“By taking benchmarks and best practices to heart, we’ve been able to double our sales funnel for specific verticals in less than six months.”
— Imraan Hassam, Director of Marketing & Sales Operations, TripSpark Technologies
We believe that learning as well as sharing best practices is key to our collective success at Volaris. One of the ways we encourage our companies to learn and share is through benchmark metrics.
If you want to improve your business performance so that you can better serve customers or grow or expand your business, benchmarks can help. When done well, benchmarking offers valuable insight into areas of the business where you excel and areas where there could be improvement.
Effective benchmarking depends on having access to metrics from companies of a similar vertical, size and stage of maturity. With our parent company, Constellation Software, Volaris Group is able to offer our access to detailed benchmarks from hundreds of acquired companies across the world.
The Impact of Benchmarking on TripSpark’s Business Development Strategy
TripSpark Technologies is a company that offers end-to-end technology solutions for transit, paratransit, non-emergency medical transportation, ridesharing and K-12 school transportation. Leveraging Volaris’ benchmarks, the company has developed lead generation and pipeline management best practices that have had a significant impact on the business. TripSpark’s Director of Marketing and Sales Operations, Imraan Hassam, joins us to share how the company is successfully leveraging Volaris’ benchmarks.
“Volaris’ metrics give us intelligence that helps us understand the velocity at which opportunities are moving through the funnel and provides valuable insight into how deals behave,” says Imraan.
Effective forecasting allows TripSpark to determine how they will finish the year compared to their targets. If they see there is a gap between projected and contracted bookings, they can adapt their strategy using insights from Volaris benchmarks.
“Using data as the foundation for our strategy helps mitigate any guesswork. It allows us to accurately model and predict win rates across different deal bands,” explains Imraan. “Ultimately, metrics like win rates, weighted confidence levels, cost per opportunity, and average days to close give us improved forecasting. The intelligence gives us insight and the ability to pivot when opportunities are not performing as expected.”
When utilized alongside sales and marketing best practices such as value-based selling and account-based marketing, benchmark metrics enable business leaders to strengthen and grow their company.
“By taking benchmarks and best practices to heart, we’ve been able to double our sales funnel for specific verticals in less than six months,” Imraan explains.
More Information about Benchmarking
Curious to learn more about how benchmarking works? Read the blog post on Measuring the Performance of your Software Company.