FiveStars, the well-funded SMB loyalty company that competes against Belly, SpotOn and others, is projecting it will grow its merchant base to 8,000-9,000 businesses by year-end, up from its current base of 6,000 customers. Customers who subscribe to FiveStars premium service pay as much as $200 a month. The San Francisco-based company has received over $45 million in funding.
Growth Manager Brian Lee, in a Webinar discussion with Radius Product Manager John Hurley, said the company is now positioned for rapid growth. Radius’ big data analytics helps it better understand its sales prospects and vertical segments, and manage its sales team.
Specifically, the company has grown increasingly confident in growing its sales team, which consists of 35 inside reps and 50 outside reps. “We had been stuck in neutral” with 15-20 reps for a long time,” notes Lee, who likes to call himself a “revenue hacker.” “But we asked ourselves: ‘Where can we grow as a team?’ Half the battle has been figuring out the addressable market,” he adds — something that Radius has helped with. “We are now ready to grow and talk to customers.”
Lee adds that it hasn’t been a matter of simply adding 20 sales people. “This isn’t a product you can (sell by reading) from a script. Every rep we bring on represents ‘X’ percentage of revenue. It is a very refined model that takes in both the performance of reps and the performance of leads. We look at what leads (the reps) are getting. And how are verticals performing.”