SaaSletter - Thin Pipeline Coverage
Our Coverage of ICONIQ Growth's "State of GTM 2025"
Red Flags From ICONIQ Growth: “The State of Go-to-Market in 2025”
ICONIQ Growth recently released their “The State of Go-to-Market in 2025” report (45 slides) → as always, go read the full report. Now for our excerpts + takes:
This all-in-one GTM recap paints a concerning picture with 55% down (6 of 11) and only 9% up (1 of 11) :
Lagging Indicators: 1 up, 2 down, and 3 neutral
Leading Indicators: 0 up, 4 down, and 1 neutral
When segmented by ARR cohort, the trends are particularly concerning except for >$250m ARR, which is trending well versus 2024:
Our analysis of the data helps further call out the negative 2025 trends below $250m ARR, which represents a reversal from favorable 2024 vs 2023 trends:
Declining win rates - which we have corroborated with private data sources besides ICONIQ - mean seemingly OK pipelines at 3.6x will not be sufficient to hit forecasts:
Missed forecasts are a recurring theme in this newsletter,1 and for tomorrow’s Weds, July 16th virtual event → register now to learn advanced tactical, data-driven solutions:
More ICONIQ Growth Excerpts
At the risk of being dour, we will call out the rising Cost Per Opportunity:
<$25m ARR: +82%!
$25m-$100m ARR: +13%
$100m-$250m ARR: +18%
>$250m ARR: -13% - yet again, >$250m is outperforming
Whether a reflection of the typical higher quality company mix in ICONIQ’s reports, or a positive sign for the industry, quota attainment presented was above RepVue quota attainment benchmarks:
The remaining excerpts a) speak for themselves and b) should motivate you to go read the full ICONIQ report:
Curated Content
Tidemark Capital - “Vertical SaaS AI Playbook”
Matt Slotnick - “Data Rules Everything Around Me: The Future Of Enterprise Applications”
Multiple posts from Dave Kellogg:
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