What’s the secret to turning strong sales leads into revenue-generating deals? Research has shown that strong pre-sales operations can drive huge value. However, many companies are having difficulty understanding this aspect of the sales process. Enter PreSkale a California start-up today announcing a $500,000 pre seed funding round.
PreSkale was founded by Prashanth Ganesh and Ajay Jay. It aims to solve pre-sales issues for clients. He says, “The goal of PreSkale is to make sure that sales teams get contracts signed faster – so we can accelerate revenue generation.”
Pre-sales is the stage of a sales process where a potential client finds your product to be a good fit and signs a contract to purchase it. The client will typically test the product and learn how it can be customized for its business.
It’s hard work and you don’t know if it will pay off. Reaching the point of no return can take a long time. There is also no guarantee that the client will choose to continue with the product.
Effective pre-sales teams can increase the chances of closing the deal quickly and reduce the risk of losing it. McKinsey research shows that the most successful pre-sales teams can improve conversion rates by five points, speed up the process of moving prospects through the sales funnel, and increase revenues by as much as 13%. According to the consultant, companies with strong presales capabilities achieve win rates of between 40-50% and 80-90% for new clients. This is significantly higher than the average.
Jay explains that the problem is that pre-sales teams don’t have the right tools to perform their job effectively. They are constantly receiving multiple inputs, including managing documents, meetings and product discussions. Jay states that they don’t have a single tool or dashboard to help them manage their workload. The pre-sales process can become inefficient and unproductive, which ultimately puts at risk the final sale.
Jay and Ganesh founded PreSkale in order to solve this problem. They had seen it in their previous roles. Jay recalls a former job in which he didn’t have the ability to provide all the support potential clients needed.
PreSkale provides a single platform that allows businesses to manage all aspects of their pre-sales activities. This includes tracking customer interactions, tracking product design iterations and meeting client needs. Jay says that PreSkale will be a great tool for any business with a complex product or collaborative product. Jay also explains that the software can be customized by the client to their needs. The pre-sales process will still be in place for the business, but it will often be ineffective and disconnected.
Jay believes PreSkale offers value in three ways. He believes that the first benefits will be in being able manage pre-sales more efficiently and accurately. The platform will allow managers to match their skills to clients’ needs better, he says. PreSkale will be useful as a business intelligence tool for software developers and sales teams.
Jay and Ganesh launched PreSkale last year. While it is still early days to prove that business’ value proposition, the early signs are promising. PreSkale is already onboarding clients, and the founder duo has grown quickly to a 12-strong team.
This funding round will allow the business to increase product development and sales. The $500,000 is coming from investors led by BoldCap, an accelerator fund that specialises in early-stage investment in software-as-a-service start-ups, with participation from PointOne Capital and a number of business angels.
BoldCap general partner Sathya Nallore Sampat says that pre-sales “enable sales teams to sell more, and bring customer intelligence back to product or engineering teams.” They are vital, but they are vastly underserved. That’s what got BoldCap excited.