Improving B2B Enterprise Sales Performance.
BidSpace is a digital sales & account management platform for enterprise B2B. Using BidSpace, sellers create a secure, personalised, interactive, mobile & social experience built around their buyer. The problem we solve: the buyer / seller relationship is broken. Buyers see decreasing value in sales; sales struggle to stand apart from competitors in new pursuits & fail to retain & grow existing contracts they fought so hard to win in the first place. The Outcome: improved relationship leading to better contract performance, enabling B2B sellers to win, retain & grow business. Our Story: MVP Nov. 2015. On-boarding one new client every month and paying customers including Sefas and Xerox.
PRODUCTS & SERVICES
SaaS cloud based platform for sales & account management. Purchased by the seller for each client engagement. With BidSpace the seller shares content with the buyer in a personalised, interactive, mobile & social format. Everything from secure contractual info or proposals to case studies & 1:1 video. Buyers have a single point of access for their latest multimedia content, thought leadership, supplier team info & they can share the platform with colleagues in one click.
Sellers have live analytics on their client community & user interaction levels allowing them to manage their relationship & sales pursuits through insight not hindsight & to share the best content with the right people.
Today’s B2B business relationship is broken. The Buyer sees decreasing value & results in traditional sales & account management. They accuse suppliers of failing to know them, not going beyond their SLA, changing leadership & not delivering innovation & additional contract value. The Seller disputes this but only sees their retention margins & rates along with same account growth reducing & their ability to differentiate & build a wide network is harder than ever. Today CEB say 53% of B2B decision making is based on the sales experience; BidSpace improves this buyer experience / relationship. This leads to better business performance & helps the seller win, retain and grow their business.
Cloud SaaS model, charged to the seller per BidSpace platform (i.e. per seller / buyer engagement). One off up front creation fee per platform following by monthly charge. Av. £500 creation, £110 monthly charge. 3 month – 5 year contracts. 70-80% revenue is recurring. BidSpace deployment & use entirely managed by BidSpace customers. Direct Sales Model with automated invoicing. Target Customer Spend £30k-£250k per annum (10-200 platforms per customer). 100-150 customers to be on-boarded in 5 years in the UK. 4 month av. sales cycle for contract for proof of concept implementation; funded trials. Revenue to grow with each customer year on year as they move from POC to Enterprise wide use.
By Q4 2021 (5 years) 60%+ GM, 70%+ recurring revenue, cash rich & £9m+ annual revenue. Company valued at £45m+. Exit strategy options x2. Option 1: With a significant large enterprise client base, sale to global leading software CRM organisation (Salesforce, Dynamics etc.) or sale to global professional services company specialising in client transformation. Option 2: Horizon – BidSpace becomes the marketplace for enterprise B2B engagement. A LinkedIn or Ebay for B2B buying & selling where vendors & buyers get to know each other, share information, launch RFPs, submit responses & stories & best practice on specific business challenges through a secure, interactive & personalised experience.