Overheard At Jurassic (Q2 ‘23)
During our 2nd Quarterly Operating Advisor Town Hall of 2023 held last month, we zeroed in on important topics including indexing macro trends, validating market positioning, shaping the Senior Leadership Team, and fostering organizational transparency. Our Operating Advisors (OAs) continue to provide invaluable knowledge and strategy, empowering Jurassic and our portfolio companies to stay resilient, informed, and adaptive in the ever-fluctuating business landscape. We've curated the Top 10 takeaways that resonated most from the enlightening discussion. Discover these key insights from our OAs below and join in the conversation!
Top 10 Takeaways from Jurassic’s Q2 ‘23 Operating Advisor Town Hall
On indexing the effects of macro trends on your business…
1. Harness data and benchmarking for informed responses. Utilize data from your sales teams, CRM systems, and customer usage tracking software like Churn Zero to understand and respond to macro trends. Benchmark against data sources like KeyBanc, RevOps Squared, Software Equity Group, and Meritech Capital for deep insights into SaaS metrics and KPIs.
2. Leverage industry and public company data: Engage with industry peers or trade publications to gather and report industry-specific data, and leverage public companies' earnings reports and S1 filings for invaluable insights. These resources can provide a holistic understanding of the industry and help identify emerging trends.
On positioning, and validating that it resonates with your target market…
3. Prioritize customer-centric positioning. Positioning should be prioritized as a vital business initiative, requiring dedicated resources and a firm commitment. Adopt a customer discovery-centric approach, combining in-house research, market, and competitor analyses.
4. Form a customer advisory panel. Form a group of customers, including industry leaders and innovative users, to gain insights into underlying industry trends and potential positioning opportunities.
5. Sharpen positioning to attract the right leads. Sharpen your positioning strategy to filter out low-quality leads. Aim to attract more relevant prospects to ultimately increase conversion rates and bookings.
6. Interpret trends carefully and thoughtfully. Monitor your funnel metrics closely. Ensure that any observed trends, such as decreasing conversion rates, are accurately interpreted and addressed in your positioning strategy (ex. website traffic decline could be the result of successful filtering of low-quality leads).
On building the right size and composition for your Senior Leadership Team (SLT)…
7. Opt for a lean SLT. A lean, focused SLT is crucial. Include individuals who are critical to the core functions of your organization. Hastily expanding your team can lead to complications and challenges in downsizing later.
8. Drive purpose-driven composition. The SLT should have a clearly defined purpose, whether that's making strategic decisions or solving cross-functional issues. The team should be primed to tackle significant challenges and set the organization's direction.
On transparency within your organization, and how it changes over time…
9. Embrace evolving organizational transparency. As your organization matures, transparency becomes increasingly important. Make sure all team members, especially the tech team, understand the financial state of the business and the reasoning behind key decisions.
10. Foster financial comprehension and strategic alignment. Ensuring employees understand the financial aspects of the business is critical. Aligning their goals and KPIs with the organization's financial objectives, coupled with regular and open communication, helps them see the value of their contributions and reinforces a shared vision.
