B2B tech companies like yours have to deal with a lot of pressure these days. Rapidly evolving technology, more informed and empowered customers and industry disruption are just a few of the factors for why you need to start focusing your attention on effectively managing your customer’s revenue lifecycle. To effectively map and manage your customer’s journey, you need a firm understanding of the best key performance indicators – ones that provide deep, predictive insights – to track and measure within all the phases of your customer’s lifecycle. Then, paired with the right people, processes and technology, those KPIs will enable you to drive increased customer success and revenue growth.
So what are those KPIs? Glad you asked.
In our latest whitepaper, Andrew Statton and Vijay Balachandra, Directors of Solution Design at ServiceSource, draw on their combined 20 years of experience to outline what they have found to be, “The 15 Essential KPIs of the Revenue Lifecycle.” Check out this infographic for a high-level view.
To give you more detailed insight, we’re also kicking off a series of blog posts focused on the essential KPIs of each stage of the revenue lifecycle, which is made up of all revenue-generating and revenue-supporting activities after the point of sale.
The revenue-generating stages include:
The revenue-supporting stages:
But don’t let the term “supporting” fool you – these are just as important as the revenue-generating activities. While understanding your customers’ experience in all of these stages may not immediately translate into a specific revenue number, keeping a close eye on these experiences will help you find the barriers and obstacles your customers are facing and remove them, leading to revenue over time. The more efficient you are with helping your customers to be successful with your products or services, the more revenue you will drive.
And that’s the whole idea behind the revenue lifecycle and these insightful KPIs – to help you understand not only where your revenue is coming from, but also how you can pull the supporting levers to increase it and drive up customer loyalty and spend in the future.
As you follow the blog series, keep these questions in mind:
- What KPIs do you already track in your own organization?
- Do you have different views into those numbers that help you to understand where your renewals team is effective and where they may have shortcomings?
- What about metrics to understand how your customers are using your product or service?
Stay tuned for the next blog post in the series where we’ll focus on KPIs for the critical onboarding and adoption stages, or you can always download the full whitepaper here.