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Enterprise Technology Response to COVID-19 Survey

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Salesforce Ventures surveyed its portfolio of enterprise technology startups to learn how CEOs are leading their teams through these uncertain times.

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Enterprise Technology Response to COVID-19 Survey

  1. 1. Enterprise Technology Response to COVID-19 Survey April 2020 Powered by
  2. 2. 2 What is this survey? COVID-19 has ushered in a new era of uncertainty. We know many CEOs and leadership teams are making critical decisions now that they never expected to make, and for which there are no precedents. In such a time, we thought founders might want to learn from each other and determine new benchmarks. We surveyed the CEOs from our portfolio of enterprise tech startups and asked them about the strategic choices they are making. Topics fall into the following categories: taking care of your employees, taking care of your customers, taking care of your business, and taking care of your community.
  3. 3. Methodology Our enterprise tech startup survey was administered and collated by SurveyMonkey. Email invitations to participate were sent to Salesforce Ventures portfolio company CEOs. Breakdown of participants All 66 respondents are CEOs of Salesforce Ventures portfolio companies. Two-thirds of respondents are based in the US, with the rest from Europe, Canada, Asia-Pacific, and other. Some of the data was collected from a follow-on survey that had 41 respondents which had a similar composition to the initial survey that was administered. Employee Count Most Recent Round of Funding 3 Primary Sales Targets Mid Market & Above Small Business 86% 14%
  4. 4. Taking Care of Your Employees Working together to achieve your company’s mission while maintaining the focus on the health and well-being of your employees is more challenging than ever. We asked startup CEOs about their policies on remote work, sick leave, internal communications, and more. 4
  5. 5. 5 Employee-related Challenges TAKING CARE OF YOUR EMPLOYEES Top employee-related challenges CEOs are facing: Team Morale Internal Communications Remote Work Job Security
  6. 6. Nearly a quarter of the companies had 30% or more of their full-time employees working remotely before the virus. With COVID-19-related “shelter-in-place” and work from home policies, 95% of CEOs said all of their full-time employees are currently working remotely. Prior to the COVID-19 crisis, what percent of your full-time employees were remote full-time? 6 Remote Work TAKING CARE OF YOUR EMPLOYEES
  7. 7. 7 In general, are you more optimistic or pessimistic about the efficacy of remote work? Remote Work TAKING CARE OF YOUR EMPLOYEES
  8. 8. 8 As your employees are working from home, what resources or benefits has your company offered? Remote Work TAKING CARE OF YOUR EMPLOYEES 80% of companies are providing additional resources to their employees.
  9. 9. The majority of companies are conducting weekly company-wide meetings and providing daily updates via chat apps. 9 How often are you communicating in each of the following ways on how your company will handle business complications due to COVID-19 to your employees? Internal Comms TAKING CARE OF YOUR EMPLOYEES
  10. 10. 10 How often does your COVID-19 working group meet? Internal Comms TAKING CARE OF YOUR EMPLOYEES 73% of companies have formed dedicated teams to handle their COVID-19 response, and most of these teams meet more than once a week.
  11. 11. 11 Does your company have a COVID-19-specific sick leave policy? Have you communicated a contingency plan to your team for if employees get sick or need to take time off to care for a sick family member? Health & Wellness TAKING CARE OF YOUR EMPLOYEES Yes No 34% 66% Yes No 55% 45%
  12. 12. Nearly all CEOs surveyed have said they are actively working to help employees feel more connected and trying to find new ways to boost morale. More than a quarter offer additional wellness resources and/or benefits. Which of the following is your company doing differently as a result of COVID-19 to encourage wellness and mindfulness? 12 Health & Wellness TAKING CARE OF YOUR EMPLOYEES
  13. 13. Remote Work 🔗 5 Things to Help Our Employees Navigate Work A recap of what Salesforce is doing to help our employees navigate their work during COVID-19. 🔗 Trailhead Virtual Collaboration Module Learn how to collaborate distributed teams and manage remote employees on Trailhead. 13 Internal Comms 🔗 Salesforce Care: Employee and Customer Support Free 90 day crisis support for customers and employees. 🔗 SurveyMonkey Survey Templates Check in with the people you serve with new survey templates specifically related to COVID-19. 🔗 5 Positive Things SaaS CEOs And Leaders Should Do To Get Through COVID-19 From Nick Mehta CEO of Gainsight Health & Wellness 🔗 Tableau COVID-19 Resource Hub Free data resource hub to help organizations see and understand COVID-19 data in near real-time. 🔗 Trailhead Wellbeing Trailmix: Creating Peace While in Pieces Changing the mindset with learning and calm via Trailhead. 🔗 B-Well Leading Through Change: B-Well Together, a Health & Wellbeing Video series featuring resources and coping skills from leading wellbeing experts. Sessions are hosted live each day. Resources TAKING CARE OF YOUR EMPLOYEES
  14. 14. Taking Care of Your Customers Customer success is always important, but in times like this, it’s critical. We asked startup CEOs about the concerns of their customers, as well as upcoming changes to their customer success and marketing strategies. 14
  15. 15. 15 Customer Concerns TAKING CARE OF YOUR CUSTOMERS Top concerns CEOs are hearing from customers: Business & Economic Uncertainty Budget Freezes Business Survival Job Security Prioritization & Mind Share
  16. 16. 16 How often are you currently communicating to your entire customer base (e.g. via social media, email) around each of the following? Customer Communications TAKING CARE OF YOUR CUSTOMERS
  17. 17. 🔗 Salesforce Care: Supporting Small Businesses Through COVID-19 Recovery Salesforce is offering a number of resources including Small Business Grants and access to Salesforce Essentials to help small businesses recover and support their resilience. 🔗 Customer Communication in Times of Crisis Five tips to help you formulate a plan that communicates the impact of a situation and next steps to your customers. 🔗 Maintaining Customer Relationships Remote Some tips from Salesforce's Chief Adoption Officer Polly Sumner on how to maintain customer relationships while working remote. 🔗 5 Best Practices For Crisis Communications During COVID-19 Gainsight shares best practices for customer communication. 17 Resources TAKING CARE OF YOUR CUSTOMERS
  18. 18. Taking Care of Your Business The decisions you’re making now will have long-term implications. In the absence of clarity, it’s hard to know the right moves to make. We asked startup CEOs about the challenges they’re facing and the changes they’re making. 18
  19. 19. 19 Business Challenges TAKING CARE OF YOUR BUSINESS What are the top business challenges you are facing right now? Sales & Pipeline Forecasting Hiring & Layoffs Financing & Cash Runway Travel & Events
  20. 20. 20 Here are some strategies they’ve implemented: Focusing efforts on industries that are less likely to be negatively impacted by the crisis. Respondents mentioned online learning, food and grocery delivery, and governments as potentially safer targets. Pausing outbound prospecting to conserve resources for lower-risk sales, such as retaining and upselling existing customers, as well as closing near-term opportunities. Reducing previous time commitment requirements and pricing minimums to help buyers get to “yes” more easily. Building more efficiency into the collections process. Business Strategies TAKING CARE OF YOUR BUSINESS 84% of companies have shifted their sales strategy due to COVID-19.
  21. 21. 21 Sales Strategy TAKING CARE OF YOUR BUSINESS How have you shifted your sales strategy? The data for this question was collected from a follow-on survey that had 41 respondents.
  22. 22. Have you implemented any payment deferral programs for customers that can't pay due to COVID-19-related economic hardships? 22 Business Challenges TAKING CARE OF YOUR BUSINESS Yes No 35% 65%
  23. 23. Roughly a quarter of respondents expect bookings to be flat or up this year. More than 40% of respondents expect bookings for the year to decrease by 26% or more. 23 Where are you forecasting bookings for the year? Business Challenges TAKING CARE OF YOUR BUSINESS
  24. 24. 24 Bookings TAKING CARE OF YOUR BUSINESS Where did you land in Q1 on bookings? Just over half of companies were at 76% of plan or better for Q1. The data for this question was collected from a follow-on survey that had 41 respondents.
  25. 25. 25 Forecasting TAKING CARE OF YOUR BUSINESS What are you forecasting for Q2? By contrast, roughly one-third of companies expect bookings to be 76% or more of plan. The data for this question was collected from a follow-on survey that had 41 respondents.
  26. 26. 26 Churn TAKING CARE OF YOUR BUSINESS Did you see an increase in gross churn in Q1? Yes No 33% 67% The data for this question was collected from a follow-on survey that had 41 respondents.
  27. 27. 27 Churn TAKING CARE OF YOUR BUSINESS By how much do you expect gross churn to increase this year? (e.g. so if your churn is currently 10%, and you expect it to be 15%, that's a 5% increase) The data for this question was collected from a follow-on survey that had 41 respondents.
  28. 28. 28 Pipeline TAKING CARE OF YOUR BUSINESS How has net new pipeline changed since the beginning of March? The data for this question was collected from a follow-on survey that had 41 respondents.
  29. 29. 29 Sales Cycles TAKING CARE OF YOUR BUSINESS Most common reasons for sales cycles getting pushed out: Loss of existing budget Reprioritization of budget Heavy services component requires in-person interactions Customer priorities are COVID-19 response Key customer decision makers or implementers laid off The data for this question was collected from a follow-on survey that had 41 respondents.
  30. 30. 30 Quotas TAKING CARE OF YOUR BUSINESS How do you plan to compensate reps for variable comp if they are under quota based on COVID-19? The data for this question was collected from a follow-on survey that had 41 respondents.
  31. 31. 31 Sales Compensation TAKING CARE OF YOUR BUSINESS Will compensation changes be: The data for this question was collected from a follow-on survey that had 41 respondents.
  32. 32. Half of the respondents are planning to freeze new hires, while 30% are hiring fewer new people than initially planned, and 16% will need to reduce headcount. How are you adjusting your hiring plan at this time? 32 Business Challenges TAKING CARE OF YOUR BUSINESS
  33. 33. 33 Revenue Opportunities TAKING CARE OF YOUR BUSINESS Have you been able to identify new revenue opportunities that previously did not exist? Yes No 71% 29% The data for this question was collected from a follow-on survey that had 41 respondents.
  34. 34. 34 Digital Transformation TAKING CARE OF YOUR BUSINESS Do you believe that COVID-19 is accelerating digital transformation and will create a tailwind for your business? Yes No 90% 10% The data for this question was collected from a follow-on survey that had 41 respondents.
  35. 35. 35 Travel TAKING CARE OF YOUR BUSINESS By how much do you expect sales travel to decrease? The data for this question was collected from a follow-on survey that had 41 respondents. 59% of companies expect a decrease in travel for sales post-COVID-19.
  36. 36. 🔗 Leading Through Change Salesforce blog series with thought leadership, tips, and resources to help manage your business in a time of need. 🔗 Salesforce Care Solutions Free product offerings from Salesforce to help companies in any industry stay connected to stakeholders, even when everyone is working remotely. Includes Employee and Customer Support, Social Community Engagement, Philanthropy, Salesforce Essentials, and Tableau. 🔗 NVCA Coronavirus Information and Resources for VCs and Startups from the National Venture Capital Association. 🔗 Small Business Resources A list of resources to lead your startup through the COVID-19 pandemic. 36 Resources TAKING CARE OF YOUR BUSINESS
  37. 37. Taking Care of Your Community Reaching out to our community in times of struggle reminds us that we’re all connected. We asked companies how they are giving back to their own communities. 37
  38. 38. 38 Healthcare institutions Small and/or local businesses Educational institutions Governments First responders, frontline workers, non-profits Giving Back TAKING CARE OF YOUR COMMUNITY The most common answers for which groups receive discounts or free services: 59% of companies are offering discounts or free services to select groups or customers. Entire customer base, general public
  39. 39. 🔗 How To Reach Out and Help Those in Need: Virtual Volunteer Opportunities A resource guide full of ways to give back while you are remote. 🔗 Salesforce Care: Philanthropy Platform Give employees the tools to give back to their communities with Philanthropy Cloud, free through September 30. 🔗 Startups Are Supporting Those in Need With Special Access to Products During COVID-19 Products, solutions, and resources available from Salesforce Ventures portfolio companies. 39 Resources TAKING CARE OF YOUR COMMUNITY
  40. 40. Enterprise Technology Response to COVID-19 Survey www.salesforce.com/ventures | @SalesforceVC

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