From Ric Pedraza
Have we thought through the new GRT Agent Comp model integration with discounting tactics, so as to preserve or enhance total margin?
The new GRT Agent Comp falls into the 20% of first year sales and subsequent 10% of sales each year after is allocated to GRT agent commission already in the Model.
On discounts, I want to put the following on record: I DO NOT WANT TO ENGAGE IN DISCOUNTED PRICING TO ACQUIRE CLIENTS. Discounts imply largely that the value of the solution has not been clearly communicated to the client, and the client is a fit with our offering. It’s a tactic, in my eyes, we’ve used to acquire a core base of users. Now that we have a product that has some traction, and is decent, I’m for moving increasing pricing to a more value-based model in line with our push toward solution-delivery
From Aimee Samac
Do we have a Sales Playbook yet?
Yes and No. There are sales materials from perfunctory scripts to objection handling materials that will give a new hire a baseline understanding of Invisible. There is no sales playbook as to the level you are describing. There are several reasons for this:
- At this stage, selling Invisible is a conceptual sell — — there’s no single play/pitchbook I can give someone that will tell them how to sell Invisible end-to-end as it requires some level of conceptual thinking and creativity to design processes for clients
- Sales is not in a position to scale yet. The first thing that needs to be in order is pipeline health we’re not there yet. I’m not working on documentation until I start hiring more for sales the initial material I made is 80/20
- The Sales evolution of Invisible is, for my vantage, as follows:
- Invisible starts as an agency, so a sales agent must know the agencies capabilities over specific tasks that the agency can do (high conceptual ability, low scalability)
- Invisible becomes productizing it’s offerings, so an agent must know the specific product offers and agencies capabilities (medium conceptual ability, medium scalability)
- Invisible producitizes all its offerings (low conceptual ability, high scalability)
Right now, the bar for sales and a strategist is A. It’s also part of the reason I’m reworking Support and the Strategist model — — the two are parceled together at this point in our evolution. We’re moving towards B, which will require some delineation between the two. What delineation? I’m not sure yet. We’ve taken some stabs at it and the big takeaway is we need subject matter experts selling the services we have not yet productized. There are many ways to cut this (channel partnerships, building process supply in advance of demand), but it’s not the key leverage point for Q1 or Q2. I put it as being a priority Q3 earliest. I am not going to build systems around activites that I have not tactically done and seen produce outcomes.
From Keenahn Tiberius Jung
What are the biggest drivers of churn :
- Deliverable quality not up to par or not what the client wanted
- Took to long to get results
- Sales/Support didn’t set proper expectations or appropriately shepherd the client
This is a power law, so most churn from 1, some from 2 and a few from 3
From Sam Mata
How many of the 60 active clients not on subscription are anticipating that will move over in the next 15 days?
3 moved over since then. Atleast 10 are on track for EOM.
From Larry Robinson
What developments are you needing for LinkedIn Campaign? What other campaigns are active besides LinkedIn & Upwork?
DAL resources — specifically an agent each to run each channel to set appointments for Sales. As far as campaigns, LinkedIn, Upwork, and PPC are active. Looking to spin up cold emails by next week and an account based marketing campaign by EOM.
From Leonardo Kewitz
What are our long-term plans for reducing churn?
- Improve Time-to-value (Ops largely — time that first delegation is completed)
- Improve Service Quality (Ops largely)
- Rework Customer Success Flow so there are 2 teams and 3 roles:
- Support — Reactive, handles all client issues
- Customer Success Manager — Proactive, drive advocacy, usage and retention
- Account Manager — Drives cross-sells and upsells via land-and-expand
From Aimee Samac
Who is running the testimonial machine? And how can we level it up to make sure we are capturing testimonials while the client is in the ether?
Before was largely in Gdrive and sheets. Wasn’t really polished or driving on it. Versioned by a Hubspot ticket system. Next iteration is some automated system to take emails/feedback into Hubspot (or some system) to capture and tag it by various slices.
From Corey Breier
What exactly was the OBF form error? Was it known to TNG or new?
The form froze on the first page when an email was inputted. It was not known to TNG until flagged on Tuesday.
From Aimee Samac
Daily new client acquisitions have dipped down from the 1.6 we were at to less than 1. What is the plan to get this back on track?
Lead Quality was lower on PPC as we were iterating on the keywords and refining the strategy. The dip was expected from that channel. We closed 2 PPC in Feb v. 12 in January. We had roughly the same amount in referrals.
Plan is to ramp up PPC spend to 5k for the month of March and double it to 10k by April once we’ve proven the right keywords. I’m working very closely with Stackmatix and bringing them into my Growth Plan so they can support us at the right level.
Plan to get it on track:
- Spin up Upwork — Ultimately gated on an agent hire will get one in 2 weeks to help with this
- Version the LinkedIn process with an agent PM — Gated on a lead-level agent iterating on the flow/funnel. Will get one in 2 weeks to help with this
- 25 partners MQLs a weeks — Getting partners MQLs but not 25. Pressing department heads to enforce
- ABM strategy to get into accounts and build a B2B pipeline — perfunctory work being done, but ultimately gated on my and Bruno’s ability to get time and jam on this.
- Hit the client base for referrals and upsells — I’m leading tactical outreach with RLMs to get this
From Marshall Sutherland
How is the Ops <> Growth engagement model working now? Are they servicing you?
It’s working well in the sense there are open lines of engagement and clear communication between Ops and Growth. I believe they have a read on the problems and are executing against them.
However, I see no major improvement in tactical outcomes this quarter. The breakdown of itcs has largely been the same month-to-month. I’ve voiced to Kamron I think Ops is not tactical enough so whatever changes that are being made do not translate to literal client outcomes in the now. I’m seeing the same problems out on the field as I did last quarter.
From Dilip Malave
On a conversion basis between Sales and marketing which one is a better RoI and is that scalable? how can we help?
Referrals, Upwork, PPC in order of CAC. Referral close rate is between 30–40%, Upwork between 15–20% and PPC around the same. Upwork CAC is lower than PPC and the comparatively lower close rate of Upwork is due to targeting and some sloppiness resetting this. When I ran this, my close rate was 40% when it was my sole focus (which it isn’t right now for Nabeel, which also feeds to the lower close rate).
From Bilal Qureshi
I did not understood Churn analysis. Without taking much time can you please write a summary (layman terms)?
I think this will explain better than i can: https://www.appcues.com/blog/cohort-analysis
From Ric Pedraza
Can we make it a corporate goal to become #1 instead of #2 at Olympus?
Yes. #1 at every company — including Invisible :)
From Chris Chavez
Jay — what’s the plan to create a project and carve out time for leveling up our website to a v3?
Design approved by 3/08 and implementation by 3/31. Full project here: https://app.asana.com/0/1109816082980716/list
Seb is updating timelines by EOW
From Shane Mileham
Assuming that viral growth (clients referring other clients) is the best path, what’s our viral coefficient, what’s our time to referral, and how close are we to pursuing that strategy?
We have 50 client referrals across a total of 259 clients. We don’t have a good handle on our viral coefficient because we don’t know how many invitations are sent by our current users. Working on versioning that system.
Assuming we get 3 referrals a user and 1 converts, we’re at 33%. Not good as this should be over 1. Main gate here is again the product and white glove service. The former is on Product and Ops. The latter I’m iterating on the Support team to provide more white glove service to acts as a stop gap.
From Zach O’Brien
Do you have plans to get your Churn and ARPA numbers is a real-time updating dashboard?
Yes, the Analytics team is working on this for me :)
From Skyler Stevens
Who’s driving the referrals channel to make it AS EASY AS POSSIBLE to get more and more and more referrals? Would you consider having the bot make referrals for the client on behalf of the client? Client gets referrals credit….without doing any of the work….
Support is driving, and it’s getting traction but not driving 100%. I’m dropping in the day-to-day to facilitate this. Think bots referring on behalf of clients will make this marginally better, but not by much
From Sebastiaan van Kuyk
No client has churned in 10 days, is this a direct result of a bump in quality on the DAL?
Partly that and Sales/Support being tighter on clients in sales/onboarding. Also, Support is providing more white globe service
From Bilal Qureshi
Thanks Francis … One more: did we think about having a video and market it on youtube? billy jeans have been popping on in my add a lot these days.
No plans for a YT video aside from the demo. YT won’t be powerful for B2B.
From Francis Pedraza
Jay, what is your December 2020 revenue target, and the path to get there every month from now till then?
Create a new spreadsheet and edit with others at the same time -- from your computer, phone or tablet. Get stuff done…docs.google.com
From Chris Chavez
Could we use a cash prize to incentivize current clients to refer (most referrals receives $X)? Prize < LTV
Run once per month.
Clients by and large don’t care about incentives for referring a friend — say sub $1k/month. However, for larger deals, $1k/month and over, we offer 10% commission for any referrals. This 10% is also in play for any mid-cap/enterprise referral.