How a Financial Media House Achieved 20% Increase in Revenue using Kylas
Nishant Mishra
Co-founder, MoneyNotSleep
About MoneyNotSleep
MoneyNotSleep is India’s 1st Financial Media House uniquely designed for Part-Time Traders. Founded on 8th December 2020, MoneyNotSleep provides core financial news updates about investment & trading-related opportunities, news and market predictions on best-performing stocks, equity, bonds, or companies.
Challenges
Amidst Covid, MoneyNotSleep started out by creating a platform for all the potential investors that wanted to create wealth on various trading platforms. However, as a growing business, MoneyNotSleep faced several challenges on a daily basis.
One of the main challenges that they faced was managing a huge amount of fragmented data. As the team was using Excel to store all the customer records, getting an overview of leads and deals and where they are in their journey was nearly impossible.
Another challenge that the sales team faced was following up with prospects.
“With numerous deals going on, it became difficult to follow up with every prospect, and we started missing out on conversions.“
Additionally, they also faced challenges in improving the sales team’s efficiency when they were out on the field.
The lack of mobile access hit us hard. With our sales team juggling appointments while on the road, it was crucial for them to review and update the status of deals from anywhere. Following up and keeping track with the leads was getting difficult.
As a result, meeting sales targets was getting tougher, and limited business growth.
Besides, the management could also sense a lack of Team Collaboration in closing Deals. There was a visible gap in internal communications. There were times when the sales reps were missing important bits of information due to lack of communication within the team.
Like most of the businesses during the pandemic, transitioning from an office-based setup to remote workforce was not easy either. Monitoring the daily activities of remote sales team and coordinating with them seemed like an uphill battle.
The Management realized they needed to reassess its technology strategy in order to overcome the challenges and scale. MoneyNotSleep needed a solution that offered scalability, integration, structure, efficiency, value, and flexibility to tailor to bespoke needs. They also needed a platform that could help them improve customer experience.
Why Kylas
Before Kylas, MoneyNotSleep had tried various applications from other providers that seemed difficult to manage, were very rigid, or were hugely expensive. Kylas offered them an easy-to-use CRM that not only had a full stack of features but was easy on the budget too.
My own company is a startup and I have an affinity towards startups. So, when I heard about Kylas I decided to try them out. Kylas had all the features we wanted at a far more affordable price. Ease of use and quick implementation were other factors.
How Kylas Helped
When the pandemic struck, MoneyNotSleep was faced with the inevitable reality of working from home. This made coordinating with remote sales teams difficult. However, with Kylas, collaborating across distributed sales reps was easier. This has a positive impact on the team’s performance.
Kylas provided a holistic view of their customers by helping them centralize data. Now, their sales team could track each stage of contact with leads, customers, and deals. They could also track their customer’s behaviour and find the best ways to value add to a customer’s needs. What was earlier a fragmented process is now transformed into a fully-integrated system that gives managers full control and visibility.
Kylas has been a great solution to solve our problem of keeping track of customer details and following up with them.
The multi-metric & multi-dimensional Reporting feature in Kylas helped their sales team generate reports on performance & sales forecasting. It was also easier to track progress than before when things were manual. Their sales manager could now track the sales team’s activities and productivity better while working from home.
Kylas has made data importing a very smooth sailing process. Since their Leads databases were from external sources, the sales team had to import a huge amount lot of data. But with Kylas, importing data from spreadsheets reduced a lot of manual tasks and saved time.
Nishant recalls how due to hours spent on closing routine and manual tasks, a high amount of selling hours were lost. The productivity of the sales team suffered. With the automation that Kylas offers, the sales process pipeline also sped up.
After implementing Kylas, the sales team started leveraging the full potential of Kylas’s automation capabilities to take over a number of activities currently executed manually.
Kylas has made our sales team more efficient and effective by automating their daily activities, reducing manual efforts and saving time. Now our sales team can focus more on selling.
I am excited to say that with Kylas, the sales activity has increased by a whopping 150% in the last 3 months. Not just that, the revenue also went up by 20%. Kylas has allowed us to support clients better in the selling process, in turn, leading to greater customer satisfaction.
They also witnessed better inter-team communications. Kylas helped us to see the whole customer journey and make necessary corrections wherever necessary.
Additionally, Kylas mobile app made curating client information all the more convenient, helping our sales team on the go. Kylas allowed us to better support clients in the selling process, that in turn led to greater customer satisfaction.
Now, as they look back on the journey with Kylas, Nishant feels they have a better flow of information within our organization. This has positively impacted the customer experience of the end-user.
Road Ahead
From last year to this year, MoneyNotSleep is proud to illustrate 700+ Clients in less than a year, where 84.72% were part-time clients and 15.28% were full-time. Not just that, the business witnessed an 82.5% Renewal Rate of Investors.
Nishant is confident that with Kylas, the management will continue to scale the business, improve operations, and foresee better clarity in business opportunities.
[ssba-buttons]
