In this episode of What’s Wrong With Revenue?, we talk about one of the most challenging aspects of revenue growth – setting metrics, tracking metrics, holding people accountable for metrics and selecting the right metrics to move the revenue effort forward.
With the sheer amount of data available, it’s easy to say marketing and sales are quantitative. But if you want to get traction and hit your revenue goals month over month, you’re going to need a scorecard that includes your most important high-level metrics and the metrics that everyone on your revenue team is accountable and responsible for regularly impacting.
For some people, that might be website visitors and conversions. For others, it might be leads from specific channels like digital or non-digital. Sales-related metrics might be deals about to close, close rate or sales cycle days.
Regardless, you’ll need a process for setting, monitoring and taking action on metrics that are below expectations, and you’ll need a process to regularly review and assess these metrics.
If you are ready to make the move to tracking your metrics like this, this episode is for you. During this show, we discuss how culture has a lot to do with individuals feeling uncomfortable, nervous or anxious about being held accountable. The beauty of implementing RGS™ and tracking metrics is having the ability to share your obstacles with others and identify, discuss and solve (IDS) the issues weekly.
A lot of clients will ask, "What numbers should I consider? How do these numbers look?" We talk about the importance of baselining your current performance. Compare your numbers to your own, not others. If the numbers are getting better month over month, then you are making the right improvements.
We wrap up the show by talking about what tools to use to get the data that everyone agrees is accurate. Sometimes getting access to these metrics is challenging. If your scorecard isn’t the single source of truth, it doesn’t do you any good. Don’t boil the ocean when you start. Instead, start simple.
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