Boosting revenue through channels that already possessed by the company constitutes revenue enhancement. Setting attainable OKRs for revenue enhancement can help teams reach their goals effectively.
While implementing OKR, the objective is qualitative and provides a broad goal or what is to be accomplished. These objectives are backed up by key results, which are quantitative and measurable benchmarks which monitor how the objective is achieved. Key Results (KRs) are specific, measurable and time-bound. OKRs are a handy tool for aligning goals throughout an organization and across teams.
Strengthen the pre-sales process
→ Establish a strong pre-sales knowledge base.
→ Maintain an initial response time of less than 5 minutes for at least 90% of the leads.
→ Every employee on the team should attend at least one enterprise revenue webinar per month.
Strengthen sales and revenue team
→ Conduct two training programs per month.
→ Establish a strong sales and revenue collection process.
→ Decrease average time taken to convert a prospect into a customer from 20 to 10 days.
Increase annual recurring revenue
→ Increase annual product renewals from 60% to 80%.
→ Increase lead conversions to sales from 15% to 45%.
→ Redesign and improve customer acquisition process.
Achieve record revenues and profitability for the current quarter
→ Hit quarterly revenue of $200,000.
→ Start sales in 3 new countries.
→ Achieve first quarter revenues totaling over $90,000
→ Increase gross profit margin from 20% to 50%.
Enter the Asian market and set up a sales team there
→ Recruit or appoint a sales head for Asia-Pacific and a sales team.
→ Partner with 15 channel partners.
→ Conduct a launch event in Singapore, Mumbai, Bangkok and Hong Kong.