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TECHNOLOGY CASE STUDY

Splunk Sees $120M Revenue Boost From Partnering With Customers on Value Selling and ROI/TCO

SPLUNK | San Francisco | 3,000+ employees

The Challenge

Splunk Inc., the leading provider of real-time operational intelligence software, was growing at a rate of 50% per year – with customers in more than 100 countries using its software to deepen business and customer understanding, mitigate cybersecurity risk, prevent fraud, improve service performance, and reduce costs.

In the midst of great success, the company saw three opportunities for continued growth:

  1. Help customers prioritize how they could use Splunk in more areas of their businesses – beyond
    their initial applications
  2. Motivate prospects to accelerate their decisions to purchase Splunk
  3. Reduce the ramp-up time for new reps

By clearly articulating the value of the technology and helping customers build a business case, the company knew it could convince customers to prioritize the purchase of Splunk, shorten sales cycles, and obtain the larger orders it needed to achieve its aggressive growth targets.

The Solution

To prioritize and support its shift from product-led to value-centric selling, Splunk formed a Business Value Consulting Group dedicated to developing Splunk’s value positioning, messaging, and financial justification. It also engaged directly in large deals to develop CFO-ready business cases. In order to scale value selling to Splunk’s worldwide sales team, the Group selected Mediafly to build their financial justification/ROI tools.

QuoteMarks“We chose a partner who had a deep level of expertise in helping companies deploy easy-to-use, collaborative, value storytelling and benefit ROI calculators. Within six weeks, we launched our tool to a pilot team and began seeing results.”

Doug May, Director at Splunk Inc.

The Result

Splunk’s Mediafly-powered value selling program has been wildly successful in helping the company address its three key opportunities by making it easier than ever for sales reps to have business value conversations with prospects. Customers quickly see the value Splunk can bring to their businesses, and as a result, Splunk’s average order sizes have doubled. The company has also shaved 30-90 days off of its sales cycles and is ramping up new hires faster than before.
With just a handful of resources, the Splunk team has leveraged Mediafly’s technology and services to deliver a simple, self-service catalog of ROI/TCO tools. The program has resulted in sales reps engaging more often and partnering with customers and prospects on value analysis and delivery with:

  • Over 1,500 business cases to prospects last year
  • 730 business cases in the last quarter alone
  • Influence on over $120M in annual new business revenue each year

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