Kyle Norton

speaker

290 appearances 1 recordings 1 series first heard Aug 2024 last heard Aug 2024

Kyle Norton’s voice in public audio — every appearance, attributed to the second.

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Top Founders · $5m in ARR? Your CRO Should Be Focused on These 3 Things · 1 Aug 2024 podcast

And I'll talk more specifically about how we did it.

So this is a chart of churn by customer cohort.

So this is like our new scoring algorithm called EGMB, estimated GMB.

And you can see there's just a complete, this is a completely different business in green than it is in red.

We probably 40, maybe even 50% of our deals were in here before I started.

And now we're basically like,

80% in here, we have a little bit of that happening.

But the first step was really smart analysis.

So we looked, I sat down with our BizOps team, we did a thorough analysis of what made a good deal.

What were the qualities of a customer that had low churn, there's some usage-based pricing, so high GMV on our platform, which meant they were highly profitable, and we worked back from there.

So we built this scoring mechanism called EGMV.

And then the job was to figure out what digital footprint exists to match what we know makes a good customer with prospects in the world.

And we're going to talk about the data work in a second.

And so I made...

three different changes to our targeting, and we just kept raising the floor.

EGMV floor of 1,500, then 2,000, then 2,500.

We've continually made it more and more stringent what the sales team is going to work on and close.

And every time we do it, the model gets more efficient.

And interestingly enough, we sacrifice almost nothing in terms of growth because your reps are now shifting their time and energy onto a different cohort of customers, which are significantly more profitable for the business.

So step number one is figure out what makes a great customer, and you can work with your data teams to figure all that out.

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