When InsideSales.com amassed $100 million in venture capital in April, Dave Barrett, managing director at major investor Polaris Partners, declared that the 10-year-old Utah company is reinventing the sales sector.
“Once in awhile, a company has an opportunity to truly transform an entire industry,” Barrett said in a news release. “InsideSales.com is that kind of company.”
As explained by TechCrunch, InsideSales.com is applying cloud services, big data and analytics to transform the sales sphere. In a nutshell, the company’s predictive analytics software tells salespeople whom to call and when so they stand a better chance of closing deals, according to The Wall Street Journal.
“Google and the Internet have changed the way leads are generated for business, and we invented and patented the ability to respond to Web leads within seconds instead of two days like companies do on average,” said Ken Krogue, president and co-founder of InsideSales.com and a panel moderator at the upcoming LeadsCon New York.
InsideSales.com specializes in so-called “sales acceleration” technology.
“There are dozens of software applications in nearly 20 categories of sales automation that has been called the sales acceleration category,” Krogue said. “We are the only sales platform in that space that ties together many of these different applications in one place to dramatically increase the velocity of selling.”
The velocity of the market for sales acceleration technology is increasing dramatically, too. A 2014 study from InsideSales.com found that North American companies spent $12.8 billion on such technology last year. Among the customers using InsideSales.com’s technology are Fidelity, Groupon, Marketo, McGraw-Hill and Microsoft.
Why are companies like Groupon and Microsoft embracing sales acceleration? They’re gravitating more toward inside sales, which InsideSales.com says is growing 300 percent faster than outside sales.
“To reduce the cost of sales, many companies have replaced their expensive outside sales or field sales teams with more efficient inside sales teams,” Krogue said. “Inside sales is professional sales done remotely.”
InsideSales.com now has more than 1,000 customers that have adopted this sales approach. To support those customers and to gain new ones, the company employs more than 400 people. Utah Business reported in June that InsideSales.com plans to employ as many as 700 people by the end of 2014.
Krogue said some of those new hires will be Ph.D.s who are experts in fields like artificial intelligence, machine learning, statistics, physics, math and philosophy.
“Sales teams need to get better at predicting which leads, prospects and opportunities they are most likely to contact, qualify and close. They need sales technology that works like a human brain, getting smarter and more sophisticated over time,” Krogue said. “That’s why InsideSales.com is investing heavily in artificial intelligence and machine learning.”
Speaking of investing, InsideSales.com has collected $140 million in venture capital since it was founded in 2004. Today, the company is valued at nearly $1 billion, according to TechCrunch.
InsideSales.com declines to disclose revenue figures but does say its revenue has risen at least 100 percent annually for the past three years. Krogue said InsideSales.com expects to achieve at least 100 percent growth this year as well, in large part thanks to its competitive edge.
“There are several companies that compete directly against specific applications within the InsideSales.com platform,” Krogue said, “but nobody who directly competes against the entire platform as defined for the business-to-business space of professional sales.”
This article is brought to you by LeadsCon New York.