Drivepoint 2023 Mid-Year Update: Faster, More Accurate Forecasting for Omnichannel Consumer Brands
When we launched Drivepoint in 2021, we had one goal: Empower modern consumer brands to turn their strategic finance functions into a competitive advantage. To date, our combination of cutting-edge software and FP&A expertise has kept us on track to accomplish exactly this — and much more.
We had an action-packed Q2, from partnering with category-leading brands to unveiling Drivepoint’s new identity and expanding internal talent. We’ve seen a dramatic 250% lift in revenue and had the honor of adding names like Oats Overnight, Geologie, and Earth Breeze to the Drivepoint community.
The best part? We can share the results and net-new knowledge with you, our customers, and have you along for the ride. Below, we unpack:
- How eCommerce leaders like Dose, Bright Cellars, and Freebird win with Drivepoint
- 3 product and team updates that level up the Drivepoint UX
- What to expect from Drivepoint in Q3 and Q4 of 2023
Let’s dive in.
Customer wins: Optimizing Dose, Bright Cellars, and Freebird for scale
During Q2, we onboarded a number of brands we’ve admired for a long time, including Dose, Bright Cellars, and Freebird. Independently, they’re already changing the eCommerce landscape. Now, with our real-time dashboards, data-driven financial forecasts, and accurate LTV analysis, they turn critical business metrics into actionable insights and game plans for scaling revenue and improving profitability.
The success of our partnerships comes down to three key benefits:
Benefit #1: Granular financial insights
With Drivepoint’s platform, the team at Dose was finally able to dive deep into their subscription-based sales data to understand LTV and discounted cash flow, and answer the question: “how much can we spend to profitably acquire a customer?”
Benefit #2: Data-informed product optimizations
To manage their innovative subscription program, Bright Cellars relies on Drivepoint to unpack questions like:
- How much will existing subscribers contribute to revenue?
- What is the impact of improving the split between subscription and non-subscription?
- How might discounts and product mix affect profitability?
Benefit #3: Embedded support from trusted financial experts
Whether you operate in a niche space like Freebird or are still seeking product-market fit, Drivepoint’s professionals act as extensions of your finance team to provide trusted advice and ensure you make strategic, data-informed decisions.
On top of helping brands unlock hidden financial opportunities, we’ve been able to observe unique use cases for Drivepoint in new verticals and collect insights to continually expand our playbook.
How Drivepoint puts data at brand’s fingertips
No team likes to be surprised by their spending at the end of the month. That’s why we continue to innovate for automated, real-time metric updates and accurate forecasting: to ensure every Drivepoint client has all of the data they could possibly need — right at their fingertips. To pull this off, we keep a sharp focus on each side of our business: the product and the team.
Here are three changes we implemented to both throughout the first half of 2023:
Update #1: Full financial models in less than 24 hours
Team Drivepoint spent Q2 with our heads down, honing in on two product features: speed and usability. We wanted to create a self-guided setup option that allows clients to connect and centralize their data streams in minutes. The result? We launched QuickStart — a simple way to jumpstart your data optimization and get a complete financial model in less than 24 hours.
Across the board, we’ve also doubled our engineering headcount so we can ship more, faster, and better features for you.
Update #2: New integrations level up forecast accuracy
We developed and rolled out two new integrations: NetSuite and Recharge, which equip Drivepoint users with access to:
- Faster, more accurate financials — Before Drivepoint, brands had to manually download data from platforms to keep models up-to-date. Now, all they need to do is onboard with Drivepoint and sync up their metrics with one click, minimizing human error and labor.
- Team-wide data clarity — Data discrepancies across different teams can slip through the cracks and hinder productivity. Drivepoint’s integrations allow you to centralize those data streams, turn them into accurate forecasts in minutes, and ultimately eliminate the need for individual data interpretation — ensuring your models match your business ops.
Update #3: Another world-class finance expert joins Team Drivepoint
In Q2, we set out to hire one more strategic finance leader with deep consumer brand experience — and we succeeded! We’re thrilled to welcome Alex Hoimes to Drivepoint. As a seasoned finance strategist who helped scale his previous company to over $1B in sales, Alex brings the kind of insider knowledge and forward thinking we strive to deliver to each of our clients.
Up next: Cutting-edge omnichannel modeling & forecasting
Looking back at 2023 so far, it’s clear that Drivepoint can provide best-in-class services because we listen to our customers’ pain points above all else. In fact, as we dive headfirst into Q3, one key goal for the remainder of the year comes directly from community feedback: adding omnichannel capabilities to our platform.
Whether you want to expand your brand into a new channel or simply gain a handle on broader market dynamics, it is business-critical to consider questions like:
- What happens to our budget if we tap into another channel?
- How would this impact our team-wide ops?
- How would it affect revenues?
In response, Drivepoint is hard at work to provide rapid, accurate forecasting for wholesale channels, trade spend, Amazon sales, and more. Two new integrations are already prepped to launch in Q3 and will empower teams to sync up ops data with financial modeling for more holistic omnichannel planning.
Needless to say, Drivepoint has set a clear direction for the next half of the year. We are beyond excited to bring our roadmap to life, and we’d love to have you on the journey with us.
Ready to see what Drivepoint can do for your finances?
Book a personalized demo with our team. Or, sign up on QuickStart — sync your Shopify and QuickBooks data in 5 minutes to be up-and-running with a full strategic financial model in less than 24 hours.