At Newark Venture Partners we identify, invest in and support best in class B2B software founders as they build innovative solutions for some of today’s most complex business challenges. We believe that with the right team, the right tech, and the right problem to solve, scalability is within reach.
To that end, we’ve made growth and sales support a pillar of our investment strategy, with a full time growth team led by Kevin Petry. Kevin has years of success in the area of B2B/SaaS sales strategy, process, and execution. He has worked with Entertainment Publications (IAC) and Groupon, where as VP of Sales Development and Training he built and led the team that supported the fastest growing company in history.
Kevin works with nearly all of our portfolio companies, and has been a critical part of many startup success stories. He’s helped NVP companies increase their sales pipelines by an average of 3x. That market traction, combined with coaching from our team of Venture Partners and network of subject matter experts, has led to a success rate of over 60% of our seed investments raising follow on capital.
We asked Kevin to introduce himself here, and to walk through some of his process. Here’s what he had to say:
KP: While I focus on sales, the reality is that sales cannot stand on its own in driving the success of a company, as all areas of the business ranging from product and marketing to customer experience must be in sync for companies to thrive. In that, I’ve learned two things to be constant. First, every company is unique in so many ways. Whether it be the industries they serve, the makeup of their team, the competition they face, or the solution they are bringing to market, all have their own unique DNA. Second, as unique as each is, when it comes to sales, and the factors that influence success and failure, there are several best practices that apply to all companies regardless of size, stage, or solution.
In recognition of those two constants, the approach we take related to sales growth and development with companies we’ve invested in consists of four phases or steps each equally important in establishing a healthy foundation that will serve the business for many years to come. The four phases are assessment, development, implementation, and execution.
For new companies just joining NVP, assessment is the critical first step where I learn where you’ve been, what’s gotten you to where you are currently, how I can become part of your team and how I (and the NVP team) can create the most value as you move forward. During assessment I will also inevitably ask you “Where do you want to be by when?” This ultimately becomes the compass that drives our work together.
Next we move to development, where we take the insights and learnings from the assessment phase and establish an action plan. Working together, we determine where adjustments in process and approach will provide improved sales efficiency and results. This includes all stages ranging from top of the funnel lead sourcing and engagement to closed won and effective customer on-boarding and success strategies.
Implementation is putting it all in motion. At this stage, we work one-on-one with your sales team and listen in on calls, so that it’s not only implementation, but implementation with a constant arc towards improved outcomes. As they say "practice makes perfect" and that holds true in our approach to sales.
And execution is when we start to step back, and watch the magic happen: more calls get booked, deals get signed and teams begin to grow. The NVP team stays close to your progress so we can help as needed, but at this point, we expect you'll be off and running!
Over the course of our interactions working towards that goal, we will explore your current sales pipeline, your product-market fit, what conversations you are having, and maybe more importantly, what conversations you are neglecting. We cover everything from discovery to building trust to closing the deal - and we do it all on and case-by-case basis that addresses the individual needs, strengths and weaknesses of a team.
In summary: the NVP Growth Philosophy is about applying best practices in an individualized manner, with a one-on-one coach who works as an extension of your team. Together, we will get you where you want to be by when!
Stay tuned to the NVP blog for deeper dives into the 4 phases of our approach and additional insights from Kevin.