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Today I’m sharing 3 important tactics in Palantir’s billion dollar sales playbook. Palantir is doing a few things differently than a lot of other SaaS companies. What they are doing right can be a lesson to companies from $1M to $1B, so I wanted to share them with you today.
3 Plays from the Playbook:
Be flexible with game changing deals – Palantir had initial margins of 18% and they now have 55%, which is in line with other SaaS companies.
Get really good at selling big deals – They have 149 customers, but 66% of revenue comes from 20 customers. They do a billion dollars a year from 149 customers.
Systemize your second sales process – their average deal size grew 41% YOY. The average deal size from their top 20 customers grew 34% YOY. Across all segments their deal size grew by huge amounts YOY.
If you have a process built into your sales process to sell your existing customers more after they become your customers, your business can grow by leaps and bounds.
A company I was consulting for did not have a secondary sales process, but had great customer retention. We took one non-sales employee and spent 25% of their time focusing on serving customers at a higher level and systemizing the secondary sales process and in a month and a half the results paid for my 6 months of consulting fees. Just by focusing on the secondary sales process they made a huge improvement in their revenue numbers.
Remember – It’s 7-8 times more expensive to acquire a new customer than it is to upsell existing customers.
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