Want to learn the best business insights from remarkable speakers at Slush 2023, but don’t have the time to watch the full speeches on YouTube?
You’ve come to the right place. Below is a summary of a speech by Jordi Romero, co-founder and CEO of Factorial.
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<p class="h1-rich">🤏 TL;DR</p>
TL;DR: The CEO of Factorial shared insights on building a sales-driven business, including the importance of simplicity and understanding business fundamentals. He discussed the concept of pivot periods and the need to analyze various metrics to monitor business performance. Different go-to-market strategies were outlined, and key lessons included not underestimating talent available at lower salaries and teaching employees to understand and analyze business metrics. Action items include developing a comprehensive sales and marketing budget document, investing in organic traffic generation, building an inside sales team, and exploring outbound sales strategies.
<p class="h1-rich">✨ Summary</p>
Building a Sales Led Company
- Jordie, CEO of Factorial, shares how they built a sales-driven business with three engineers.
- He emphasizes the importance of simplicity and understanding the basic fundamentals of business.
- Jordie advises founders to avoid relying on online playbooks and to think critically for themselves.
Understanding Constraints and Metrics
Pivot Periods
- Jordie explains the concept of pivot periods, which determine the investment required to acquire customers.
- He provides examples of different payback periods and the impact on business growth and profitability.
Metric Analysis
- Jordie discusses the importance of analyzing various metrics, such as conversion rates, demo numbers, and customer lifetime value.
- He shares how their company uses a document called Samba, which tracks 17,000 numbers to monitor their business performance.
Go-to-Market Strategies
- Jordie outlines different go-to-market strategies employed by Factorial, including organic traffic, inside sales, outbound calling, and channel partnerships.
- He highlights the need for adaptability and making trade-offs to find the most effective strategy for each market.
Lessons Learned
- Jordie shares key lessons from their experience in building a sales-led company:
- Don't underestimate the talent available at lower salaries.
- Develop proprietary hiring methods to identify raw talent.
- Teach employees how to understand and analyze business metrics.
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