The Exchanges

Q Now, do you, do you dive into actual kind of voice things? IE, can you tell, um, a sales manager, uh, or a CRO that their number one sales rep who always beats quota says the word price three minutes in versus everyone else waits until minute 18. They should change what they're doing.

A Yeah, absolutely. Um, we focused a lot on making those types of, uh, insights really actionable to folks. So it turns out that, um, you know, you picked up one around pricing, but it turns out that discounting is something that happens on, you know, we've analyzed over a million calls at this point, and it'll tend to come up on maybe 25 to 30% of conversations. And what you find is that the way that discounting is brought up is very, very different depending on if you're a very experienced rep or less experienced rep. So everybody offers the discount, but very few people get something in return for it. Right. And some people offer the discount very, very early on in the sales cycle. Some people wait until they know that there's a real deal in place, and they understand the timeline, and they're using the discount to get something concrete. So what we try to do is build algorithms that are going to surface very actionable, very hard ROI types of moments for sales teams, so that as soon as you start using Quorus within a week, we're going to hopefully Find moments that cover the cost of the platform for your entire company for the entire year.

AI assessment note: “Yeah, absolutely. Um, we focused a lot on making those types of, uh, insights”

Q so it's good. Um, very good. All right. So good. I mean, so you, when I asked that question, I learned a lot from that, right? Cause you chose to say kind of, we have a hundred enterprise. I mean, are you continuing to go up market if someone's listening right now and they're just like a four or five, 10 person startup, is this not the fit for them?

A No, I think, I think, you know, we, We just, we, we sell for very different reasons. And I think that the, you know, the core product that we started with, you know, that we went to market with a year and a half ago, for example, um, would have been better suited for small businesses. And as you add more functionality, like a deep bi-directional Salesforce integration, or the ability to take all of your data that chorus is generating and push it into a redshift instance so that you can build dashboards in Domo or Tableau or Periscope or Looker. Uh, or, or anything like that. Um, that functionality, uh, just lends itself more to the enterprise. And, um, of course, the type of value that we can deliver just goes up exponentially. The larger your team is because you have that much less visibility into what's happening.

AI assessment note: “the core product that we started with... would have been better suited for small businesses.”

Q And did you decide, have you decided to kind of bootstrap or have you raised capital?

A No. So, you know, pretty early on, um, we, we realized that if we wanted to tackle this market and, you know, the way that I talked about it with my team, Is that there's a billion dollar enterprise value company five to seven years from now, that's ours to lose. And it's simply because there, you know, this data set of customer conversations and meetings is so valuable and so core to a business, um, that there's no way that, uh, every company in the world isn't starting to, to, to record and track and learn from an act on the insights, um, in these meetings. And so, um, when we started out, we had a decision to make about whether we outsource the technology or whether we build it all ourselves. And we decided to build it all ourselves to, to do a couple of things that you can only do when you, when you build a, build this technology yourself. So very early on, um, we, you know, we spoke to investors and we were fortunate enough, uh, to close a seed round, uh, a pretty substantial six million dollar seed round, uh, that was led by Emergence Capital.

AI assessment note: “we were fortunate enough, uh, to close a seed round, uh, a pretty substantial six million dollar”

Q Okay. Got it. And is that an, is that a, uh, an accurate description of the majority of your customers, or are they typically bigger or smaller than that?

A I would say there's, there's a range. The people, people will buy course for very different reasons, depending on the size of the business. So if you're a smaller team, like the one that you described, the number one reason that people will buy is because they'll all have that one account executive that's been around for two or three years that knows the product inside out. They know how to position it. Versus competition. They know how to create urgency. They know how to do all of those things. And you're buying an insurance policy because if that person decides to leave for whatever reason, there's a family emergency, who knows, they decide to, to go to that shiny startup around the block. You've now lost all of those, um, all of that gold around, uh, what they're doing. That's so effective. Um, and so, you know, typically if you're that startup, um, it's incredibly important for you to hit your numbers, to continue to show growth. And so It's very difficult to ramp up a new rep, uh, if you don't have those call recordings. And then in addition to that, making it very easy to find the 10 out of maybe hundreds that are really important to listen to because they deal with a certain competitive situation or a certain part of the sales cycle, uh, or a certain objection.

AI assessment note: “I would say there's, there's a range. The people, people will buy course for very different reasons”