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Hi all - I'm reworking my metrics slides for advocacy, lifecycle and expansion. My questions are: • does anyone have a monthly dashboard of metrics they are willing to share? • has anyone figured out an ROI on their Advocacy Program that does not have a self selection bias? I'm thinking of something like an Advocate Revenue Growth metric that compares ARR of those in the program divided by ARR of those not in the program and watching how the numerator grows over time. Thoughts? I'd rather not just say my advocates stay longer, spend more, etc when compared to non-advocates as it has too much self selection, in my opinion. But, I will also have my bigger customers in my advocacy program, so they will automatically have higher ARR.
Hey Rebecca! What is your current tech stack for pulling metrics from? Are you a SFDC user? Do you have an advocacy platform or anything else where your information is living?
Hi - No salesforce yet, but it's coming, no advocacy platform. Everything is super manual - I have to ask the ops team for data.
Does that mean you guys don't have a CRM?
We do - but since we are moving off it I'm trying to plan for the future -
I’d have to go back and look at calls for metrics but I know I just shared a doc with a list of metrics from Maria Sturgeon and Ari Hoffman.
It is not pretty.
And I believe @Leslie Barrett has a few episodes on CMAsoulmate that would be useful here.
I'm happy to chat at some point w/ you. We have some good ones and have developed some ways to track potential influenced revenue, etc. Probably a larger discussion though about how your program is set up, etc.
Would love to join that conversation @Sarah McCoy! @Rebecca Grossman let me know if you all book something!
I would really appreciate it if I could be added to the conversation. I'm especially interested in learning more about this. Not only that, but exploring the metrics and success plan for advocates is also something I am keen on doing.
@Jennifer Doyon tell me more about CLTR/V (client lifetime revenue/value) - what is "value" in the denominator? For your other metrics:
1. how do you know that the average spend wouldn't double if they were not in the program? They are more engaged customers, so how do you separate out the impact of the program vs what would have happened naturally?
2. how do you define "drives 10 new customers each year"? Is this a referral program? What activities lead to the new customers?
3. I agree with the time saved sourcing references metric - although our sales team is much smaller than 620 people
4. I also like the reduction in sales cycle - but I need to prove that references do reduce that time
@Irwin Hipsman any thoughts on this topic? I know you like the lifecycle topic.
@Rebecca Grossman (Sorry, I didn't mean the CLTR/V to come across as an actual formula. It's a bit more in-depth than that.) Essentially, you are taking the annual revenue for all of your non-advocates and comparing it to your active advocates over a period of time to show the increase in spend. I've found execs are blown away when they see this trend.
@Rebecca Grossman Replies to your other questions
2. Yes, this would be referrals from your customers who are naturally advocating for you. Needs to be tracked.
3. Across all of these formulas, insert your data (avg deal size, # of sales reps, company's targeted growth rate, etc.)
4. This was an average found across studying 100 programs. Some are as high as 13%!