Is it time to up your Revenue Management planning?
Effective Chief Revenue Officers must break down functional data silos so that sales, marketing, customer success, and account management can synchronize to create the best possible chances for success. Growth is everything.
I don’t understand the full customer journey through my organization resulting in loss of revenue and the opportunities for revenue growth.
I live through multiple, and long, sales cycles only to realize my organization, vs. the customer, is dragging out the close.
Employee burnout and over-hiring are major concerns, and yet I have no tools to predict when burnout could happen or insight into avoiding over-hires.
I only have insight into sales team cost and performance BUT need cost and performance related to revenue dependent upon engineering, service delivery, and/or production to accurately forecast revenue potential.
I’d like to see the impact on revenue and people if I want to revise or change my business model.
I’d like to see how a wildly different product, pricing, and sales structure impacts revenue.
I’d like to plan my sales trajectory more quickly and with more confidence.
I’d like to do month by month sales impact simulations to provide performance perspective to my revenue team.
Better performing teams work together and are integrated so that every team member’s actions are driving a deal, or the company, towards achieving the revenue goal. Sales today is complicated and involves many different abilities, often from outside the sales department. Sales, marketing, product management, operations, finance, legal, and leadership can no longer afford to see things based on their discipline and from different perspectives. Mis-alignment leads to finger pointing and complicates discussions around sales and the real cost of achieving revenue growth.
Here are what some experts have to say about getting Revenue Management right:
"Revenue management begins with a keen understanding of unit economics and how those economics could be improved through the overall life cycle of pricing, marketing, distribution channels and predicting future customer needs. Revenue management ends with a strategy that increases profitability while providing customers with a higher value, this should be done mainly by extending the life time value of a customer There is a fine balance that's required between value creation and monetization to be successful and I think that's where a lot of companies get it wrong - especially companies that are not making data driven decisions." - Michael Tsokur
“Strategically managing revenue is critical to organizational success as not every dollar earned is of equal value. Without analytical insights from across the organization and revenue optimization strategies, value can be steadily destroyed by simply meeting quotas and assuming traditional management focus will win the day…particularly when faced with more sophisticated competition." - Keith Downham
"Leveraging your data to accurately forecast the volume and timing of future revenue is essential to managing a successful business. A detailed revenue forecast will allow you to ensure that future capital needs are met, make smart investments that drive growth, and deliver a high quality product." - Ken Carlson
“Revenue Management is about more than just getting a sale closed, it’s about understanding the full lifecycle of a customer with your organization in order to optimize the balance between between revenue growth and cost of revenue, and understand the impact on all your operations” - Ron Gerrans
“Unless you’re leading a company that is able to operate effectively on a sustained basis with a “growth at any cost” mentality, understanding and applying proper Revenue Management is imperative to your success.” - Andy Shober
Are you equipped with the right tools? Revenue Management tools help your team answer questions like...
“What’s driving growth? What’s not?”
“How are we tracking against forecasts?”
“How can we drive more profitability and for which customers?”
If you’re looking for expert help drop me a note to see who would be a good fit for your situation.
If you’re looking for a tool to help you do better Revenue Management planning I’m recommending P3rceive...
P3rceive helps you see the interdependencies of resources and calculates each into the simulation to offer you a clear assessment of how a specific change impact your sales process. By offering insight on workflow and resources, the odds of bottlenecks during implementation of your sales plan are much less likely. With p3rceive, everyone will be looking at the same information as to what is possible, how your business will be impacted, and to potential challenges. This elevates the conversation so decisions can be made with empirical data without bias and within minutes.
I have a limited number of deeply discounted Founding Customer annual licenses I can offer.
Hit me up to set-up a demo with Bill whose years in developing the solution will become apparent just how helpful P3rceive can be at solving real-world problems.
Lastly, if you have recommendations on successful and timely ways to facilitate conversations across all teams that impact revenue… drop us a note.