Sales in the Subscription Economy #20
Here's what subscription revenue leaders need to know this week:
- Metrics play an important role in driving productivity and success — they give leaders an accurate picture of their team’s activities and lead them to achieve consistent results.
- A properly structured scorecard, that tracks the right metrics, is more important now than ever. The best scorecards include both leading and lagging indicators.
- Lagging indicators like quota attainment and win/loss ratios measure actions that occurred in the past, allowing leaders to review rep actions and counsel their team accordingly. In some cases, they can even help predict future success. Leading indicators forecast a team’s success in the future. Key examples include number of prospects qualified, accounts identified, and pipeline added.
- When building your work-from-home scorecard, keep these 3 tips in mind: establish metrics as a team, review metrics weekly, keep it fun through gamification/contents/challenges/etc., and adjust as necessary.
- Working from home presents both obstacles and opportunities. Choose to focus on opportunities. Using a flexible metric-based approach will allow your team to seize unique chances that COVID-19 presents while keeping your reps productive, happy, and connected.
Why Your B2B Company Needs A Revenue Operations Strategy by Lestraundra Alfred of Hubspot
- If your sales and marketing organizations already work well together but want to be more intentional about supporting customers, revenue operations may bridge the gap. Revenue Operations focuses on optimizing the entire customer lifecycle to increase revenue potential.
- The role of Revenue Operations (RevOps) is to ensure accountability and synchronicity among the goals and activities of organizations that are responsible for driving revenue, which is typically between sales, marketing, and customer service.
- A few key metrics that measure the success of RevOps within an organization: ARR, LTV, churn, sales velocity, and win rate
- The ability to provide a seamless and consistent positive experience throughout the customer lifecycle is key for increasing revenue and it's critical that customer success is included in that conversation.
- Common pitfalls in the end to end customer experience include misalignment between sales and customer success, as well as marketing ops and customer success. RevOps efforts bring these departments together by providing effective, cross-functional support.
- Companies with an existing revenue engine say having a lack of quality, centralized, accessible data is one of their greatest obstacles preventing them from providing a top-tier customer experience. When implemented correctly, Revenue Operations should support the centralization of data for all teams that support the revenue engine, though it may take some work for companies to get to that point.
- If you're new to RevOps, read this guide to RevOps by Role by Go Nimbly – the top SaaS RevOps consultancy in the States.
Everyone needs to assess their hiring process with a fine toothed comb right now. This article provides a great framework for doing so – it's worth the full read.
Moving from reactive to proactive customer support by Ryan Steinberg & Phil Bryne of Intercom
This one is a bit of a beast, but if you want to scale, you need to follow the step by step recommendations here.
Proactive support vs. reactive support is a hot topic right now and for good reason. Proactive support will: scale as your business grows, preemptively answer customer's questions, provide fast, contextual help which boosts customer satisfaction, and positively impact customer retention.
Get serious about being a value-forward, empathetic, highly-successful subscription sales organization
I help revenue leaders & founders of SaaS, subscription, and online membership businesses get their revenue machines running at full strength through coaching, consulting, recruiting, and as a fractional executive. Learn more about how I can help you at SubscriptionCoach.com
Book a 30 minute exploratory call with me – let's position your sales machine to operate at full strength in an incredibly challenging economic climate!
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