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Brad Rosen shares steps you can take to drive employee efficiency, and by extension, revenue.
Many companies try to pivot from “growth at all costs” to “efficient growth” too late in the game. It could be that the market changed, spending has dipped, investing has dried up, or the board is asking questions.
The alternative is to focus on driving efficient growth: keeping costs low, while driving revenue as high as possible with the least amount of resources. Brad shared steps any company can take to start doing this.
It’s crucial to create a culture where efficiency is tracked, sought after, and prized. Efficiency can’t be “owned” by any one person or team. It’s the responsibility of every team. And because it requires so much data collection and tracking, it requires buy-in from everybody.
While leadership should be tracking overarching efficiency metrics (like Revenue over Total Cost, CAC, and CAC Payback), every manager should also submit 1-3 metrics that best represent efficiency for their teams.
The goal is to come to agreement on what you’re going to measure, and then start doing it as soon as possible so you can ask questions of the data 2-3 years later. For example, you may want to know how many LinkedIn Ads ended up closing, then renewing or upgrading, versus those that were closed from outbound efforts. It’s very hard to go back and look at this and connect this data retroactively, so the sooner you start, the better.
Brad recommends sharing the data transparently across the company. Every team should be able to see progress toward efficiency goals. Sales should see retention dropping. Marketing should see that close rates are dropping. This provides helpful information that may inspire teams to change directions or work to address issues more proactively.
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