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Coming off a quarter where profits grew 52% year over year, the company announced plans during last month’s earnings call to double their salesforce this year and continue full throttle in acquisition mode. Jack Dorsey, Founder and CEO, shared:
"Our sales team has played an integral role in acquiring upmarket sellers and helping our existing seller base grow with Square. We have achieved attractive returns on our sales and marketing investments."
This praise for the sales team points to some serious hustle and account coverage in helping the company move up market. For the quarter, 40% of their mid-market seller segment engaged with the sales team. The company feels confident in this level of sales efficiency and their current go-to-market strategy to supercharge hiring efforts.
Square has other tailwinds to feel confident about future growth. Over the last 12 months, fintech companies are seeing product innovation efforts payoff as digital transformation accelerated during the pandemic. If you put a $1,000 in Visa last March, that investment would be worth $1,333. Investing in Square at the same time turned that into $4,270. The company's Cash App is such one innovation. As a competitor to Venmo and with 36 million monthly active users in 2020, Cash App grew 50%.
The backbone of Square's revenue engine, however, continues to be growing their seller ecosystem - the hardware, software, and related services. There's plenty of upside. With reported revenue for this segment already at $1.5 billion, Square portends the total market to be in the neighborhood of $85 billion and rising. Not that the new and core product can't grow in parallel. In fact, in 2021, the company plans on linking Cash App with the seller ecosystem more than ever before - customer and merchant experience merge.
That's where sales comes in - to educate the market on this ecosystem and usher in the next era of growth for the company. With such big market share aspirations to slice into, eyes turn to Square's head of sales, Ashley Grech. A rising star in the sales world, she’s in charge of doubling the sales team and put more emphasis on outbound selling. She told Business Insider back in January, "I often tell my team, the only enemy we have is that people don't know we exist. While inbound has been steady, we've significantly increased our outbound activities. It's a necessity for our customer base to really understand that they have options.”
“As a sales team, we're really focusing on getting the message out that Square has a really amazing patchwork of puzzle pieces or building blocks that you can assemble in any way that you want, to create the experience that you want."
It will be fun watching from afar to see if she and the company can execute. Given its trajectory - and the continued importance of digital experiences - odds appear favorable. Now, attention turns to Square’s recruiting team. The hunt to find 500 sales reps begins. If you’re a high performing Business Development Rep or Account Executive, Square needs you. What better time to join a great brand and company. A slew of sales openings can be found here.
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