Measurement Matters: How to Set the Right KPIs for Your Startup
Listen to a conversation with CEO John Thackston on the Extraordinary Pursuits Podcast by BIP Ventures.
Cold Ones Podcast: Navigating Market Shifts with John Thackston
Listen to a conversation with CEO John Thackston on the Cold Ones podcast.
“In Episode 19 of the COLD ONES Podcast, we delve into the shifting demands of the industry and explore best practices to adapt with John Thackston, CEO of SOAR Performance Group. He tackles a burning question: Is outbound sales really on its deathbed? ???? Short answer…Not so fast! ????
All About AI [The SOAR Report Spring 2024]
How is AI Affecting your business? This spring, SOAR has been learning all about AI!
Included in this newsletter:
- A note from our CEO, John Thackston
- Our latest podcast on Sales Analytics and AI
- Our latest blog in partnership with People.ai
- SOAR team news
Sales Analytics and AI
In this episode, John Thackston, CEO of SOAR Performance Group, hosts Carl Herman, Director of Executive Education for The Stephen Stagner Sales Excellence Institute at University of Houston.
Carl shares research on sales analytics and AI from Dr. Johannes Habel, Associate Professor with C.T. Bauer College of Business at University of Houston.
If you are a sales leader wondering where to start with AI, Carl discusses starting with 1) understanding your sales funnel, then 2) asking these questions: Where in your sales cycle do you lack knowledge or lack speed? And how can AI help in those areas?
Other Takeaways:
1. AI itself isn’t new, but it has become more accessible in the past year
2. The primary use case for AI relates to predictive analytics
3. These predictive analytics provide guidance and insight on what will happen in the future and what actions sales people and managers should take
4. The sales funnel is the foundation for applying AI – what accounts should I be calling on? What message will resonate? What is the communication style of the key stakeholders? What opportunities are likely to close? What is their likely price sensitivity? These are questions that follow the natural progression of the funnel and can be answered using AI.
5. AI is best used for parts of your sales funnel where you are currently lacking information or where things are slowing down due to repetitive tasks.
About the Experts:
Carl Herman is Co-Chair of the Houston Advisory Board for the Sales Leadership Community. He has 45 years experience helping sales people build valuable relationships and sales managers build winning teams. For more information about Carl, visit his profile on Linkedin or his bio on the UH Website.
Johannes Habel is Associate Professor with C.T. Bauer College of Business at University of Houston. He is a passionate researcher, educator, and keynote speaker on the digital transformation of sales as well as sales psychology. For more on Dr. Habel and his research, visit his profile on Linkedin or his bio on the UH website.
About the Hosts:
The hosts for the meeting are all 3 Chapters of the Sales Leadership Community (Atlanta, Chicago, and Houston).
Additional support from:
- Georgia State University’s Robinson College of Business
- DePaul University’s Center for Sales Leadership
- University of Houston’s Stephen Stagner Sales Excellence Institute
- SOAR Performance Group
About the Sales Leadership Community (SLC):
The Sales Leadership Community is a partnership between universities, executive sales leaders, and SOAR Performance Group to create a forum for best practice sharing and executive networking in local markets.
The Sales Leadership Community also creates networking and mentoring opportunities for senior sales executives with university students interested in sales careers.
Each community is led by an advisory board with representatives from companies in different industries and with different go-to-market models.
In addition to in-person and virtual meetings, there are online options for participation through a LinkedIn community and recordings from past events hosted by the Atlanta Chapter, the Chicago Chapter and the Houston Chapter.
3 Steps to Drive Breakthrough Growth Within Your Account Base
In this blog, based on a webinar with SOAR and People.ai, learn why customer growth is critical in the current market and how your team can prioritize, plan, and execute to drive breakthrough growth within your account base.
Why Customer Growth is Critical
Pre-economic downturn, the focus was on opportunity execution. At SOAR, we have determined four reasons for an increasing focus on customer growth and retention among our clients post-economic downturn:
1. Changes in buyer behavior.
Sales cycles are currently 20-30% longer for net new logos than a few years ago, partially due to increased business case scrutiny among potential buyers. So, renewing with current customers is quicker and easier than chasing new logos.
2. Economic advantages of expansion.
When selling to current customers, there is a 5x lower cost and 30% higher win rate than selling to new customers, according to TSIA.
3. Impact on Net Revenue Retention (NRR) and Lifetime Value (LTV).
Without an effective expand motion, NRR hits a ceiling. According to TSIA, customers that expand before renewal renew at a 78% higher rate than those that don’t.
4. NRR drives valuation.
According to Gainsight, NRR has the highest correlation with valuation of any other metric.
As you can see, expanding within your existing account base is easier and more cost effective in the current environment than chasing net new logos. Now that we’ve covered why you should focus on growing your existing accounts, let’s talk about how to grow your existing accounts.