Startups often face the challenge of scaling while maintaining operational efficiency. Spenmo, an all-in-one cloud corporate spend management startup, recognised the immense potential in their solution but was wary of the risks associated with rapid scaling. In 2022, the company’s valuation crossed the $500 million mark, highlighting their commitment to growth and innovation. To navigate this journey successfully, Spenmo undertook a transformative path that involved consolidating domains, implementing CRM solutions, and harnessing the power of marketing automation. In this blog post, we’ll explore how Spenmo overcame its challenges and optimised its processes for growth.
Company Background
Spenmo is an all-in-one cloud corporate spend management startup that provides company cards, local & overseas invoice payments, approval-based spending and accounting automation. It caters to the SMBs market through B2B payment automation and management, consolidating various corporate payables into one sleek interface. In 2022, the company surpassed $500 million in valuation.
Industry: Software & Technology
Company Size: Enterprise (200+ employees)
Founded: 2019
HQ: Singapore
The Challenge
Spenmo needed a powerful solution that can support scaling their business growth. Managing multiple domains and agencies made it challenging to assess overall website performance and plan effective campaigns. Additionally, manual tasks and inefficient processes burdened the sales and customer success teams, hindering their ability to capture leads effectively.
The management looked at their business from the long term perspective and was searching for ways to not only efficiently serve their current needs but also to avoid possible tech bottlenecks while scaling up.
The Solution
1. Consolidation of Domains
Spenmo took the bold step of consolidating multiple domains onto a single platform. This move provided a 360-degree view of website performance, allowing the marketing team to optimise visitorship. As a result the marketing team saw a 1300% growth in new visitor sessions after the first 8 months.
2. CRM Implementation
The implementation of a Customer Relationship Management (CRM) solution played a pivotal role. It enabled marketing and sales teams to gain insights into potential customers’ interactions with Spenmo’s digital assets. This visibility streamlined lead handovers, as sales team members could track actions taken by leads, thereby evaluating sales opportunities more accurately.
3. Workflow Automations
Manual data entry for customer handovers was replaced with automated workflow processes. This not only eliminated the risk of human errors but also ensured that no crucial information was overlooked. Automation pipelines offered transparency and visibility, empowering Spenmo’s teams to make informed decisions for marketing campaigns and lead nurturing. The optimisation resulted in a 20% increase in the productivity of the customer success team.
What Triggered the Pivot?
Spenmo’s leadership team possessed a strong technical understanding, facilitating the smooth transition and alignment of company processes with marketing automation tools. Close collaboration among marketing, sales, and Customer Success Management (CSM) leaders was instrumental in developing a profound understanding of their leads’ lifecycle stages and the goals they aimed to achieve.
What's next for you?
Spenmo’s journey from a promising startup to a thriving corporate spend management solution provider demonstrates the power of automation in scaling a business effectively. With CRM and marketing automation tools the company was able not only optimise its operations but also empower teams to work efficiently and collaboratively.
“Lead Gen and CRM” by Constant Contact may become such a tool for your business. Moreover, our team, consisting of professionals in South East Asian markets, can fully support the implementation of the marketing automation into your business.
