There’s one thing every business has in common, regardless of size, industry, or market: the need to generate revenue. And today, it's a lot like driving down a winding road. As the economy and market conditions change almost constantly, navigating the twists and turns to stay on track with your goals is more important than ever.
How can you earn more revenue? How can you earn it more consistently? And most importantly, are the tactics you have in place the most profitable strategy?
The problem is that for many companies, it’s difficult to get precise answers to any of those questions. An Xactly survey of more than 2,000 revenue leaders found that more than half of companies (59 percent) find it more difficult than ever to forecast accurately. Gartner data also shows that 55 percent of leaders don’t trust their current forecasts.
Those aren’t statistics anyone wants to fall into. But fortunately, there are steps you can take to enable you to make smarter decisions for your company. Here are three tips from our CRO Jamie Anderson on how you drive more consistent revenue.
3 Tips to Drive Consistent Revenue
1. Eliminate Intuition Bias
Relying on gut instinct is human nature, but it’s fallible. It can provide a good sense of direction, but it isn’t backed by anything other than your own intuition. But you don’t want to throw out your experience and intuition, though. You need to supplement it with factual information and combine the power of your intuition and data.
2. Maximize Planning Agility
In the past, sales and revenue planning was a one-and-done process. You created and rolled out new plans at the start of each fiscal year and that was the strategy until the next planning season.
With change happening at a record pace, you can’t afford to set and forget your plans. You need to be able to analyze performance at any moment in time, identify areas to improve, and make the necessary adjustments before the end of the quarter or year.
3. Expect the Unexpected
Finally, you need to be prepared for any situation. Change is happening constantly, new competitors enter markets, and the possibility for disruptions is endless. This requires a mindset shift. Your organization needs to operate with the expectation that plans will need to be adjusted periodically throughout the year. It’s not a matter of if you need to change them, it’s a matter of when.
Making Predictable, Consistent Revenue a Reality
So what can you do to improve your forecasting and earn more revenue consistently? You need a better understanding of how your organization generates revenue, the resources it costs to get it, and ways you can improve it.
At Xactly, that’s something we call Intelligent Revenue.
Intelligent Revenue is a new way of looking at how your business earns revenue and using solutions to uncover how you can generate it with predictability, profitability, and resiliency. AI-enabled technology empowers you to combine multiple data sources to uncover performance trends, model for different revenue outcomes, and create more predictable forecasts.
This provides more insight into your revenue operations, where your sales team spends most of their time and efforts, and allows you to identify the actions you need to take to get back on track with your goals and maximize your sales team performance.
Intelligent Revenue also ensures you’re agile and prepared for any situation, can adapt quickly, and are equipped to remain resilient—whether it’s small changes in your company, shifting market conditions, or global disruptions.
But this is nearly impossible to do without the right technology. Intelligent Revenue Solutions empower you with insights to understand more clearly how you earn revenue. That way you can design incentives to motivate top sales performance, target the strongest territories, and forecast revenue with precision.
To learn more about Intelligent Revenue and the impact it has on your profitability and forecasting accuracy, download the guide, “Forecasting Fear Factors: Planning for the Unexpected Events That Can Foil Your Forecast.”