We’ve all been there. You get a new gig and drink the Kool-Aid; your company is disrupting the [fill in the blank] industry and changing the world. There are many reasons people join a company. But when you are in software sales in Silicon Valley, techie pipe dreams don’t close deals and the actual quality and utility of the technology platform you represent is critical to success.
You know the software buzzwords: scalable, integrated, enterprise grade, robust etc… But at the end of the day, it all boils down to pure economics: the addressable market coupled with the platform’s market fit.
When it comes to the events space billions of dollars are thrown around every year with no TRUE visibility into spend, performance, and ROI. Ultimately, DoubleDutch solves for all. I have spent the better part of the past six years helping marketers analyze and solve their budgetary woes, working at great companies like NetSuite and Marketo. Why this led me to DoubleDutch, a mobile application provider, becomes very apparent when you dig into the numbers and value that our platform inherently provides.
Let me explain.
Based on a recent Harvard Business School study covering the events space and DoubleDutch, it was approximated that “225 million people attended the 1.83 million events held in the United States (U.S.) in 2012.” The study also referenced that “meetings contribute more to the U.S. GDP than the air transportation, motion picture, sound recording, performing arts and the spectator sport industries.”
And this is not just an American trend. The study cited that $565 billion was spent worldwide on meetings and events in 2012, of which $28 billion went towards software specifically for these events. Software providers earned an estimated $2 billion in combined revenue. By 2016, event software spending is expected to reach $32 billion.
So what does this mean to a sales professional?
Massive Market Opportunity: Companies investing in marketing and sales spend 17 – 30% of annual budget on marketing and then 30-60% of that marketing budget go to events. Again these organization spend 10% of overall event budgets on software (see HBR study above). The brass tacks of this indicates that $5.5 of every $100 spent in marketing budgets is allocated to event software – like DoubleDutch.
An Unbiased Market: Selling Software as a Service (SaaS) typically means you have to sell strictly B2B, B2C or even worse to a specific vertical within either. But events are held and hosted by people and organizations of walks of life, making the target market diverse and expansive. Put simply, DoubleDutch can support anyone.
A Greenfield Opportunity: DoubleDutch is already the leader in the space and has been around for 4 years (Established January 2011). The platform has been scaled and is primed for massive enterprises and their rigorous requirements. Start-ups want to work with the Fortune 500, but it takes time to get there. Elements like Master Services Agreements, Standardized Procurement Processes, Security Reviews and Stress Tests don’t happen overnight. A growing company is rarely ready from inception to earn the business of the largest companies on the planet – DoubleDutch has been there and done that.
This is no techie pipe dream – this is the real SaaS deal. And as a sales guy, I can’t imagine a better place to be.