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Building a channel while driving a $1 billion direct selling machine (David Kubick, LogMeIn)


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SaaS Connect 2019 (San Francisco, CA).

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Building a channel while driving a $1 billion direct selling machine
by David Kubick, Vice President Sales, Channels, Business Development, LogMeIn

Published in: Marketing
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Building a channel while driving a $1 billion direct selling machine (David Kubick, LogMeIn)

  1. 1. 0© 2019, LogMeIn, Inc. DAVID KUBICK VICE PRESIDENT, SALES | CHANNELS | BUSINESS DEVELOPMENT MARCH 26, 2019 “Building a Channel while Driving a $1 Billion Direct Selling Machine”
  2. 2. 1© 2019, LogMeIn, Inc. David Kubick “Go-To-Market Voyager”
  3. 3. 2© 2019, LogMeIn, Inc. LogMeIn at a Glance 28M monthly users 535K collaboration solutions subscribers 500M+ Annual connections for IT managers with Central 16M+ users worldwide rely on LastPass 1B customer interactions 55K+ customers worldwide Customer Engagement & Support Unified Communications & Collaboration Identity & Access Management
  4. 4. 3© 2019, LogMeIn, Inc. LogMeIn’s Evolution • Freemium pioneer • Prioritized annual subscriptions • Revenue grew to $140M • Employees increased to 575 • Market cap scaled to $500M • Ramped inside sales force • Disciplined pricing and packaging • Revenue grew to $272M • Employees increased to 1,000 • Market cap scaled to $1.7B • GoTo merger created a scaled leader • Playing in larger markets • Further acquisitions put right pieces in place • Distinguished FCF and capital returns • Revenue grew to $1.2B • Employees increased to 3,500 • Market cap scaled to $4+B 2003 – 2012 2013 – 2015 2016 – 2018 Start-Up Success Becoming SaaS at ScaleMaturing Public Company Founded in Budapest as 3amLabs Launched Remote Access Free Relocated HQ to Boston Launched Rescue IPO Launched Acquired LastPass Pro Monetization Completed GoTo Merger Acquired Jive Acquired Nanorep • Organizational transformation – streamline business and operations to align to the opportunities at hand • Capture significant share of secular cloud and digital transformation trends • Double digit revenue growth, 30%+ EBITDA 2019 – 2021 Market Leadership Brand Consolidation Growth Acceleration Margin Expansion
  5. 5. 4© 2019, LogMeIn, Inc. Wait, “Build A Channel”? Who Would Ever Want To Do That?
  6. 6. 5© 2019, LogMeIn, Inc. I. Legal & Finance: “Controlling Authorities” The General Counsel and CFO Posed The Following Questions: • “What’s Your Strategy?” • “Why Are We Doing This Again?” • “What Risk(s) Will We Have?” • “How Disciplined Is Your Program?” • “What Is The Remuneration For Partners?”
  7. 7. 6© 2019, LogMeIn, Inc. II. Set & Socialize Reasonable Goals & Expectations: “A Voyage With Several Points-On-The-Map” Program Mortality Is High Without The “Upfront Contract” with What You Are Going To Do – and By When!
  8. 8. 7© 2019, LogMeIn, Inc. III. Channel 101: “The Hearts & Minds Campaign” • Focus On “Motions”, Not “Channel Lexicon” • Promote Advocates; Insulate Detractors • Met with All Functional Leaders and High Profile Influencers
  9. 9. 8© 2019, LogMeIn, Inc. IV. Define Partner Value Tell Them. Tell Them Again. Tell Them What You Told Them. The Definition Of Partner Value For Us Is: • Something we can’t do. • Something we don’t want to do. • Something that the Partner can do better.
  10. 10. V. Get A Mandate “Executive Declaration Of Commitment To Partnering” • Agree and Commit or Disagree and Commit – Either Way, COMMIT. • “We Will Have Three Legs To Our Go- To-Market: Direct, eComm and Partnering.” – Marc van Zadelhoff, Chief Operating Officer
  11. 11. 10© 2019, LogMeIn, Inc. VI. Conscript Functional Stewardship of Program “It Takes A Village” • Conscript The Functional Leaders and Doers • Accountable For Co-Authoring “Strategy Map” • Linking Partner and Business Priorities To Functional Execution
  12. 12. 11© 2019, LogMeIn, Inc. VII. Less Is Sometimes More “Build A Stronger Net, Not A Bigger Net” • The Measure Of A Solid Program is NOT Dusty Logos • Scalable & Sustainable: • Will this Partnership make sense a year from now? • Time-based Partners cost us money, resource & time! • Vertical & Domain Expertise: • Affinity for our Value Proposition • Proximity to “End User Real Estate” in specific industries or market types • Mutual Benefit & Parity: • Sponsorship and potential for depth and breadth • “Give” something of value to “Get” something of value
  13. 13. 12© 2019, LogMeIn, Inc. VIII. Building Your Channel Team “Partner DNA Is Essential”
  14. 14. 13© 2019, LogMeIn, Inc. IX. Analytical Rigor “Let The Data Do The Heavy Lifting” • Earn Trust From The Business By Anticipating Their Need for Granularity, By Time Period; By Partner Type; By GEO; By Business Unit; By Product, etc. – New Partners Signed – # Of Applications To Partner – % Of Active Partners – Total Pipeline, By Deal Stage – % Of Revenue Positive Partners – By Partner Maturity Stage – # Of Registered Deals – Average Deal Size – Lead To Close Conversion Rates – Average Sales Cycle – Average Discount or Commission %
  15. 15. 14© 2019, LogMeIn, Inc. X. Understand The “Motions” of Your Products • “Reverse Engineer” To The Ideal Partner • Who Buys Your Products and Why? • What Is The Division Of Labor Between You and Partner?
  16. 16. 15© 2019, LogMeIn, Inc. “Soooo, How’d It Work Out For Ya, Dave?”
  17. 17. 16© 2019, LogMeIn, Inc. . . . Highest Average Deal Size; Highest Conversion Rates; Greatest Propensity for Multi-Product Deals . . . 171% Performanc e To Plan FY18 300% Growth Since Launch 1,000+ Alliance & Affiliate Partners
  18. 18. The Voyage Will Not Be Easy, But It Is Worth It! Thank You!