What are Your Revenue Strategy Metrics?
The Chief Revenue Officer Masters the Key Revenue Strategy Metrics.
In our experience working with some of the greatest companies and sharpest business leaders in the country, we find that very few of them actually have a revenue strategy worked out across their business. That’s because, as the outsourced Chief Revenue Officer for these companies, we focus on generating and retaining predictable, profitable revenue across multiple channels throughout the ecosystem with a long-term perspective. In order to execute, you need the whole picture…a complete set of revenue strategy metrics to guide you to victory.
The Chief Revenue Officer focuses on revenue strategy to fulfill corporate strategy with the optimal revenue/resources required across marketing, operations, communications, sales and service, concentrating on driving better integration and alignment between all revenue-related areas. This requires broader vision, better integration, and more continuous alignment between all those revenue-related areas.
These are the key revenue strategy metrics that we recommend you focus on:
1. Your Brand
Look for relevance, alignment, and continuity by asking the following questions around your brand:
- What is the perception of the Company and Product? Is it accurate and positive?
- How do we create best practices, as evident in the culture and processes, within the organization in order to align values, purpose, and vision
- How does the continuity of communications and customer experience currently function?
Key revenue strategy metrics to consider: Share of Wallet, Overall Revenue Acceleration, and/or Improving Margins.
2. Your Marketing
Look for process alignment, integrated messaging, and a system for iteration by asking the following questions around your marketing:
- What is the discipline of applying an understanding of the buyer process with the sales and fulfillment process?
- Is the messaging integrated across multiple communication mediums?
- How does the process of iteration and improvement need to be created and/or refined in order to support the sales process to produce revenue results?
Key revenue strategy metrics to consider: number of qualified leads across channels that match the ideal client profile at an improved acquisition cost.
3. Your Sales
Look for optimization, talent management, and adequate investment by asking the following questions around your sales:
- How can the sales process be optimized in order to position the acquisition team to be strategically important and relationally relevant?
- How are you hiring, training, motivating, and allocating talent? How are you using awards, incentives, recognition, and events to bring out the best in your team?
- What is the current investment of time, infrastructure, and expertise to drive sales performance? What assets are needed?
Key revenue strategy metrics to consider: sales cycle (pipeline velocity), close ratio, and overall customer acquisition cost by service line.
4. Your Delivery
Look for systems to create raving fans, producing more inbound, qualified leads that match the ideal client profile by asking the following questions around your ecosystem:
- What is the system for measuring ROI across the entire ecosystem?
- What is the system for measuring the client experience throughout their entire lifecycle? Does a brand promise exist in the mind of the client, and how are you measuring it?
- What is the culture of creating champions? What is the system for nurturing brand advocates?
Key revenue strategy metrics to consider: your ability to fulfill on time and on budget at the contracted gross margin, reporting your brand promise score, and implementing the net promoter score.
As the saying goes, “you can’t manage what you can’t measure.” What are you measuring?
How are you measuring success of your revenue strategy across your business ecosystem?
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