Have you worked in an environment where the boss expected dramatic results overnight? Pressure is building across many industries and companies for their new executives or even legacy executives to drive massive transformation on a lean budget and resource pool.
So, if you have the responsibility for driving these results you better have a plan and it better have a sequence to how you attack multi- paths or strategies to drive the transformation you are seeking.
Here is an excerpt from a detailed twenty-point plan for a new Chief Revenue Officer to 2x revenue in three years based on some work we did with the CRO and our own experience in driving 2x growth within three years a FinTech solution provider:
Set the baseline:
1. Analyze the current revenue streams and identify areas with the most potential for growth.
2. Conduct market research and understand customer needs and preferences.
3. Develop a clear revenue growth strategy that aligns with the company’s vision and mission.
4. Create a sales playbook that outlines the sales process, target audience, messaging, and competitive advantages.
5. Build a high-performing sales team that is trained on the sales playbook and motivated to achieve targets.
6. Implement a CRM system that tracks sales activities, customer behavior, and pipeline metrics.
7. Identify and nurture partnerships that can drive revenue growth.
8. Develop targeted marketing campaigns that generate qualified leads and increase brand awareness.
9. Optimize the pricing strategy to increase profitability and customer acquisition.
10. Establish clear revenue goals and KPIs that align with the company’s overall objectives.
11. Monitor and analyze revenue metrics regularly to identify areas of improvement.
12. Conduct regular performance reviews of the sales team and adjust strategies as needed.
13. Focus on customer retention and upselling to increase customer lifetime value.
14. Implement customer feedback mechanisms to understand pain points and improve the customer experience.
15. Leverage technology and automation to streamline sales processes and increase efficiency.
16. Develop a strong company culture that values revenue growth and customer success.
17. Foster cross-functional collaboration to align sales, marketing, and customer success efforts.
18. Stay up-to-date with industry trends and best practices to maintain a competitive edge.
19. Build a strong personal brand and network to attract new business opportunities.
20. Continuously iterate and improve revenue growth strategies based on performance metrics and customer feedback.
Break the base into a monthly agenda framework for their first few months included, highlighting the key metrics to benchmark progress:
Month 1:
- Analyze current revenue streams and identify areas for growth.
- Develop sales playbook and CRM system.
- Hire key sales personnel.
- Define revenue goals and KPIs.
Week 5:
- Conduct market research and customer analysis.
- Develop marketing campaigns to generate leads.
- Implement customer feedback mechanism.
Week 6:
- Launch marketing campaigns and track lead generation metrics.
- Train sales team on sales playbook and CRM system.
- Optimize pricing strategy.
Week 7-8:
- Monitor sales and revenue metrics.
- Conduct performance reviews of sales team.
- Identify and nurture partnerships.
Week 8-9:
- Develop customer retention and up-selling strategies.
- Implement automation and technology to streamline sales processes.
Week 9-10:
- Launch customer retention and up-selling campaigns.
- Conduct customer satisfaction surveys and analyze feedback.
Week 10:
- Monitor revenue and customer metrics.
- Adjust revenue growth strategies as needed.
- Foster cross-functional collaboration.
Week 10-11:
- Evaluate industry trends and best practices.
- Attend networking events and build personal brand.
- Launch new revenue growth initiatives.
- Conduct performance reviews of sales, marketing, and customer success teams.
Week 11-12:
- Monitor revenue and customer metrics.
- Conduct customer feedback mechanisms.
- Adjust strategies as needed.
Week 12:
- Develop long-term revenue growth plan.
- Foster company culture that values revenue growth and customer success.
- Evaluate progress towards revenue goals.
- Celebrate successes and identify areas for improvement.
- Continue to iterate and improve revenue growth strategies.
Key metrics to benchmark progress in the first year include:
- Monthly recurring revenue (MRR)
- Customer acquisition cost (CAC)
- Customer lifetime value (CLV)
- Sales conversion rate
- Pipeline velocity
- Net promoter score (NPS)
- Churn rate
The new CRO additionally outlined a plan to help their team build the qualified pipeline to fuel the 2x growth. Here is an excerpt of the prospecting agenda: Week 1 &2: - Define Ideal Customer Profile (ICP) and create a list of target accounts. - Develop a messaging strategy that resonates with target accounts. - Identify the decision-makers and stakeholders in the target accounts. Week 2 through 4: - Develop a multi-channel prospecting strategy that includes phone, email, social media, and direct mail. - Train sales team on the prospecting strategy and messaging. - Create a content library that can be used in outreach efforts. Week 4: - Develop a prospecting cadence that includes touchpoints through different channels. - Define the metrics that will be used to measure the effectiveness of the prospecting strategy. - Assign target accounts to sales team members. Week 5: - Launch prospecting campaigns and track metrics such as open rates, response rates, and meetings booked. - Conduct A/B testing to improve messaging and optimize outreach efforts. - Conduct pipeline review meetings to assess progress and adjust strategies as needed. Week 6: - Develop a referral program to leverage existing customer relationships and generate warm introductions. - Train sales team on the referral program and incentivize them to participate. - Track referral metrics and adjust the program as needed. Week 7: - Identify and attend industry events to generate leads and build relationships. - Create a follow-up strategy for event leads and track metrics such as response rates and meetings booked. - Conduct pipeline review meetings to assess progress and adjust strategies as needed. Week 8: - Develop a strategic partnership program to leverage complementary products or services. - Identify potential partners and develop a value proposition for the partnership. - Track partnership metrics and adjust the program as needed. Week 9: - Conduct win-loss analysis to understand why deals are won or lost. - Use the insights from win-loss analysis to refine the prospecting strategy and messaging. - Conduct pipeline review meetings to assess progress and adjust strategies as needed. Week 10: - Leverage account-based marketing (ABM) to personalize outreach efforts to target accounts. - Develop an ABM strategy and train sales team on the approach. - Track ABM metrics and adjust the program as needed. Week 11: - Develop a customer referral program to incentivize existing customers to refer new business. - Train sales team on the customer referral program and track metrics such as referral rates and new business generated. - Conduct pipeline review meetings to assess progress and adjust strategies as needed. Week 12: - Develop a re-engagement strategy to re-engage with leads that have gone cold. - Identify the reasons why leads have gone cold and develop a messaging strategy that addresses those reasons. - Track re-engagement metrics and adjust the strategy as needed. Week 13: - Conduct a pipeline review meeting to assess progress towards revenue goals. - Celebrate successes and identify areas for improvement. - Develop a plan for the next year that builds on the successes of the previous year. We worked with the CRO to ensure the team kept the following prospecting key themes in place or incorporated into their plans and actions as well: 1. Develop messaging that resonates with the target audience. 2. Use a multi-channel prospecting approach. 3. Develop a prospecting cadence that includes touch-points through different channels. 4. Develop a referral program to leverage existing customer relationships. 5. Attend industry events to generate leads and build relationships. 6. Develop a strategic partnership program to leverage complementary products or services. 7. Conduct win-loss analysis to refine the prospecting strategy and messaging. 8. Leverage account-based marketing (ABM) to personalize outreach efforts to target accounts. 9. Develop a customer referral program to incentivize existing customers to refer new business. 10. Develop a re-engagement strategy to re-engage with leads that have gone cold. Here is an example of a prospecting cadence map for an "awareness program" that was launched as well: Day 1: Send introductory email Day 3: Follow up email Day 5: Connect on LinkedIn Day 7: Follow up email Day 10: Call prospect Day 12: Send direct mail Day 14: Follow up email Day 17: Call prospect Day 19: Follow up email Day 20: Close meeting The cadence map can be adjusted based on the target audience and the effectiveness of each touchpoint. It provides a structured approach to prospecting that ensures that the sales team is consistently reaching out to potential customers and building pipeline.
Enclosing some related links and insight on growing and measuring growth. Please see below:
https://www.mattallendevelopment.com/post/key-measures-strategies-for-the-cro-m-allen-s-pov
https://www.mattallendevelopment.com/post/cro-sales-pro-what-s-your-plan-this-month-this-week
I hope you are having a great close to this weekend and if you have interest in diving into your own situation or challenge, would love to help.
Enjoy the weekend.
Matt Slonaker Founder & CEO of M. Allen (M) 972.740.4300 (E)mslonaker@mattallendevelopment.com (W) www.mattallendevelopment.com
About the author:
Matt Slonaker is a highly accomplished business executive, with a strong track record in generating revenue growth and leading teams. He has experience working with both startups and multibillion-dollar market leaders, and has managed over a billion dollars in revenue in the last decade. He has founded his own company, M. Allen, and served over 20 clients since 2020, and has also worked in executive roles at global companies such as Firstsource, Morgan Stanley, JP Morgan Chase, and H&R Block. He is skilled in operations, revenue enablement, information technology, and other areas. Additionally, he is a US Military Combat Veteran and a career coach for military veterans in transition to the civilian sector since 2017.
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