Like any great Head of Growth, Stanislas Pollet of Payfit is accustomed to experimentations. A true scientist, Stan flows through each phase of try, fail, adjust until he strikes gold. Or, in his case, Growth. One such golden growth experiment was in the summer of 2020.
Payfit is a payroll & HR management software. Employing over 500 people around Europe and serving over 5000 SMEs in France, Spain, Italy, Germany, and the UK. With over 200 hundred members on their Sales team, their target number of leads to generate annually is impressive. For 2021, the number is 30,000.
Led by Stan, the Growth team will be able to hit their target for this year thanks to their ability to generate high quality leads utilizing Sharework.
Stan already knew that a large part of Payfit’s database was linked to a partner’s customer base thanks to the product team. Moreover, he knew that the level of digitalization of his clients had a huge impact on conversion rate. Quickly, he developed the hypothesis that Payfit would increase the quality of prospect if the prospect were the clients of their partner. To find the answer, Payfit’s Growth Team adopted Sharework as a tool for the experiment. They selected one partner and, in the respect of GDPR and confidentiality measures, leveraged the free tools on our platform for only two months. What they discovered immediately was a significant number of higher quality prospects.
“That's the main difference in my job from year one to today. Sharework is really helping get things scalable."
Defining High Quality
With Sharework, Payfit connects with companies to match the company’s clients with Payfit’s prospects in order to prioritize pipeline. Then, they give those qualified leads to the SDRs.
These new leads created from Sharework have higher conversion rates in comparison to prospects sourced in other ways. Payfit has experienced that Sharework leads are quicker to convert. According to Stan, “We get a no, or yes, much more easily instead of going into long processes. It's much better efficiency in the end. The prospect is better, and the cost per lead is lower too.”
Payfit is very granular when it comes to measuring their KPIs. This is reflected in how detailed Stan measures conversion rates so that he is able to maximize and scale efforts that perform well. In their utilization of Sharework to produce high quality leads, Stan discovered that the conversion rates were drastically better than average for Payfit. For example, Payfit sees conversion rates from lead to demo increase up to 60% and the conversion from demo to customer up to 50%. “Basically with a lead coming from Sharework, we have a hundred percent better conversion rate. We're doubling our conversion.”
They are able to activate their user base by creating valuable product integrations. By having the matches between one customer to another, they are able to have a real approach rather than making some assumptions. They are able to observe, for example if 10% of their customer base is shared with their partners. This information allows them to evaluate the potential value of any integration and execute a strategic and effective plan for it.
Growth for Growth
As any Growth Manager, Stan is accustomed to creating hacks and tips for quick wins. As his career has evolved, he’s adopted tools, like Sharework, so that these hacks have been able to evolve into global and scalable strategies. “That's the main difference in my job from year one to today. Sharework is really helping get things scalable. Partners have always shared. Either, a few Excel sheets, or just with intros -which are both time-consuming. With Sharework, I have the best of both worlds. It is legal, not time consuming, and is very scalable.”