With all the talk about the near-mythical power of Chat-GPT, I figured I’d put it to the test and ask it the most important question in the world. And no, that question is not ‘Who is the best Spiderman?’ (The correct answer to this question is Tobey Maguire)
Instead I asked, “How do I Run Revenue like a Pro?” Here’s what ChatGPT said + how I would approach these suggestions in Clari:
To run revenue like a pro, you should follow these steps:
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Set clear revenue goals: The first step is to set clear revenue goals that align with your overall business objectives. This will help you focus your efforts and measure progress over time.
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Clari Workflow: Within the forecast module, it’s critical to input quarterly/monthly quotas from the top level all the way down to the rep level to ensure accountability towards the org wide targets. It also allows for key revenue metrics such as attainment percentages & pipeline coverage ratio targets to be measured, tracked, and reported upon.
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Track revenue regularly: You should track your revenue regularly to identify trends and patterns. This will allow you to make adjustments to your strategy and stay on track to meet your goals.
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Clari Workflow: Clari’s Pulse module makes it easy to visualize and identify week over week patterns in your business. With metrics that highlight WoW changes in Clari’s AI projection + an indicator of overall pipeline coverage, understanding in-quarter trends is easy!
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Analyze revenue data: It’s important to analyze your revenue data to understand where your revenue is coming from and identify opportunities for growth. This may involve segmenting your revenue by product, customer, or channel.
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Clari Workflow: Waterfall helps sales leaders make sense of the immense deal level data and enables them to ask questions of the business, like “How has my pipeline changed since our last forecast call?” A tedious, day-long sales ops exercise is now reportable within a few clicks. You can quickly understand the specific changes in your pipeline and more importantly, action on the data that is presented.
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Optimize pricing and sales strategies: To maximize revenue, you should optimize your pricing and sales strategies. This may involve experimenting with different pricing models, testing different sales channels, and refining your marketing messaging.
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Clari Workflow: Triangulating on the right strategy often requires strenuous testing and validation. Understanding pipeline conversion rates & identifying where certain deals may be dropping off is a critical aspect of shoring up revenue leak. Maybe you want to understand the success rate of deals being sourced from a specific marketing campaign. Just filter by lead source or campaign and get instant insight into the funnel conversion trends.
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Invest in customer retention: It’s more cost-effective to retain existing customers than acquire new ones. So, investing in customer retention strategies can help you maximize revenue over the long term.
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Clari Workflow: Net Dollar Retention has quickly become one of the most important revenue metrics. With CAC (Customer Acquisition Costs) rising, it is crucial to implement rigor around the customer retention and expansion process. Having a clear window into churn, expansion, and renewal predictions is mission critical to long-term success.
Do you agree with ChatGPT’s response? Comment below what aspects of running revenue you find most important!
P.S. Did you see a workflow that piqued your interest? Make sure to reach out to your Customer Success Manager or Account Manager for a more in depth conversation!
