oDesk Sales Growth - Case Study

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This case study was prepared for the Mercato Sales Summit in Salt Lake City on February 5, 2010. The presentation describes oDesk's rapid sales growth and several tips that might be helpful for increasing sales at your company.

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  • 99edsk.com -OutSource your Next IT project.

    Using this service you can find the suitable freelancer or an IT company around the globe to work on your freelancing project. Service Buyers can find the experienced & skilled professionals to do their projects with either full time or a part time resource.
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oDesk Sales Growth - Case Study

  1. 1. QuickTime™ and a None decompressor are needed to see this picture. Brian Goler www.odesk.com brian@odesk.com Mercato Sales Summit February 2010
  2. 2. QuickTime™ and a None decompressor are needed to see this picture. 2 What is oDesk? oDesk is the marketplace for online work teams with the best business model for both buyers and providers – For buyers: Guaranteed work Every hour billed is an hour worked – For providers: Guaranteed payment Every hour worked is an hour paid Background • 28 Employees, 80 remote oDesk consultants • HQ in Menlo Park, CA • Funded by Benchmark, DAG, Globespan, & Sigma; raised $29MM to date ($15MM in the bank) • Started in 2002 Where are we today?  Over 450,000 tested and rated knowledge workers representing hundreds of technical disciplines & skills  Both individual freelancers and development companies from 150+ countries  Buyers post both Time-Based assignments and Fixed Price Jobs  Buyers pay for verified hours worked or for milestones delivered  Avg. time to hire is <4 days; Avg. # candidates per job is >20 Over $121MM in gross services performed….Over $121MM in gross services performed….
  3. 3. QuickTime™ and a None decompressor are needed to see this picture. 3 Demo “oDesk is a great way to make it feel like an employee who is across an ocean is working inside your local office” Guaranteed Work = Guaranteed Payment Activity Logging shows keyboard and mouse events in each screen shot interval See work as it is being done Unprecedented Real-time access and collaboration with team Pay only for verified work done
  4. 4. QuickTime™ and a None decompressor are needed to see this picture. 4 Rapid and accelerating growth Hours Worked by Week 10/06 – Eliminated sales team of 4  +450% over last 2 years  YoY marketing spend +30% 2007 - 2009
  5. 5. QuickTime™ and a None decompressor are needed to see this picture. 5  Online acquisition marketing – Paid search – SEO – Retargeting  Word-of-Mouth – Social media & promotions – Viral features – Referral programs  Partnerships / Third-party integrations How do we acquire Buyers? Sales Force
  6. 6. QuickTime™ and a None decompressor are needed to see this picture. 6 Direct (WOM) channels driving growth BSUs by Channel 0 500 1,000 1,500 2,000 2,500 12/0911/0910/0903/0902/0901/0912/0811/0810/0809/08 Other Ref. Sites CPC Organic Direct 06/09 07/09 08/09 09/0904/09 05/09
  7. 7. QuickTime™ and a None decompressor are needed to see this picture. 5 Tips to Sell More
  8. 8. QuickTime™ and a None decompressor are needed to see this picture. 8 1. Make your product easy to buy  Turn-offs – Long-term contracts – Up-front payments – Complexity  Turn-ons – Free trials – Easy-to-use, self-service options – Insight
  9. 9. QuickTime™ and a None decompressor are needed to see this picture. 9 2. Price it right Hours Worked by Week Initial Pricing ~30% of Hourly Total Charge 5/05 – Fees reduced to 23% 11/06 – Fees reduced to 10%
  10. 10. QuickTime™ and a None decompressor are needed to see this picture. 10 3. Leverage your extended community  Who? – Users, partners, investors, team members, other influencers  How? – Referral and affiliate programs – Social applications and social marketing – Platform extensions (APIs) Create positive experiences that people want to talk about and give them tools to do it Create positive experiences that people want to talk about and give them tools to do it
  11. 11. QuickTime™ and a None decompressor are needed to see this picture. 11 4. Harvest demand before generating it 111111 Events SEM Viral Features & SMM SEO Referral Program PR Affiliate Program Radio Email Direct Sales Higher Lower Intent Products and services are increasingly bought and not sold Lower Higher CPA
  12. 12. QuickTime™ and a None decompressor are needed to see this picture. 12 5. Take care of existing customers 0% 10% 20% 30% 40% 50% 60% 70% 80% NPS 1/1/107/1/091/1/097/1/081/1/087/1/071/1/07 # Promoters - # Detractors # Responses NPS = Score 9 or 10 = Promoter 7 or 8 = Passive 0 to 6 = Detractor Where… “It's like winning the lottery on your birthday.” “It sure would be helpful to have 24-7 chat service when I have problems.” “I wish you offered Paypal. I almost didn't try your service. But otherwise I like the experience..”
  13. 13. QuickTime™ and a None decompressor are needed to see this picture. 13 Thank you!  Questions?  More questions? brian@odesk.com  Want to try oDesk? Visit www.odesk.com

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