We all know the typical schedule and flow of these events. A recap of last year’s performance. Product leaders talking through future product launches that reps cannot sell yet. A guest speaker to drive excitement into the team for the coming year with little to no understanding of how you go to market. A mix of team building that is capped off with happy hours and dinners add up to a lofty bill at the end of the event. This includes hard and soft costs. SBI research has shown that the average organization spends $674,000 in hard costs to put on an SKO. Additionally, with average durations of 2.4 days of sale reps time, soft costs increase the total to nearly $2,500,000!
Many Sales Operations and Enablement Leaders have decided that incurring these costs in return for little to no value needed to change. They have evolved to conducting Revenue Acceleration Summits.
Start planning your own Revenue Acceleration Summit by downloading SBI’s Acceleration Summit Toolkit. The toolkit includes 8 tools to help with planning before, during, and after your event takes place.
What Is a Revenue Acceleration Summit?
A Revenue Acceleration Summit is anchored around driving alignment throughout the commercial organization. This live event provides the opportunity to cascade down annual and Q1 priorities from the C-Suite’s 3-year strategy to the entire Commercial team. Taking this approach allows organizations to drive focus on the 2-3 Big Bets they are making to help drive towards strategic objectives.
What Differentiates a Revenue Acceleration Summit from an SKO?
What makes a Revenue Acceleration Summit effective is that it is part of an organization’s revenue growth plan. It is not a stand-alone event. Sales Operations and Enablement Leaders use this as an opportunity to drive alignment from their C-Suite down to the individual in the field.
However, this does not happen overnight. Strategic go-to-market planning occurs months beforehand, and follow-through after the Summit. Strong interlock across the Commercial organization is needed for the most impactful outcome.
Ready to join your Market Leading Operations and Enablement peers in driving value to the Commercial team? Follow these 3 Phases.
3 Phases to Transforming your SKO to a Sales Acceleration Summit:
- Phase 1: Market Leaders Engage in Heavy Pre-Summit Planning: A successful Summit starts months before the team arrives for the live event. Critical strategic planning items need to be accomplished to drive value to the audience. SBI’s Acceleration Summit Toolkit will help you begin to drive action with your Commercial team in planning discussions. Completing Pre-Planning activities before SKO drives alignment across the Commercial organization, and helps formulate the 2-3 Big Bets that will drive revenue growth over the next 3-5 years.
- Phase 2: Market Leaders Follow a Basic Summit Agenda to Maximize Value Creation: Market Leaders develop an agenda that is informative and actionable for the sales organization. Instead of having a jam-packed schedule of speakers, focus on less and drive interaction with the audience. Things such as Win / Loss and current opportunity reviews, down to having a set of key customers speak to the team as to why they chose your solution. Make the team leave with commercial insights they can leverage into next year to help the organization achieve the 2-3 Big Bets.
- Phase 3: Post Summit, Keep Momentum with Your Revenue Growth Program: The key to sustaining momentum is ensuring that each Commercial functional leader has actions to drive throughout their organization. Actions should tie back to the organization’s 2-3 Big Bets, cascading from annual to quarterly and weekly goals within each function.
Although your newly branded Acceleration Summit may be a few months away, the hard work starts now with Pre-Summit Planning. Once the Summit is complete, don’t lose sight of actions assigned to the Commercial Leaders to drive the organization towards the Big Bets and interim Annual, Quarterly, and Weekly goals. Start thinking about which metrics you will use to monitor progress, and how you will go about measuring these actions.
How do you ensure you are successful in planning a Revenue Acceleration Summit? SBI has given you a head start by providing a tool to leverage when while you are planning. Get started with SBI’s Acceleration Summit Toolkit.
Need help getting a jump start with Phase 1? Bring your functional team down to the SBI Studio for a strategy workshop. As a guest of The Studio, you’ll get unlimited access to our handpicked experts to help you with your Pre-Summit planning. Together we’ll focus on developing an action plan to ensure you find the proper balance between hitting your corporate financial objectives without handicapping your sales organization. I hope you join us.