a “land and expand” revenue strategy which means that early on their customers spend a small amount on the product. As adoption grows and the product becomes more useful over time, spend inevitably goes up. For the best companies and products like Zoom, Slack and Datadog this can often happen organically. Even for those companies, sales teams will engage with customers as they grow to offer incentives to sign upfront commitments or cross-sell.
Our customers use Correlated to help identify Accounts that exhibit signals that indicate they’re ready for expansion or cross-sell. Some examples of Segments you can create based on adoption include organic invites sent to new users, saturation of usage based on caps set, and new feature engagement.
We allow you to create alerts in Slack targeted to the individual salesperson that owns the Account when one of their Accounts enters these Segments. We can also add Contacts associated with these Accounts to sequences in tools like Outreach tailored to the specific Segment they’re in. For an example of how we can enable this, check out our post on how Datadog uses product data in their sales emails.
3. Custom PQLs for new business
We previously wrote about PQLs and how they represent a tried and true model for sorting through potential new business opportunities. Our customers often use us to quickly create custom PQL models using our Segment feature. Rather than have one lead score, using Segments you can try numerous different signals at once to create lists of Accounts to target and then generate actions based on those signals.
For example, you can show all Accounts with >500 employees that have added 5 new users in the last week and used a core feature for the first time. Or you can target Accounts that have used greater than 10GB of data in the last month with a specific sequence in Outreach tailored to high volume leads. By giving sales teams the flexibility to experiment with different lead scoring criteria we can help you uncover which aspects of product adoption lead to new business.
These are just a few of the use cases which Correlated enables. If you’re interested in learning more about how we can help your company generate incremental expansion revenue, feel free to schedule a meeting!