Technology firms continue to lay off workers as the threat of a recession looms. According to The Hill, companies have slashed about 27,000 tech jobs since the rumblings of an economic downturn began in May.
More will come, too. But many leaders hope that layoffs will be the last resort.
To offset the possibility of eliminating roles, operations teams have turned inward to cut spend, improve processes, increase revenue, and reduce churn, simultaneously.
Which, if we’re being honest, leaders should already be doing.
But the threat of a recession adds a new sense of urgency to these areas and has pushed leaders to get scrappier than ever before.
In our webinar, “What RevOps Can Do During a Market Downturn to Drive Revenue,” our panelist and host talk through RevOps best practices given today’s economic landscape.
Meet the panel:
- QuotaPath Co-Founder Cole Evetts
- QuotaPath Sr. Director of RevOps Ryan Milligan
- Syncari RevOps Leader Mollie Bodensteiner
- Deel Manager of Revenue Systems Stephen “SK” Krikorian.
3 RevOps best practices from “What RevOps Can Do During a Market Downturn to Drive Revenue:”
Eliminate unused technology
Mollie had some great intel when it came to getting scrappy with your existing tech stack. RevOps teams should review every platform or solution that your team subscribes to and look at logins, usage times, and duplicate licenses.
Anything that’s not being used or has a clear, measurable ROI should go.
Ryan also added that adoption rates will vary based on the tool itself, so define what a successful adoption rate is based on the job it serves.
“I think our reps should be logging into our cadencing tool every day, for example,” Ryan said, noting that if a rep isn’t, that’s an area for coaching.
Tips when asking for new technologies
When hoping to get your executive team on board for tools that will help your team work better, our panelists agreed that you have to have a number-driven business case.
“Make the process manual and time it. Then you can present the business case around the time it will save,” SK suggested.
Ryan agreed, noting QuotaPath’s adoption of ChiliPiper last fall.
“We weren’t able to route people booking a demo effectively,” said Ryan. “So, we showed how much time our sales team and RevOps spent doing it and how this tool would help us round-robin demos better and in less time.”
Never assume a customer will renew
Whether a recession is taking place or not, teams should focus on keeping and growing their existing customer base. But a market downfall emphasizes this point even more.
“Get really purposeful about keeping current customers happy and look for expansion opportunities,” Mollie said. “Identify the right churn indicators and get ahead of it as much as you can.”
Ryan said his churn indicators include the number of users logging in, value realization percentage, and login frequency.
“Make it simple,” Ryan said. “If a 50-user account only has three people logging in, we need to re-engage.
SK also suggested asking existing customers to share a must-have in the produce that’s not in it yet. This helps your team get into place features that could reduce the risk of churn should your platform ever be on the chopping block.
To learn what metrics these RevOps leaders are looking at that indicate a downturn, how to motivate your reps, coach using data, and introduce a new product to your team, watch the entire recording above.
QuotaPath empowers growth teams with transparent and accurate commission management software. To learn about our real-time integrations and how teams are generating more revenue after being able to forecast attainment and future commissions, book a time with our team.
Additional free resources mentioned in the webinar: