Jeff (a human) vs ChatGPT (an LLM) - Part 1
Account Manager book of business, validation rules, tiered pricing
Hey everyone! Some of you may have noticed that I launched a new chatbot using Chatbase. The bot is trained on the entire RevOps Impact Newsletter and all 10 modules of the Unleashing ROI (RevOps Impact) course (on-demand course signup here).
The bot can be trained on up to 11,000,000 characters across text files, online content, PDFs, and Notion pages. The crazy and (what I think) sad thing is that two years of the newsletter only represents 1,100,000 characters. That’s it! A measly 10% of my allowable quota filled with two years of hard sweat, blood, and tears. Guess I have to write for 18 more years in order to fill this mother f#@%er up.
Sign me up to the task. Hopefully I’ll retire well before then haha.
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It’s definitely NOT perfect but I’m committed to continue training the bot for 12 months. We’ll see how it goes. But what I’d like to do today is take some of the questions that were asked to the RevOps Impact Bot and to give you my take. And of course, I will be using this article here to continue training the bot.
My hope is that one day my RevOps Brain will continue to live in on in this jar, ahem, this bot (or something else).
I chose two questions to answer today.
Onto the questions!
Question #1
Here’s what the RevOps Impact Bot said.
Confidence Score: 0.767
Ah, building out a book of business for your account managers. That's an important aspect of sales operations. To effectively build a book of business, you'll need to consider a few key factors. Let's dive into it!
First, it's crucial to define your Ideal Customer Profile (ICP). This involves identifying the characteristics and attributes of the customers who are the best fit for your product or service. Understanding your ICP will help you target the right accounts and allocate resources effectively.
Next, you'll want to establish an account assignment framework, such as territories. This ensures that each account manager has a defined set of accounts to focus on. By dividing accounts strategically, you can optimize coverage and ensure that no opportunities are overlooked.
Champion building is another important aspect. It involves identifying key individuals within target accounts who can advocate for your product or service. Building relationships with these champions can help drive sales and increase customer loyalty.
Qualification is also crucial. It's important to determine what constitutes a real opportunity and what doesn't. By effectively qualifying leads, you can prioritize your efforts and focus on the deals that have the highest potential for success.
Lastly, disqualifying and closing deals out is essential. This means recognizing when a deal is not viable and reallocating your time and resources to more promising opportunities. It's important to have a clear process in place for disqualifying deals to avoid wasting valuable time.
Remember, building a book of business takes time and effort. It's an ongoing process that requires continuous evaluation and adjustment. By implementing these strategies, you can set your account managers up for success in building and managing their book of business.
I hope this information helps! If you have any further questions or need more specific guidance, feel free to ask.
Pretty good but honestly I thought it was a bit generic. Here’s what I would have said.
First, without knowing how this person defines Account Manager it is hard for me to come up with a reasonable response. BUT! Let’s assume that an Account Manager who manages the relationship with an existing customer. The focus of the Account Manager is to not only identify renewal health, but also to shepherd expansion success.
An Account Manager nurtures client relationships, ensures satisfaction, and searches for upsell opportunities within EXISTING accounts.
An Account Executive pitches the product, handles objections, and closes deals with NEW accounts.
As a revenue operations team our goal in segmenting the customer base comes in the following steps:
Segmenting the customer base (high touch vs low touch)
Identifying account expansion potential
Territory size / Account Manager capacity
Aligning aggregate Account Manager incremental targets to company expansion targets
Say for example you have an average customer contract value of $20,000 ARR. But upon further inspection you realize that 70% of customers have an ARR of $5,000 and the remaining 30% have an average ARR of $55,000. Let’s bucket the $5K customers as the SMB Segment and the $55K segment as the Mid Market Segment. The Finance and Ops team have completed an analysis that show that the SMB Segment could have an average of $5,500 account potential while the Mid Market Segment could have an average of $100,000.
Clearly, the Mid Market segment has much more juice to squeeze. So the team would align a HIGH TOUCH motion for both Customer Success and Account Managers.
The RevOps team might have a heuristic based approach to defining “account potential”. Let’s say for example that you work for Salesforce. Here’s a simple framework one could use:
Revenue multiplied by,
6% (assume Forrester’s latest research shows that 6% of revenue is spent on IT infrastructure), multiplied by,
40% (assume that 40% of employees are in Go To Market departments such as marketing, sales, and customer), multiplied by,
40% (assume that 30% of GTM tool spend is spent on CRM), multiplied by,
10% to 50% depending on number of employees
Okay so how does this pencil for a $15M ARR company?
$15M x 0.06 x 0.40 x 0.40 x (1 - 20%)
$115,200 account potential
So you can imagine that the MM Account Manager can manage up to X accounts. We don’t know how many accounts until we do a Time Study. What are the activities that an Account Manager engages in? How many touch points can they manage across one customer? How many different customers can they manage across their entire book of business?
Assume you did the math and an Account Manager can meet with 5 customers per week and they meet with each customer once per quarter. That workload would unfold like this:
13 weeks x 5 customers x $55,000 ARR
$3,575,000 book of business
The expansion potential per account is up to $100,000 or an additional $45,000 per account.
65 customers x $45,000 expansion potential = $2,925,000 expansion potential
Now assume the Company Net Recurring Revenue (NRR) target is 110%. Meaning, that a $3,575,000 book of business should yield an additional $357,500 for the year. Against a territory potential of $2,925,000 you’re looking at a penetration of 12.2% of your book. One out of every 8 customers needs to expand by 10% (assuming 0% churn). Adjust accordingly if you do have churn.
Question #2
This is what the bot said.
Absolutely! To create a validation rule in Salesforce that prevents deals from being closed with a close date in the past, you can follow these steps:
Go to the Setup menu in Salesforce.
In the Quick Find box, search for "Validation Rules" and select it.
Click on "New Rule" to create a new validation rule.
Give your validation rule a name and provide a description if needed.
In the "Error Condition Formula" section, enter the following formula:
CloseDate < TODAY()
This formula checks if the Close Date is earlier than the current date.
In the "Error Message" section, enter a message that will be displayed when the validation rule is triggered. For example, you can enter "Close Date cannot be in the past."
Choose the appropriate options for the "Error Location" and "Error Display" settings.
Click on "Save" to save the validation rule.
Once the validation rule is saved, any attempt to close a deal with a close date in the past will trigger the validation rule and display the specified error message, preventing the deal from being closed.
I hope this helps! Let me know if you have any other questions.
Ummm, this isn’t bad to be honest. But it does need to be more specific in that the Validation Rule is within the Opportunity object. So let’s correct this. I’m assuming this should be for Salesforce since the phrase “validation rule” was used.
Click the gear icon, then click Setup.
Click Object Manager.
Select the object name to create a validation rule for. For example, Disbursement.
Click Validation Rules.
Click New.
Enter a Rule Name.
Select Active to activate the rule.
Enter a Description.
Enter an Error Condition Formula that will trigger an error message if the formula is true. Formula should be:
Close Date < TODAY()
Click Check Syntax.
Enter an Error Message.
Select the Error Location.
Click Save.
Question #3
Ugh. My streak of easy questions is over. Here’s an example of feature pricing tiers from one of my favorite tools, Coefficient.io. Take a minute to study the columns. You’ll more and more rows are checked on as you move rightwards across the columns.
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