TravelBank - Award for Innovation in Sales

Company: TravelBank, San Francisco, California
Company Description: TravelBank is the all-in-one expense management and business travel platform, powering data-backed financial decisions for more than 15,000 companies. TravelBank helps reduce company expenditure by 30% on average while improving employee happiness through a user-friendly design, fast expense reimbursements, and travel rewards program.
Nomination Category: Sales Awards Achievement Categories
Nomination Sub Category: Award for Innovation in Sales - Technology Industries

Nomination Title: Shifting Market Strategy to Serve Growing Need

TravelBank, the all-in-one business travel and expense management platform, was founded in 2016. When the platform debuted, its travel budget tool was front and center but the company then zeroed in on business travel to take a bite out of the (previously) more than $500 billion industry.

Prior to 2018, the sales team did not contract customers, preferring to operate on a transactional revenue model. The sales team then revamped their sales process and increased their customer base 10x.

Prior to March 2020, TravelBank’s sole focus was on maintaining their travel-transactional platform, which they quickly realized was unsustainable once the COVID-19 pandemic hit and business travel disappeared overnight. To maintain TravelBank’s rapid growth, the team pivoted the business to a SaaS model to create a more predictable revenue model, and introduced a revolutionary pricing model to the travel industry.

By adopting a SaaS business model, TravelBank has been able to implement a number of other innovative practices to benefit its customers, including decreasing the cost of travel, ultimately helping to establish itself as a predictable and trustworthy travel service amidst a global pandemic.

Outline the nominated achievement since July 1 2019 that you wish to bring to the judges' attention (up to 250 words):

Pivot from travel to expenses: Upon identifying the impact COVID would have on the domestic and international travel market, the TravelBank sales and revenue team knew pivoting to expenses was critical to the future of their business. The sales team then shifted to a Software-as-a-Service revenue model, overhauled its sales bootcamp and subsequently acquired the first net new customers. The team effectively navigated this challenge and signed 32 new clients in the weeks that followed

Building on existing sales pipeline: The team then identified new indirect channels to sell its expense product, including resellers, referrers and channel partners

TravelBank Referral Partner: Similar to the way some retailers have referral rewards, this new program rewards existing customers who suggest small to mid-sized businesses as a potential new business leads with the chance to earn up to $10,000 in return. TravelBank sees this opportunity as a “win-win-win” for the referrer, the new customer and TravelBank.

TravelBank Reseller: The reseller program has led to industry partnerships with other competing travel agencies offering a new competitive solution for both their prospects and customers.

Explain why the achievement you have highlighted is unique or significant. If possible compare the achievement to the performance of other players in your industry and/or to the nominee's past performance (up to 250 words):

The pivot to expenses happened quickly. In less than a week, the product roadmap had changed and the sales team had to learn a new industry, identify and leverage product differentiators and go to market in a time of uncertainty. Not only did they have to re-educate their existing customers on the platform’s offerings but they also had to bring in customers, which they’ve successfully achieved. Of note, the majority of customers renewed their subscription contracts well before their contracts expired.

The growing number of new customers have given the team clear insights on what is and isn’t working in the current market, including pricing strategies for continued success. Acting quickly, getting the team on board, and laying out a clear plan for next steps were crucial in ensuring TravelBank’s future and securing recurring revenue for the company as a whole. Unfortunately, a few travel startups have already reduced or shut down operations, but TravelBank’s proven agility to pivot into the fintech industry with expenses has breathed new life into the business.

Lastly, the pivot to expenses has led to a strong market differentiator that has opened up a wave of new business partnerships, including its more recent with notable banking institution U.S. Bank, The sales and revenue teams decision to pivot its revenue model and leverage indirect sales channels has built a strong confidence in the platform as a whole.

Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):

Industries:

Construction, Food & Beverage, Healthcare, Finance, Biotech, Manufacturing