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Yoselyn Rea August 21, 2024 at 04:17 PM

Hi everyone! My team is in the process of establishing a more streamlined reference program to replace our current manual process. We’re focusing on setting clear metrics for success, including the total number of references, ARR influenced by references, win rate for reference supported deals, and fill rate as we roll out the new program. While we’ve tracked these metrics manually, we’re now looking to establish realistic targets moving forward. If anyone has benchmarks they can share for these metrics, we’d greatly appreciate it! I understand that benchmarks can vary depending on the specifics of the reference program, but leadership would like to see how improvements can be measured effectively. For instance, if we consider our fill rate (the percentage of reference requests that are fulfilled out of the total requests submitted), what is considered a solid benchmark for a successful reference program? Thank you in advance for any insights!

Perri Chaikof August 21, 2024 at 05:35 PM

It's amazing that you have benchmarks. It might be easier for you to set a goal for % improvement in this case. For example, look at win rate for deals with and without a reference call. If it's then realistic for you to increase your deals that have a reference call by x%, what impact would that have on your ARR? It might be harder to change the win rate for reference supported deals, IMO that variable is mjuch less in your control vs how many deals ultimately are reference supported. I would focus on a metric that you have more control over and calculate the trickle down effect if you are able to meaningfully move the dial.