Sample of a weekly email from Driven
January 12, 2020
Of the 15 topics I asked you about last week, these received the most votes:
- Quota club
- Metrics and KPIs
- Trade shows and conferences
So this week you have a brief article on each of the first 3.
What to expect
- Get more done faster, with less effort
- 3 questions to ponder about your quota club plans
- The single most important performance metric for SaaS companies
- Webinars: Top marketing channel for demand gen and closing sales
- SaaStr announces online ‘university’ for founders and revenue leaders
Your estimated reading time is about 7 minutes.
PRODUCTIVITY | TOOLS | RESOURCES
Get more done faster, with less effort
This time of the year, it’s hard to avoid pitches for solutions that promise to make you more productive.
But in my experience, too many “productivity hacks,” are obvious or dubious. Many require more investment of time or money than they’re likely to be worth.
So it’s been challenging to find a few worthwhile ideas for you to consider.
Here are a few that have worked well for me.
Do you often work in the Chrome browser, with many tabs open at the same time?
If so, I highly recommend Workona, a free solution that helps you manage your Chrome browser tabs.
I often have 15 or more tabs open in Chrome.
Before Workona, it was a nightmare to find the tabs I was looking for.
The large number of open tabs maxed out the memory on my computer, so processing slowed to a crawl.
In the several months since I started using Workona, it’s been a huge productivity booster.
Do you manage teams that execute repetitive tasks?
Make those processes more efficient by documenting and streamlining them.
After you’ve done so, tasks become more efficient and easier to delegate. It’s easier for you to estimate the time needed
With your processes properly documented, you’ll be able to check progress against their completion.
How I work. Lifehacker blog. This series of posts offers inspiring interviews with famously productive people.
“Manage Lots of Browser Tabs with this Chrome Extension.
My Most Popular Ideas on Productivity. Ryan Holiday. Undated. [Downloadable PDF. 21 pages. No charge.]
“How to Boost a Marketing Workflow Process That Will Reduce Work by 30-50%.” CoSchedule blog. (The advice in this article applies to any repetitive processes. It also works with many tools other than CoSchedule)
Work the System: The Simple Mechanics of Making More and Working Less. Third edition. Sam Carpenter. 2011 (Revised in 2018). 304 pages. Hardcover only. 150 customer reviews on Amazon. Average rating: 4.2.
SALES | OPERATIONS | ADMINISTRATION | MANAGEMENT | RESOURCES
Your quota club plans: 3 thought-provoking questions to consider
With 2019 in the bag, how will your company motivate and reward its revenue heroes of 2020?
In some established companies, the quota club or president’s club is a sacred cow whose status few would challenge.
But in many smaller or younger businesses, the purpose and structure of quota clubs is more open to debate.
Here are a few key questions worth raising:
- At your company’s current stage of growth, how much can you afford to spend on quota club?
- Who should be eligible for quota club? Increasingly, employees in Marketing, Customer Success and other functions are taking on revenue-related quotas. What added members of your extended revenue team should you also recognize and reward?
- How can you ensure that quota club motivates and rewards all top performers
–especially as revenue teams grow more diverse?
If you haven’t already discussed these topics, this is a good time to do so.
It’s too late to change your plans for this year, but the timing is right for thinking about next year’s club.
That’s because your annual sales kickoff is around the corner.
You’ll want to get any material changes to your quota club settled soon. Then you can announce the news for maximum effect at your kickoff.
“How Much of Our Sales Team Should We Include in Our President’s Club?” Donya Rose. Cygnal Group Blog. Undated.
“President’s Club Eligibility – Percent of Top Performers or Minimum Quota Attainment?” Marci McCormack. Executive Group Travel Blog. October 6, 2015.
“Should Your Startup Have a Quota Club? And How Much Should You Spend on It?” Dave Kellog. Kellblog. December 3, 2018.
“The President’s Club: What’s the Big Deal?” Carl Wideberg. iSalesman Blog. April 2, 2015.
“Why I Recognize All My Superstars, Not Just the Sales Team.” David Yarnold. Entrepreneur Blog. August 4, 2014
SAAS | PERFORMANCE | METRICS | BENCHMARKS | VALUATION | ADMINISTRATION
The single most important performance metric for SaaS companies
Many investors and serial SaaS entrepreneurs say it’s the ratio of Customer Lifetime Value (CLV) to Customer Acquisition Cost (CAC). They call it the LTV
David Kellogg is among those who consider LTV
Kellogg, who publishes the Kellblog, is a serial entrepreneur and former CEO of Host Analytics. He has also been…
- SVP/GM of Service Cloud at Salesforce
- CEO at unstructured big data provider MarkLogic.
- CMO at Business Objects when the company grew from $30M to over $1B.
Kellogg explains the importance of LTV
Why is LTV
:CAC so important?
The ratio answers two key questions about the viability of your business:
- How much do I pay to win a new customer?
- Once I get the customer, how much are they worth over their lifetime?
If you’re trying to raise capital, VCs will pay close attention to this number. The higher the ratio, the better.
If you’re not getting at least 3 times what you pay to gain a customer, Kellogg says,
For more, look for SaaStr podcast episode 142 on iTunes. September 11, 2017. The segment on LTV
DEMAND GEN | MARKETING | SALES & SELLING | EXECUTION | CONTENT | RESOURCES
Webinars: Top marketing channel for demand gen and closing sales
For sales and marketing effectiveness, webinars rank right up there with email and events.
B2B marketers say webinars generate higher-quality leads than other forms of content. Technology buyers say webinars are one of their favorite channels for consuming content from vendors.
So as you plan your marketing priorities for the coming year, webinars should probably have a prominent place in your lineup.
Yet many companies don’t run webinars as effectively as they might.
Why it matters
Effective webinars are time-consuming and resource-intensive to prepare and deliver.
All webinars require prospects to commit substantial time and attention.
Do you serve a small total addressable market (TAM) with relatively few target accounts? If so, you can’t afford to make a poor impression.
Don’t risk producing webinars that give visitors a low return on their investment of time. They may never trust your content again.
How to make your webinars more effective
The 2019 Benchmarks Report from BrightTALK offers plenty of ideas. [Downloadable PDF. 29 pages. No charge.]
The sponsors analyzed data from 300M email, feed and social promotions and over 16,000 webinars delivered on their platform. The platform serves about 4M viewers.
Here’s their main advice:
Offer practical, helpful insights that help attendees solve pressing problems.
Before you dismiss this idea as too obvious, check a few of your recent webinars to see if they truly help solve attendees’ problems.
Ask yourself: Are your webinars helpful even if the attendee never buys your SaaS application?
6 top things buyers want from webinars
Most webinar viewers are looking for inspiration and actionable insights, the benchmark says. They want:
- Tips, tricks, and best practices (70%)
- Industry trends and predictions (62%)
- How-to / easy-to-understand, basic explanations (61%)
- Interviews of experts (60%)
- Solution case studies (59%)
- Data insights and original research
Marketers plan to improve the performance of their webinars by…
- Offering shorter sessions
- Offering panels of experts
- Making webinars more interactive with polls and surveys
- Repurposing webinars after they air.
“10 Best Webinar Software Platforms for 2020.” Aaron Brooks. March 13, 2019. Venture Harbor website.
“How B2B Marketers Are Using Webinars and Plan to Improve Them.” Ma
“2019 BrightTALK Benchmarks: Exploring Webinars and Videos for Content Marketing and Demand Generation.” BrightTALK.
“Driving Webinar Registration Best Practices Guide.” On24. [7 pages. No charge.]
“The 2019 Webinar Strategy Report.” DemandGen Reports and
“The Art of Becoming a Great Webinar Presenter.” On24. [6 pages. No charge.]
“Webinar Organizer and Presenter Checklist.”
“Webinar Technologies: a Sirius Perspective.” [Downloadable PDF. 4 pages. No charge.]
Webinars (on demand and scheduled):
“7 Secrets to Avoid a Boring Webinar.” On24.
“10 Common Webinar Mistakes to Avoid in 2019.” On24. June 2019. [Replay on demand. Registration required.]
The Ultimate Webinar Marketing Guide. Lewis Howes. 2012. 131 pages. Kindle. 72 reviews. Average rating: 4.5.
The Webinar Way: The Single Most Effective Way to Promote Your Services, Drive Leads, and Sell a Ton of Products. Sheri Rose. Jim Kukral.
SAAS | TRAINING | FOUNDERS | REVENUE |RESOURCES
SaaStr announces online ‘university’ for founders and revenue leaders
The folks at SaaStr want you to go to back to school at their expense.
They’ve just announced formation of Saastr University, a learning resource for SaaS entrepreneurs.
Here are 5 good things about SaaStr U:
- You face no admission test, qualifications, or prerequisites.
- You can attend online.
- It’s a good place to network with founders, CEOs, and senior executives in SaaS companies around the world. The networking may be more valuable than the learning.
- They offer a smartphone app through Mighty Networks, so you can take part on your favorite mobile devices.
- It costs you nothing.
Current offerings help you navigate growth for SaaS companies at 3 stages of maturity:
- Idea stage. For companies with 0 to 10 customers. 100 Lessons and Learnings on How to Get your SaaS / Cloud startup off the ground
- Traction stage. For companies with $0.1 to $1.0m+ Annual Recurring Revenue (ARR). 100 Lessons on Getting from 10 paid customers to $1m+ in ARR
- Scale stage. For companies with $1m to more than $10m ARR. 100 Lessons on Going from $1m to $10m ARR, Better, Faster, Easier.
Together, the three courses provide over 300 lessons.
Register here at no charge.
Email courses. In the coming weeks, I will offer short, no-cost email courses on topics that may interest you.
Here are two of several topics I’m planning:
- Co-creating value for your SaaS products: Selling value through effective discovery
- Writing effective messages for cold email prospecting
If you’re interested in either, please click on the links above.
I’ll start by offering the topic that gets the most clicks.
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Have a great week!
Driven is a free weekly email for time-strapped revenue leaders in business-to-business SaaS companies.
Its goal is to keep you informed about a broad range of topics related to revenue growth.
We scan the horizon for insights and ideas from sources you may otherwise miss.
You can receive your own copy of Driven at no charge by sharing your email address here.
About links, endorsements, and recommendations
When I provide links to articles from vendors, it does not imply an endorsement of their products or services. I link because they offer good content.
I’ll make it clear when I’m recommending a product or service.
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