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In this episode of What’s Wrong With Revenue? we focused on a more strategic aspect of revenue generation — goal setting.
We see many, many companies that are struggling with revenue growth and have not properly set their revenue goals, so they were struggling to meet their goals.
All goal setting should be done based on past performance and a solid forecast for the future. While the past performance is locked, the forward-looking projections are challenging.
During the show, we shared a way to do forecasting and then extended that to set your marketing and sales budget for the upcoming months.
If you have big goals, you should be prepared to invest big money. So many company leaders ask about ROI on marketing spend but don’t look at the lifetime value of the new customers generated by an investment in marketing.
Make sure you’re using lifetime value when you do your budget and goal-setting work.
Finally, we talked extensively about how many companies use gut, opinion and perspectives to set goals when quantitative data is available to make goal setting 100% scientific.
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