See how Bethany Bohme, a top Account Executive at MediaValet closed a huge deal with the help of video.
Headquartered in Vancouver Canada, MediaValet™ is in the business of helping global companies organize, manage and share valuable digital assets (photos, videos, content, marketing resources etc.). The company, founded in 2010 by CEO David MacLaren, grew out of MacLaren’s own search for an easy-to-use digital asset management (DAM) solution for his photography and content services business. After a frustrating year-long search, MacLaren and his co-founder CTO Jean Lozano decided to build the ideal solution themselves. Seven years later, MediaValet’s popular cloud-based DAM solution has been adopted by 130 customers worldwide and is actively used by many leading global brands to manage and distribute large volumes of high-value digital assets.
“The DAM marketplace is very competitive. We need to stand out from the crowd,” says Eric Simmons, VP of Sales for MediaValet. Eric, a true analytical thinker and problem-solver, is on a mission to make MediaValet’s sales process as efficient as it can be.
“I am a huge believer that in this business, you win or lose deals based on a percentage point. In the SaaS market, the win/loss margins are razor thin. So we need to challenge members of our marketing and sales team to differentiate themselves with every customer interaction. Using personal video messages helps us accomplish that goal.”
It was MediaValet’s business development reps (BDRs) who first began experimenting with video. Falling under VP of Marketing Maria Osipova’s organization, the BDR team is responsible for lead generation by reaching out to prospects to introduce them to MediaValet’s DAM platform.
Video saves my team time. It also makes us look professional, tech-savvy and cool—everything we want to project as a brandEric Simmons
VP of Sales, MediaValet
“Our team had been approached by Vidyard and we were intrigued. The idea to begin incorporating personal video into BDR team prospecting efforts was a no-brainer,” explains Eric. He had used Vidyard himself in a previous role and loved what the platform had to offer. “It was two thumbs up for me immediately.”
Within a very short time, Vidyard’s Chrome extension became a core component of the BDR team’s prospecting process. Says Eric, “BDRs began working personal video messages into every customer interaction. And it was super successful, allowing us not to just stand out against the competition, but deliver real value in every conversation.”
In parallel, Eric was analyzing his sales pipeline, looking for ways to improve his sales team’s efficiency. He quickly spotted a troublesome area within the sales process where he suspected video could help.
“Our platform has more than 20 technology integrations. We often get bogged down at this point with our customers. During the demo, we’ll reference an integration—with Slack, or Eloqua, or Sharepoint, or Adobe—and the customer will want more detail. So, we then have to book another demo for the customer and their stakeholders. It often takes up to two weeks to get all the stakeholders together. The delays were pushing our sales cycle out to 140 or 150 days. I set a goal to reign that into 60 or 80 days.”
Inspired by the BDR team’s success in using Vidyard to engage prospects, Eric began looking at ways he could use Vidyard for product demos to clients and to condense his sales cycle.
“I spoke to our product team and asked them if it would be possible to create video demos of our 20+ integrations. We brought in Vidyard’s team to show them how to build the videos and to create a shared library for our sales team. We also had them test out the demos to make sure we were providing customers with enough information,” says Eric.
Nearly overnight after introducing the videos, 90% of MediaValet’s prospects found their questions about integrations were fully answered. This eliminated the need for MediaValet to schedule follow-up demos and saved customers time in the evaluation process. This one change in the sales process significantly reduced the length of the sales cycle. “We shaved three weeks off our sales cycle with Vidyard,” notes Eric.
Fired up by the success they were seeing, Eric’s sales team has fully embraced Vidyard. They now embed video for a variety of customer interactions. It only took about two weeks for everyone on the team to become fully proficient and ‘humming along’ with Vidyard.
“Video saves my team time. It also makes us look professional, tech-savvy and cool—everything we want to project as a brand,” says Eric.
He adds that the team also uses video to pull prospective customers into the energy and culture of MediaValet. “We try to always keep it very real and natural. For instance, a BDR may be shooting a call recap and other team members will do a fly-by; photobomb into the frame to say ‘hi’. It helps customers put faces to names and to feel warmly welcomed.”
Overall, Eric estimates that his team’s use of Vidyard has cut his sales cycle in half from 128 days to 68 days. Customers love it because they have the resource they can share with their extended team or view on their own time. Furthermore, staff who were once tied up doing integration demos for customers can now focus on high-value opportunities instead to drive more revenue for the business.
Says Eric, “Using video has definitely helped us stand out and it has improved our sales processes and conversion rate. Our customers still find it a very unique form of communication. We get messages all the time from people who say ‘wow, that was so creative and innovative and your message really cut through the clutter. I’m interested to learn more.’ There’s no doubt in my mind that Vidyard is 100 percent giving us a competitive edge at every stage of the sales cycle.”