Upload a List
OVERVIEW
Problem:
Uploading a list of companies that customers want to track within PitchBook's database of companies is a need that comes up frequently in various contexts but PitchBook is lacking an accurate, accessible, and centralized solution that can meet all the necessary needs.
Goals:
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Provide consistent and comprehensive match results for uploaded organizations
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Provide a tool that fits into current client workflows within PitchBook
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Reduce the time it takes for users to input companies within PitchBook
My Role: Product Designer
Team: Product Manager, Project Manager, Engineering
Timeframe: 4 months
Tools: Figma, Fullstory, MixPanel, Gong, FullStory
USER & BUSINESS NEED
Our customers who engage in deal sourcing often have an external list of companies in an Excel or CSV format that they are tracking outside of PitchBook. To input these companies into PitchBook, users have to manually input each company one by one or enter them in a comma-separated list. By creating a tool where customers can upload their Excel or CSV files into PitchBook, companies can be tracked instantaneously, match rates will be more accurate, and customers can move their workflow within PitchBook.
User Pain Points with Current Process
To understand how users are currently adding companies in PitchBook, my PM and I looked at user sessions.
1. Time Consuming
The prior process of adding multiple companies was tedious and unintuitive. We watched several user sessions where it took over 15 minutes to manually upload a list of about 30 companies.
2. Unintuitive
Users did not know they could enter in a comma separated list of company names. They were inputting companies one by one.
3. Low Match Rate
The only information our algorithm has to match companies to a PitchBook profile is the name alone which results in a low match rate. Resolving unmatched entities is a painstaking process.
Business Impact
1. Deal Sourcing Initiative
Deal Sourcing is an area PitchBook is investing in. Upload a List is important for top-of-the-funnel workflow when firms are sourcing and monitoring companies of interest.
2. Increase Data Yield
For the next phase, we are looking into how we can trigger a request to our data ops team for companies uploaded that are not in PitchBook. This would greatly improve our coverage.
3. Increase Engagement
Users can track their desired companies within PitchBook instead of their CRM which increases engagement within the platform.
USERS & JOURNEY MAP
External
Customers engaged in Deal Sourcing and Business Development activities will benefit most. This will impact Private Equity, Venture Capital, Investment Banking, and Corporate Development clients. The persona and deal sourcing journey map was created by a previous designer.
Matt Evans
25//male
Analyst
Investment Bank
Heavy PitchBook User
Goals
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Make the Managing Director happy
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Provide the right amount of (accurate & comprehensive) data
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Put in the work necessary to land in PE firm ultimately
Use Cases
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Run buyers list
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Run one-off company searches
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Deal sourcing
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Running comps analysis
Pain Points
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Frequently run into download limits
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Inputting specific companies into PitchBook is a tedious process
Deal Sourcing User Journey
1. Discover & Explore Markets
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Understand macro market, industry, technology trends
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Identify new or obscured market influencing factors
2. Identify Opportunities
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Identify every company within the market
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Prioritize the most attractive investments
3. Build Relationships w/ Potential Targets
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Identify the best way to connect
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Demonstrate your value to the target
4. Monitor & Develop Value Creating Network
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Understand why you didn't see a deal
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Understand your share of the wallet
Internal
‘Upload a List’ can also be utilized by our internal teams for customer support activities and for identifying PitchBook company coverage when talking to prospective clients.
It is very normal for prospects on API and Data Feed side to evaluate what companies we're covering
Michaela, Sales Engineer
I try to teach our clients to do entity matching for large lists that I wouldn't have time to validate
Francisco, Customer Support Specialist
CONTEXTUAL INQUIRY & USABILITY TESTING
When I took over the project, the MVP designs were implemented for limited internal users. Many bugs and usability issues needed to be fixed before external launch. My product manager and I conducted usability testing of the MVP prototype with 6 internal users, synthesized our research by affinity diagraming, and prioritized updates.
1. Discoverability
The access points for Upload a List were hidden and undiscoverable. Many users could not find the upload button in Advanced Search nor where the tool lives.
2. Confusion Over Tabs
There are 4 main profile types in PitchBook; Companies, Investors, Service Providers, and Limited Partners. It was confusing to users that there was a different tab for each profile type and that one firm can match to multiple profile types.
3. Can Not Edit List in Advanced Search
When a list is imported into Advanced Search, there is no way to go back to the list and edit. The only option is to upload a new list
FLOW
2 main access points launch the Upload a List modal. The sidebar access point takes the user to the Upload a List homepage where the repository of the uploaded list lives. The advanced search access catches users in their workflow as they're searching for and tracking companies.
Homepage
Advanced Search
FINAL
The updated designs were tested with an additional 10 internal users before launching externally.
Upload a List Modal
The tool can support up to 50,000 companies and insert into many workflows within PitchBook. Headers in the Map Headers section restructure dynamically based on the file uploaded. All users successfully located the Upload a List access point from both Advanced Search and sidebar navigation.
Matched Firms
In the previous designs, there were 4 different tabs for each profile type which caused confusion to users. In the updated designs, the 4 tabs are consolidated into one column so users can easily see what profiles were matched.
Unmatched Companies
To resolve an unmatched firm, the name provided in the file is pre-populated in the texted field with suggested matches. This saves users from having to type out the entire name.
POST LAUNCH
A process that would take over 30 minutes to complete now takes under a minute to achieve.
6 months post-launch stats:
Active & Unique Users
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3,200 unique users who have successfully uploaded at least one file
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300 weekly active users
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13,000 files successfully uploaded
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Returned over 7 million matches
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Upload list weekly active users has grown 50% in Q1
Successful Uploads
"This is actually a really helpful addition for sure. This is great news this definitely gets us way closer… as far as being able to use this for like for a conference screening, right? So if I have an attendee list now in excel, I can upload it into there."
Director of Business Development, ZMC
“Pretty slick. It shows a list of Unmatched Firms and the ability to search and correct the firms on that screen is great...This is a really helpful feature in general.”
Research Manager, Baker & Hostetlier Law Firm
"I sort of have laughed to myself because of the process that I've been doing would have been miserable. If I didn't have just the upload a list... like you saw one of those files was like 167 rows so to just sit there and manually enter those...”