Welcome to RISE UP, where every other Friday I share one tip for reaching your potential and building a legendary revenue career.
“Economic uncertainty” has been a phrase we’ve seen and heard countless times over the past 12 months. I wouldn’t be surprised if it becomes the 2023 Oxford English Dictionary word of the year.
As we all know, economic uncertainty significantly impacts businesses worldwide. And the vast majority of leaders have (nearly) exclusively resorted to cost-cutting measures in an attempt to weather the storm.
But here’s the thing: No company ever cost-cut its way to greatness.
A full strategy requires mastering cost and revenue. Because in tough economic times, every drop of revenue matters. That’s why I firmly believe that leaning into a downturn is the key to building a legendary revenue career.
In fact, Harvard Business Review found that approximately 9% of companies emerge from downturns stronger than before.
So how do you become a part of that 9%?
Here are three powerful ideas to embrace during a downturn to propel your career to legendary status:
1. Understand that revenue is a process
Revenue’s not just an outcome. It’s a process.
Up to 50% of your employees are revenue-critical, meaning they contribute to a company’s revenue-generating process in some way, shape, or form.
But the systems used to run revenue are decades old. And they’re not purpose-built to optimize and control revenue.
This results in revenue leak, which is revenue your organization has earned or counted on earning but has not yet collected.
It’s everywhere: demand generation, closing new business, and even deal expansion.
Our latest study found that companies lose 14.9% (!) of revenue on average as a result of revenue leak.
Solving revenue leak is the smartest way to bolster your company and come out of the downturn stronger.
2. Embrace innovation
This means investing in technologies that’ll help you automate tasks and enhance productivity so your reps can focus on what matters most:selling.
At Clari, this means utilizing a tool like RevGPT – our purpose-built AI – to help you inspect deals, automate actions, and get revenue answers.
It answers questions like: How long does it take a company to get results from their revenue process? How long does it take a rep to update a deal? Or an exec team to roll up forecasts from a different region?
Because without RevGPT, you’re waiting too long to get these answers. And the longer you wait, the more revenue leak happens.
Revenue leak is caused by leads that never get touched, targets that go stale since no one’s interacting with them, deals that slip, and so much more.
That’s why we put a “Chief of Staff” (AKA: RevGPT) right beside the frontline manager. It’s analyzing all the conversations that are happening with conversation intelligence.
And making sure deals are moving along.
Saving time means making more time to win.
3. Nurture your customer relationships
The economy plays a role in customers becoming even more selective. That’s why understanding your customer needs is crucial for making informed decisions about resource allocation and investment.
Why should customers invest in your product or service?
Invest in market research and customer insights to gain a better understanding of your target audience. Then, take that information to tailor your products, services, and customer experiences to meet their evolving expectations.
You can foster loyalty and advocacy by prioritizing customer satisfaction, which ultimately leads to increased revenue and long-term success.
Remember: downturns are not roadblocks, but opportunities for transformation and success. Understand that revenue is a process, embrace new technologies, and nurture your customer relationships.
That’s how you’ll forge a legacy that transcends economic cycles.
Till next time,
Andy Byrne
CEO, Clari
New playbooks for running revenue
Playbook: Stop deal slippage with our How to Prevent Slipped Deals Playbook that brings you practical, battle-tested advice from the experts.
Podcast: Tune into the The Run Revenue Show with Johnny Fianu, Director of GRO and Business Development at ComplyAdvantage, to learn his replicable system for success in RevOps through collaboration.
Article: Read more on how to build a legendary revenue career and why it’s the #1 fastest-growing job in the US.