Insight
Vassell: Distributed field sales requires software plus embedded payments unit economics
“There are other businesses that, or other verticals that don't have the density and that also don't have the unit economics. To get the payback that you need on a distributed workforce, right? We do because of the software plus embedded payments model, right? …”
Insight
Vassil: Smaller sales territories drive higher growth than broad ones
“What we know is the territory size you give the rep will dictate your growth rate, right? And so while we could have given our first rep the entire city of Seattle, We knew that'd be counterproductive going back to the density, right? And so the key is to, and…”
Assertion Not checkable as stated
Vassil: Toast's marketing team drives the majority of its sales funnel
“A majority of our funnel is driven by our marketing team, you know, despite having folks on the ground.”
Assertion Not checkable as stated
Vassil: Toast still has 85% of the restaurant market left to capture
“The TAM that we're servicing is one of the largest vertical TAMs in the world with Phil, you know, 85% of the market left to conquer or to tackle, and those opportunities are really, really unique.”
Insight
Vassell: Restaurants have higher rooftop density than any other vertical
“There is no other vertical that's, that has that many rooftops. In the U S or across the globe, right? So if you think about any city block, right in San Francisco or Miami or wherever it might be, you may have a pet store, you may have a drug store, right? Yo…”
Disclosure
Vassell: Toast inside sales reps have the exact same ARR quotas as field reps
“The quotas are no different, by the way, like that, that inside rep is still going to produce the requisite amount of ARR. As a field rep, they're just going to do it across a different geography.”
Assertion Not checkable as stated
Vassil: High market density directly increases Toast's win rates
“We know definitively, and we've got a ton of data to prove this. When we reach a certain density level within a market our win rates on our top of all actually begin to increase and our reps become more productive.”
Assertion Supported
Vassil: One in five closed Toast deals comes from a referral
“One out of five deals, and we've said this publicly, one out of five deals is referring, right?”
Insight
Vassil: Eight in ten happy restaurant customers have referrals to offer
“Ask them if they know of someone that might be in the market, eight times out of 10, they do. Bottom line, eight times out of 10, they do.”
Assertion Not checkable as stated
Vassil: Top sales reps came from teaching, military, and restaurants
“Some of our best sales reps were school teachers. Or have come out of the military or have come out of the restaurant industry, not folks who have had many years selling, you know, for other businesses.”
Assertion Partly supported
Vassil: Toast serves up to 85,000 restaurant customers across four countries
“We've got, I think we said today, we've got 80, 85,000 customers across the U.S. And Canada and the U.K. And I, and we're still in our early days, right?”
Disclosure
Vassil: Up to 80% of Toast's sales reps are field-based
“With our sales organization, I, I'd call it, you know, 80, 75 to 80% are field-based sales reps where they are in the market, they own a geography, and they are the trusted advisor to the restaurant space In, in their patch, like, as we like to call it.”
Assertion Not checkable as stated
Vassil: Toast Had No Sales Reps in California for Years
“We didn't actually have a rep in California for many years after we started, right? Cause it was just better for us to put another rep in Boston”
Assertion Not checkable as stated
Vassil: Toast promoted 25% of its sales organization in the past year
“I think we had a stat recently here, where like, 25% of our sales organization, which is large, right? It's a big number, had been promoted in the last 12 months.”
