Explore

Nurturev details - Prime VC

Why now?

In any B2B business cost of new customer acquisition has sky-rocketed in the last couple of years because of a number of fundamental changes in the market.

Cost saving mandates in all organisations

Intense competition, especially in the software and services market

Thus there is an evident and necessary shift in focus towards acquiring new revenue from existing customers. This includes upsells and cross-sells

In the past 2 years, this shift is corroborated by the fact that there are specialised “farming” sales teams propping up in a majority of mature organisations. In fact a typical land and expand motion in a upper mid-market or enterprise account sees 10x more revenue from expansions as compared to the landing ACV.

In the status quo, however, the expansion motion is still driven by organic information collected by account managers and thus there is limited visibility and predictability for leadership. Although there are expansion targets, the expansion plans and roadmaps are not data-backed and relies on a spray-and-pray practice.

Nurturev helps B2B companies predictably increase their expansion pipeline and help in converting these opportunities by equipping the farming sales teams with the information about the needs and priorities of their customers at any point in time. As farming revenue becomes absolutely critical in the B2B space, it not only contributes to the increase in top-line directly, but to the most efficient and sizeable source to growth.

⁠

⁠

[In this image each row represents an account of our customer. The columns to the right represent the different offerings of a customer and the green cells are where there are signals for cross-sell and upsell]

Pricing Discovery

Saas pricing is in most cases based on the dollar value benefitted by the customer. Since Nurturev creates expansion pipeline for organisations, it is easy to measure the outcome. Additionally drawing parallel from the marketing tech vertical that create new logo pipeline for organisations, companies like 6sense and Demandbase typically price themselves based on a 100:1 of the dollar value of pipeline created. That is if they can create upto $100M marketing pipeline, the cost they charge to their customers is $100k (benefit to the customer being $1M). The logic being 1% conversion from the marketing leads is standard and charging 1:10 for ROI from a Saas is also standard.

In the case of Nurturev, the pipeline created can be estimated conservatively with a proxy of expansion targets of organisations. A company at around 50M in ARR will have targets to grow by 50% YoY and more than 50% of the growth at this stage will be targeted from expansions (companies like Salesforce and Snowflake have more than 85% of their growth contributed by upsells and cross-sells). Thus $12.5M will be the target from expansions and thus Nurturev can be priced at $125k for a customer at $50M ARR.

Currently we are at early stages of pricing discovery, however for a customer like Capillary the potential ACV is ~$30k.

Success Metrics for our Customers

The revenue acquired from the opportunities created by Nurturev is the ultimate success metric for our customers.

ICP and the Buying Persona

Any B2B organizations that have a considerable sales pipeline in the mid-market/enterprise segment and have 10M+ ARR falls in our ICP.

The economic buyer for Nurturev is the CRO, the admin who configures the tool is Revops and the users are account managers (in some cases CSMs as well)

Revenue Funnel

Currently we have 5 paying customers contributing to 33k in revenue (sales started in January with the first contract closing on 20th of Jan)

There are 18 accounts in the POC and evaluation phase.

Since there are few accounts that we have been able to mark as “closed lost”, the exact loss rates (or conversion rates) from the POC stage is difficult to measure. However, we estimate that there is a 30-50% conversion rate from the POC stage.

The sales cycle currently ranges from around 30 to 45 days for a ~10k contract. In larger accounts, however we expect both the sales cycle as well as the contract sizes will be more (expected 45-60 days for a ~30k contract). Since we are currently building out the product while serving our customers, currently the implementation cycle is as long as 1.5-2 months, however the goal is to drive this down to 2 weeks.

Team Size and Founder profiles

We currently have a 13 member team.

Founder profiles

Sayanta Ghosh -

https://www.linkedin.com/in/sayantaghosh/⁠

⁠

Rajat Jain -

https://www.linkedin.com/in/rajat-jain-62814516/⁠

⁠

Nikhil Ojha -

https://www.linkedin.com/in/nikhil-ojha-a493a831/⁠

⁠

Apart from the 3 founders there are 2 in Sales + Demand Generation, 4 Engineers, 2 Data Science, 2 Product + Design, 1 QA

Competitive Landscape

Tapping expansion opportunities in existing accounts has a number of dimensions in terms of problems that need to be solved to effective plan out an expansion roadmap. The competitive landscape is thus segmented in these dimensions. The following table highlights the different dimensions and the existing players.

Dimensions

Competition

What they do?

How are they different?

Whitespace Analysis

⁠

Demandfarm

⁠

Arpedio

⁠

This category of tools uses only data from CRMs to identify all possible geographies, business units, product lines, etc., where whitespaces are present. They also track if there are any relevant opportunities being created for the whitespaces and provide a leadership level view of how the whitespace landscape is progressing for different key accounts.

key account management expansion

Such tools help in visualising farming opportunities and tracking them, but not in generating any.

[This is already built on Nurturev]

3rd-party Signals

⁠

Sixsense

⁠

Demandbase

⁠

New-age tools:

⁠

⁠

⁠

⁠

This segment of tools collects 3rd party information about prospects like what they are searching for, news and announcements about companies, technographic information etc. New-age tools are more targeted towards sales and scaling up prospecting activities by personalised campaigns based on account insights.

presales focus campaign automation

The focus of such tools are more on pre-sales end and hence the offerings centre around auto-personalised campaigns for a large pipeline.

[This is already built on Nurturev]

People Intelligence

⁠

People.ai

⁠

Connect the dots

⁠

ZoomInfo

⁠

This category of tools especially focus on firmographic insights about accounts. This is a category where org-charts and key buying persona identification becomes very important.

Additionally,

people.ai

⁠

is also suggestive in terms of personas that should be involved in deals

Connect the dots focuses on getting warm introductions to relevant stakeholders

org chart key stakeholder mapping

This is an essential part of our roadmap. In complex B2B farming processes, where multi-threading becomes important, key stakeholder identification and relationship strength tracking becomes essential.

In the post-GPT era, however, this has become a lot easier to tap and there are even specific vendors that supply org-charts out-of-the-box.

Account Planning

⁠

Quip

⁠

New-age tools:

Prolifiq

⁠

NextQuarter

⁠

Account planning is primarily used in enterprise sales and involves collaboration with different stakeholders to document and plan the actions for an account. Primarily used for expansion planning, noting which departments, business units or stakeholders are to be involved for expansions. Quip, one of the old school players enabled collaboration within Salesforce. New age tools like prolifiq or Nextquarter bring in some 3rd party information into the account planning like stakeholder mapping or sales collaterals that are relevant.

These are collaborative tools embedded within CRMs. It is an essential part of our roadmap. 👉 The key problem with account planning tools is the adoption and retention of sales reps. Nurturev will be able to add continuous 3rd party insights that point out key signals in accounts at the right time. This would allow leadership and on-field teams to make the most by collaborating and planning the expansion roadmap of an account.

There are no rows in this table

⁠

DeepDive on 2 close competitors

Our closest competitors in terms of value propositions are DemandFarm and NextQuarter. A deepdive on the 2 competitors are the following:

Key pointers about DemandFarm:

Visualise whitespaces within Salesforce for expansion opportunities (no intelligence, just visualization)

Track relationship health across deals (directly from Salesforce activities) and include playbooks based on conditions

Slow growth till 2020 but since then they have grown 50%+ YoY and currently at ~11 M ARR according to

GetLatka⁠

⁠

Key Pointers about Orbitshift:

Relies on job openings to extract the needs expressed by accounts - 85%-95% opportunities are created from this [according to ex-employee]. Other sources of data just include news and linkedin announcements.

Sell to only service companies like Infosys and HCL. Very high ticket size of $200k+. Founder, Sai Kumar Chandran, has a network in service companies.

They don’t specifically sell for post-sales but rather account planning for pre-sales

Currently at ~$700k ARR, started in 2022.

Customer Stories

MindTickle

Customer

$10,000

View Details

Ann Neir - VP of Revops

Pranav Indi - Revops Manager

Spotdraft

Customer

$6,000

View Details

Mohammed Moiz - VP of Customer Success

Debasish Pattanaik - Dir. of Revops

Capillary

In Negotiations

$20,000 - $30,000

View Details

Siddhant Jain - VP of Customer Success

Suraj S - Dir. of Revops

⁠

Near Future Roadmap

Today 3rd party insights are a wedge for Nurturev to enter the market by identifying opportunities and whitespaces for customers to leverage and tap expansion opportunities. However in the near future our goal would be to able to not just create new opportunities but also help in methodically driving and closing those opportunities. The following are conceptually the areas in which we will invest to get to this point.

People intelligence - Finding the key personas and multi-threading with these stakeholders are a common threshold to navigating and closing deals. Nurturev would be able to track the key personas, new hires in these roles and departures, all mapped to the hierarchy and reporting orders. Additionally, we are also building a module that would identify if it is possible to get a warm introduction from leadership, advisors, investors, etc.

Actionable account plans - While there are continuous updates on the account plans based on 3rd party insights we are building a collaborative space that also incorporates account intelligence from past deals (both won and closed) to start suggesting the next best actions based on the stage of the deal. For example: while a cross-sell is being pursued, if there is a competitor is detected, the account plan can automatically equip the relevant stakeholders with competitive content and playbooks and highlight the deals that were won in similar accounts against that competitor.

Smart pushes - The problem with current account planning tools are that they aren’t able to personalise the platform to provide the most important and actionable data to the right stakeholders. We aim to double down on our existing Slack bot to deliver the most actionable insights regarding key insights that would help drive expansions. Users should be able to ask the bot about any information or insights they need as well.

The product vision in the coming year would be to not only highlight and prioritise the opportunities but also to win those opportunities:

Account strategy and planning:

Who are the right stakeholders within complex org charts, LOBs and sub-entities that will be the decision makers for the sell

Suggestions to involve the right stakeholders based on the stage of the deal and prompts to keep them warm

Best practices based on previous similar deals, suggested collaterals and content based on the context of the deal

Forecasting and strategising the expansion motion:

Track and forecast revenue based on the expansion funnel

Identify blockers, competitors, detractors, etc. for pipeline review

Facilitating deals with the help of playbooks, involvement of executive sponsors and strategic warm introductions

Frequency and dependency of users on Nurturev

The value of Nurturev primarily lies in pointing out time-sensitive key signals in the sellers’ portfolio accounts that can help create new deals or help in the progress of existing ones. The signals are time sensitive since the sellers needs to meet the buyer when their needs are maximum and they are in the buying cycle.

Nurturev’s signals a fairly dynamic that changes at least once in a week. Based on the activity and usage of sellers, managers and even leadership we are building intelligent Slack notifications that can point out the most important signals at the time that they require maximum attention. Down the line, with more intelligence regarding the sellers’ meetings with customers, notes, emails, etc., the notifications can become even more actionable and real-time.

Want to print your doc?
This is not the way.

Try clicking the ⋯ next to your doc name or using a keyboard shortcut (

CtrlP

) instead.