Sramana Mitra: Why don’t we do a couple of more scenarios and, specifically, highlight stuff that your technology can do that other ways of trying to achieve the same goals cannot deliver.
Josh Koppel: The first thing is paper.
Sramana Mitra: Brochures. You hand out brochures, and brochures are just not engaging and interactive.
Josh Koppel: Also, there’s two other big issues. There’s no analytics. Once you print it, you don’t know how it’s being used and the second thing is as soon as you print it, it’s outdated. Just the amount of money that these companies were spending on printing was outrageous because every time something changed, not only did they have to reprint everything but they actually also have to destroy the material because this is a totally regulated environment. It has to actually go away or there are consequences. Those two things were hugely valuable to pharmaceutical companies.
Sramana Mitra: Is pharma your only category?
Josh Koppel: I have others.
Sramana Mitra: Let’s do something from a different vertical. I imagine much of the scenario is probably the same. Are you still talking mostly about sales enablement and sales empowerment kind of use cases?
Josh Koppel: I am but I have a bunch of other use cases that I think are really useful. Another one is financial services. What we found was that they were trying to explain a very complex story about de-risking. The idea being that a product that allowed companies to make sure that their pension funds would always be liquid and not under water. They did this with PowerPoint. What they would do is they have these very long conversations. They go through these 200-page PowerPoint decks.
What happened was they would have a good first meeting. They leave the meeting thinking that the conversation went well, and they go home. They go home and they’d have another meeting with a customer. At the end of it, they try to get another meeting. Three weeks might have passed. Anything that was exciting or hot about that meeting was now cold. A warm lead essentially got cold.
What we did was we built that story and we built it in a way that allowed for a conversation where while they were talking to the customer, they could just ask for those numbers right in front of them. They could basically put the numbers in a scenario modeller and suddenly have a conversation that was not only relevant to them but also highly graphic and highly understandable. What was interesting was that once they have enabled their customers with an iPad, they came back to the same customers that they had visited with the PowerPoint. What they found was that those customer bought. They bought because they finally understood the story.
Building that stuff in PowerPoint and having to spend a very long time in between telling the story and actually seeing the result of the story, to take that and compress it from three weeks to five minutes completely changed the experience. They ended up basically making millions of dollars from the same customers that had before rejected the flat content. When it was brought to life with interactivity and touch, it was successful.