The Sales Playbook That Turbocharged Outreach from $0 to $200M ARR
Our November NY Enterprise Tech Meetup focused on a topic we’re particularly passionate about at Work-Bench: enterprise sales and go-to-market tactics.
Vanta is an automated security and compliance platform that helps companies scale security and automate compliance for the most sought-after standards like SOC 2, ISO 27001, HIPAA, and GDPR. Born in 2018, Vanta now has $203 million in venture funding, earning $100M in ARR in five years, and 7,000+ customers, including Chili Piper, Splash, ZoomInfo, Quora.
We caught up with Sanjay Padval, Group Product Manager at Vanta, who has been a part of the team since 2021 to get his perspective on what this journey has been like building and scaling products from startups all the way to enterprise customers.
Vanta started out serving startup customers and then transitioned to scaled-out, enterprise-grade product.
“Vanta saw all of these companies coming out of YC and raising their Series A, yet relying on manual work and consultants to achieve their critical compliance goals to sell to bigger companies. Incredibly enough, this was a greenfield opportunity where we had incredible early success. But in time, new entrants started to enter, creating competition, downward pricing pressure, and turning conversations into feature battles.”
After playing the feature battle for a bit, the team was able to take a step back and realize the product's core features were good enough in serving their customers’ critical needs. In order to build a great product from a usability perspective, you also need to compliment that product with a proper, strategic narrative/messaging that differentiates it from the tail biters and provides real customer value.
For Vanta, this meant building a narrative of how their product could solve customer’s long-term needs and be part of their long-term vision. Sanjay’s advice here was not to sell one feature, even if that’s all the customer is asking for. Instead, sell the narrative of how your product(s) can grow with the customer by answering, “How can we help them scale?” and the larger vision on how your product(s) will contribute to the customers’ bottom line success.
A few years later, Vanta noticed their product wasn’t well-equipped to scale with customers beyond ~200 employees and these emerging mid-market customers started complaining that the product would break down as they tried to do more.
The team came to three realizations:
In addition, the company spun up a small team to explore what additional products they could build beyond the mid-market segment and into the enterprise. This was important as it takes time to start to sell into these companies.
To drive this new mission to move upmarket and introduce Vanta into the enterprise, Vanta’s process looked something like this:
Once the core experiences were validated, they could ship and continuously iterate on feedback to ensure that the product is best in class. This process led to the incubation and introduction of new products such as - Trust Centers, Questionnaire Automation, and Vendor Risk Management - that have been instrumental in unlocking new wedges into the enterprise.
Just a reminder, this isn’t as easy as following a quick few-step process, but instead takes a lot of testing and iteration:
“We failed to build out our first enterprise product multiple times before we got it right. But we took those learnings and applied them to our next set of ideas.”
Sanjay shared four key tactics that has served him and his team best through this upmarket evolution:
While Sanjay has been a Product Manager for 10+ years, his career has taken him from big tech companies (Facebook and Box) to startups. During that time, he’s learned the most important qualities of PMs, no matter what their background (he expressed many of the best PMs he’s worked with are actually from non-technical backgrounds), include:
If you’re an early-stage enterprise founder or operator — connect with us directly or check out our events page to get involved with our Work-Bench community.