Here's what's preventing you from mastering your Time to Revenue
Welcome to RISE UP , where every other Friday I share one tip for reaching your potential and building a legendary revenue career.?
Time to revenue is one of those phrases I love talking about. So much so that I’ve been dubbed the Prime Minister of Revenue .
Put simply, time to revenue is the time your company spends collecting revenue-critical signals, analyzing them, and acting on them to see a lift in revenue.
A few months ago, I sat down with my friend and fellow CEO, Nick Mehta of Gainsight , to really dive deep into this concept of time to revenue. It’s worth a dedicated newsletter because if you get it wrong, you'll stall on the runway of building a legendary career in revenue.
Let’s dive in.?
What prevents companies from mastering time to revenue?
Using legacy systems.
The “3-headed Hydra” (CRM + spreadsheets + business intelligence tools) all slow companies down.?
Why? None of these platforms were built to run revenue. When organizations try to use them to manage their revenue processes, they become paralyzed — chasing down revenue signals across disparate systems.
? CRM: Poor data quality. Highly manual (recording of tasks) process. Teams are burdened with administrative duties, such as recording sales information and noting customer details.
? Spreadsheets: Rarely a single source of truth. Everyone uses their own! This leads to a challenge when trying to consolidate.
? BI tools: Focus is on the big picture. Doesn’t give teams the simplicity, speed, and insights they demand.
These inefficiencies greatly increase time to revenue. And a high time to revenue is not something to brag about.
In fact, a high time to revenue means revenue leak is rampant: Slipped deals, leads that never get followed up on, targets that never get touched.?
And the impact of revenue leak is profound:
The answer? Revenue precision.
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From pervasive revenue leak to total revenue precision. How to reduce time to revenue.
Efficiency. Revenue. Growth.
That’s the result of reaching total revenue precision — the full, predictable, and repeatable capture of revenue.
Nick and I talked about the shift from revenue as an outcome to revenue as a process.
When you reframe revenue as a process, it’s easier to conceptualize how mitigating revenue leak leads you down the revenue precision path.
When done effectively, people, systems, and processes must work together to:?
Specifically, here is what I recommend doing today, broken down into two main revenue roles:?
? Reps need a system to help them look across their inventory and quickly, clearly identify where risk exists, and highlight where they should spend time. This system must be automated, not manual (as it is for many reps today). Net result: More time spent on the floor actually selling.
? Boards, CROs, and executive leadership need the ability to have an always-on interface that is proactively telling them if they’re going to meet/beat/miss their number. This group doesn’t have time to wait to have another team build a report. They need this number at their fingertips today.?
As a recap, to build a legendary career in revenue, you need to:?
This all, ultimately, drives more predictability, efficiency, durability, and so on.
Mastering your time to revenue is your key to meeting (and exceeding) your revenue target. And as a result, propel your legendary revenue career.?
Until next time,?
- Andy
New playbooks for running revenue
Live Event: Charge: The Revenue Summit is coming to you live from San Francisco on September 12th & 13th. Network with revenue leaders across the street from Dreamforce to chat about how you can win more revenue moments. Grab your free spot here .
Article: Get a step-by-step guide on 8 ways to mitigate churn and come out on top during a wavering economy in this new blog by Clari’s SVP of Product, Kurt Leafstrand.
Podcast: Tune into the latest episode of The Run Revenue Show with Mark Cranney, GTM Advisor, to get his strategic guidance on how to navigate downturns and adapt to market changes.
Time to Revenue is indeed a game-changer, and you're the Prime Minister of driving this crucial concept! ???? It's the heartbeat of business success, impacting reps, managers, and directors alike. Excited to dive into the newsletter with Nick Mehta to uncover the secrets to unlocking legendary revenue careers! ???? #TimeToRevenue #RevenueSuccess #LegendintheMaking
CEO @Shiftcare - Amazingly Simple Scheduling Software for Better Care | Ex Afterpay | Ex Renewtrak?
1 年Andy Byrne - great insights, the other one I’m known for is “Time to revenue” for product features. From design, development, uat, to production, but to ultimately deliver value for you and your customers - how long does it take you? What are we as a business actively doing to reduce this time and deliver a return on investment sooner. There’s allot that needs unpacking in this area.
Co-Founder at Simple Summers; Writer & Marketer at 3LTRZ
1 年Great article. Thanks, Andy!
CEO, ProofAnalytics.ai | Causal AI for GTM Risk Mitigation | Named to “Best of LinkedIn | Causal Analytics and AI Professor | Forbes | Columnist | MASB | ANA | GTM50
1 年To actually calculate Time to Revenue you need to build one or more models that capture as many of the many different factors that come together to drive Rev or retard it. This is a mix of stuff you control and stuff you don’t. It’s a mix of linear and nonlinear interactions. It has to take operational and tactical Time Lags into account. In many ways this is classic multi variable regression modeling, but it needs to be operationalized at the clock speed of the business to be relevant. ProofAnalytics.ai