Paylocity
Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based HR and payroll software solutions headquartered in Schaumburg, Illinois. Ranked No. 9 on Fortune’s 2020 “100 Fastest-Growing Companies” list and known for its unique culture, Paylocity has been on a steady march to surpass industry behemoths in a $20 billion marketplace. Paylocity accompanies over 25,000 clients on the journey to create great workplaces and help people achieve their best through automation, data-driven insights, and engagement.
Results at a glance
- Significant increase in rep productivity, deal size and First Time Appointments (FTAs)
- Exceeded quota in YE2019 and YE2020
The Challenge
Although Paylocity has been selling to larger customers throughout its 23-year history, the company recently became intentional in establishing its brand and credibility in the enterprise space. This requires the sales team to call higher.
Plus, in the remote selling environment, prospects are busier than ever. Paylocity implemented the ValueSelling Framework to engage people’s attention and go directly to the heart of what matters to businesses — measurable business impact.
Business issues
- Establish its brand and credibility in the enterprise space
- Call-on and engage C-suite executives
- Increase sales productivity with the newest sales associates
We’ve used the power of value-based selling to stop the price war and to create personal and business value for prospects, which allowed us to take the average deal and improve it over a year ago…by selling on value, not leading with price.
The Solution
The ValueSelling Framework gives the sales team a clear, concise and consistent method to managing conversations. As they used ValueSelling, their overall confidence level grew. Business conversations with a more sophisticated buyer went from good to great.
ValueSelling proves valuable for in-house communications. Armed with a completed ValuePrompter, Paylocity’s executives are educated and knowledgeable before a sales call with a prospective client. This executive alignment helps facilitate purposeful conversations with decision-makers that often push the deals “over the edge.”
The Results
A dramatic productivity increase in the Immediate Impact Group (reps that have been with Paylocity for 12 months or less) is most compelling. “Year One is very challenging, especially in enterprise sales where it’s common to have a 6- to 9-month sales cycle. If we can get reps to their second and third years here, they experience substantial success, both personally and professionally,” said Ryan Bonvillian, Regional VP of Sales, Paylocity Enterprise.
Only two people have left in the past two years out of 49 account executives, making Paylocity’s 96% retention rate unheard of in an industry where commoditization of product, service and people is common.
- Significant increase in rep productivity, deal size, and First Time Appointments (FTAs)
- Exceeded quota in YE2019 and YE2020
