How Mybanker Tripled its Sales Team Using Pipedrive and Plecto

MyBanker Plecto Case Study
  • Mybanker tripled the size of their sales team in the first six months of using Pipedrive and Plecto
  • Pipedrive helped Mybanker to simplify their sales process and get a clearer overview of deal progression
  • The Plecto integration enables them to immediately access KPI information

Based in Denmark, Mybanker is an online platform that helps people find the right bank. In addition to providing personalized offers from over 20 bank partners, private consumers are able to narrow down their selection based on factors like interest rates and ethical practices to help them find the perfect match.

According to Mybanker’s Business Strategy Manager Jesper Jakobsen, the platform receives over 5,000 quotation requests per month. Using the data from quotations, Mybanker teams with their partner banks to make the best possible offer and, if approved, assists clients with the transition.

Out of the 35 team members at Mybanker, three handle sales. Forming new partnerships is the sales team’s top priority, as well as making sure that their existing partners are benefiting from cooperation. In order to effectively manage the acquisition and customer success sales cycles, Mybanker turned to Pipedrive. 

The problem Mybanker faced

Before Pipedrive, Mybanker’s sales team connected Plecto dashboards with their manual database. Plecto offers a range of customizable dashboards to visualize real-time KPIs, which Mybanker’s team needed to keep their performance data transparent and accessible. Plecto enabled Mybanker to make data-driven decisions and increase motivation and engagement in their teams.

However, as they were using spreadsheets to track customer relations, Mybanker was struggling to monitor the finer details. Mybanker had to rely on individual knowledge and not using a strong CRM system made it hard for executives to follow how deals were moving along. 

Simplifying the way they shared information soon became a top priority.

The solution they found

But thanks to a direct app integration between Plecto and Pipedrive, the team was able to get a broad and detailed picture of their key stats. Mybanker’s sales team used Pipedrive to map out their workflow and get organized. With Plecto, they were able to easily visualize the data from Pipedrive and make sure that motivation and engagement were high.

“It becomes a lot easier to get information on which deals we have in the pipeline as well as who to contact with a tool like Pipedrive.

“Previously sales would have to know by heart who was talking to who, and it was very dependent on the individual to know who was talking to who. There was simply no structure, and Pipedrive helps us know what we need to do and when.”

Pipedrive provides a detailed view when team members need it, while Plecto cuts through the data to show stats that are relevant to the entire team.

“The great thing about Plecto is it gives you a very fast overview of the whatever KPIs you are observing.

“Pipedrive is great for everyday use, but if you want a very fast view without logging in Plecto is ideal. It creates instant transparency to your real-time performance and makes it easy to adjust your strategy.”  

Growth comes when you focus on the right opportunities

When it comes to scaling, not all opportunities are made equal. 

One way to identify which opportunities are worth pursuing is by establishing routine workflows and sales processes. With the help of Pipedrive, Jesper and his team were able to establish systems for prioritizing their activities.

The team uses custom fields in Pipedrive for a subjective evaluation of each lead’s value. The tier system is measured on a scale of 1 to 4, with 4 being ‘most likely to sign’, and is entered into Pipedrive along with each new lead. 

Over a year ago, Mybanker’s sales team would chase just about any deal without considering long-term potential. In applying this custom ranking system, all salespeople get access to a metric that determines the potential return, helping them judge how much time should be spent and, if necessary, to spend their time on another deal instead.

A lot of preparation is involved before a prospect becomes a client. Prioritizing leads has helped their team spend more time focusing on the deals that matter, and avoid investing days or weeks in proposals for prospects who aren’t likely to close.

In addition to optimizing their use of time, having a clearly defined sales method has also helped Mybanker triple their number of salespeople in just half a year.

“When we started using Pipedrive around six months ago, we had one person in the sales team, now we are looking for a fourth.

“I am confident saying that collaboration and optimization of time spent has improved. Now it is very easy to identify who is responsible for which bank deal and before people would mix up banks or deals.” 

Going beyond custom fields and deal-ranking 

Continuous success is essential to the longevity of Mybanker. Without a proactive approach to deliver ongoing value to existing partners, it would not be where it is today. 

Relationships with partners need to be long-term in order to deliver value to private consumers and often come with plenty of new opportunities. In order to take full advantage of opportunities with new and existing partners, Mybanker’s sales team divides these responsibilities into two customized pipelines in Pipedrive. 

Custom pipelines for post-sales opportunities

When it comes to acquiring partners, Mybanker’s pipeline for new leads is customized to suit the complexity of signing on a financial institution. Compared to other industries with sales cycles that last days or weeks, this process can take several months. Rigorous research comes first, and after narrowing down the search to potential partners the actual sales process begins.

  1. Identifying a Lead
  2. Initial Contact
  3. Meeting
  4. Business Case
  5. Getting a Signature
  6. Setting Up

Meanwhile, Mybanker’s customer success pipeline starts with identifying potential problems that may cause a partner to leave, or opportunities for further collaboration with that bank. 

For example, most banks have multiple branches, and one potential opportunity that would land a partner in this pipeline is the possibility of expanding the partnership to other branches. Mybanker approaches existing customers for new forms of partnerships with as much effort as they reach out to new ones, and data confirms that this is the right approach.

According to a study conducted by Frederick Reichheld, the creator of the net promoter score (NPS), increasing customer retention rates by as little as 5% boosts profits by 25%—Returning customers often spend more with a company over time. In Jesper’s own words, without their rigorous approach to customer success, Mybanker would not exist.

“We know what we need to do and when”

With the Plecto and Pipedrive integration Mybanker, has their essential KPIs at their fingertips. Mybanker executives like Jesper can track progress and dive in when help is needed. When it comes to performance metrics and sales reporting, less is often more, and with the help of visual tools like Plecto and Pipedrive, Jesper and his team have filtered the data they need to focus on the activities that close deals.

CRM Financial Services
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