Dynamic Yield is a Personalization Anywhere™ Platform working with industry leaders across eCommerce, finance, iGaming, travel, and publishing to deliver individualized experiences at every customer touchpoint, be it web, apps, email, kiosks, IoT, call centers, or any other digital interface. The company’s website lists renowned enterprise brands such as Urban Outfitters, IKEA, Brooklinen, and Hallmark. Understanding each business has its own unique set of needs when it comes to the customer experience, the Sales team at Dynamic Yield believes in leveraging the entire organization’s braintrust to help close complex deals.
Struggling to keep everyone updated and strategic about how to win each and every deal, they needed a centralized place to make that level of collaboration possible.
Recently, Dynamic Yield made incredible improvements in the company's win rate, deal size, and forecasting accuracy using Troops Deal Rooms. Deal Rooms helped them increase:
- win rates by 30%
- deal size by 20%
- and forecasting accuracy by 60%
We spoke with Chris Feroli, VP of Sales at Dynamic Yield, to learn more about how Deal Rooms have transformed the way his team collaborates on important deals.
One of the first things Chris did after joining Dynamic Yield was to move the entire North American team onto Slack, allowing everyone to come together around their biggest deals and accounts. He believes in capturing the unique ideas and perspectives everyone has to offer and leveraging them to close more deals.
No central place to collaborate
Dynamic Yield knew a big part of their overall success relied on collaboration. The less collaboration taking place during a typical 120-day sales cycle, the less likely they were to close the deal.
Yet their team didn’t have a consistent approach to collaboration.
They didn’t have a central place to record or share important deal information. Sales reps logged their notes on Google Drive, Gong, everywhere, and relied on email to communicate with the Customer Success (CS), Product, and Strategy teams. This made it impossible for anyone on the team to review the history of a deal or the latest, most pertinent information.
Some sales reps collaborated more than others. For the most part, deal collaboration was limited to the sales rep and Chris. But Dynamic Yield’s more forward-thinking sales people took the initiative to get others involved in their deals. Some even created their own Slack Channels to manage that communication.
Enter Deal Rooms
When Chris moved his entire team onto Slack, he designated Troops Deal Rooms as the go-to place for deal collaboration.
Deal Rooms are super-charged Slack channels that surface the latest critical information about your most important accounts. They provide a place for everyone to stay informed and share their ideas and recommendations for closing each deal.
To rally everyone around selling their product, Dynamic Yield created a new Deal Room for every new deal immediately after a discovery call. They then invited Chris, the sales rep, and individuals from Sales Ops, Customer Success, Strategy, Solutions Engineering, and Product, depending on the complexity of the deal.
Better win rates, bigger deals, and a whole lot more
Deal Rooms transformed the way Dynamic Yield’s team collaborates across deals, and the results show. Dynamic Yield saw a 30% increase in win rates just one year after rolling out Deal Rooms.
And that’s just the beginning.
Deal size up by 20%
Deal Rooms made it easy to source ideas and perspectives from product, strategy, and customer success. This meeting of the minds helped sales reps hone in on the value for their prospects, as well as identify upsell opportunities, like securing larger seats or a more expensive package.
Overall, Dynamic Yield’s average deal size increased by 20% thanks in part to Deal Rooms. And they’re discovering that collaborating in Deal Rooms is even more critical as they engage in more complex enterprise opportunities. The bigger the deal, the bigger the role Deal Rooms plays in closing it.
Forecasting accuracy up by 60%
Deal Rooms gave Chris and other executives visibility into what was going on with Dynamic Yield’s most important deals. They found they could quickly and easily pull up the latest information at any point and intervene, if needed.
This level of oversight helped Dynamic Yield increase their forecasting accuracy by 60%.
Improved customer onboarding
Deal Rooms also got Customer Success involved earlier in the sales process, helping Dynamic Yield improve the onboarding and enablement experience for new clients.
By giving CS a voice in Deal Rooms, they were able to work with the sales reps to answer technical questions and make sure prospects were a good fit for the product. They were also able to better ensure prospects had the necessary technology and frameworks in place before they became customers.
This helped build trust between Dynamic Yield and potential customers. By setting them up to thrive when using the product and generate value early on, Dynamic Yield found the enhanced experience translated into more renewals down the road.
Hours saved on inefficient communication
Instead of relying on long, complicated email chains to communicate across departments, Deal Rooms surfaced everything everyone needed to know about a deal in one place. Suddenly, it was a lot easier and faster to get updated on a deal, ask a question, or offer advice on how to approach a sales conversation.
Overall, Chris believes Deal Rooms saves Dynamic Yield hours per deal in communication and cross-department alignment.
Deal Rooms help sales leaders make an impact
Deal Rooms gave Dynamic Yield’s executives a scalable way to understand what the sales team is working on and where they can provide the most value.
Chris, in particular, now has the space to step back and look at his sales organization from a business perspective. He can keep track of big-picture metrics as well as leading indicators like calls logged, all while being able to quickly and easily step into the details of a deal and make a difference.
The Troops advantage
Troops made it possible for Dynamic Yield to put their entire team's expertise to work on their most important deals.
Increased collaboration: Deal Rooms gave everyone a central place to talk through their ideas and identify potential challenges. This led to more informed sales conversations and an overall better experience for prospects and customers.
Faster, more efficient communication: Dynamic Yield no longer needed to rely on email to talk about deals. By moving this onto Slack, where their team was already comfortable communicating, they were able to have faster, more valuable conversations about their deals.
Better visibility: Not just across the team, but for executives looking to get a more accurate understanding of how their sales pipeline is performing and where they can step in to make an impact.
Chris continues to push to have more collaboration around every single Dynamic Yield deal. He believes in the power of enriching the sales and customer experience with different perspectives, and looks for more opportunities to involve more minds in the process.
Find out what Deal Rooms can do for your sales team.