For B2B startups, times are tough. With the economy in recession and VC firms tightening their belts, securing funding can be a challenge. But don’t let these challenges discourage you — there are still steps you can take to set your business up for success.
One key area that should not be overlooked is your data strategy. By tracking the right metrics, you can gain insights into your business that will help you make informed decisions and drive growth. And in today’s uncertain economic climate, those insights are more valuable than ever.
Here are 5 key metrics that every B2B startup should be tracking before their Round A:
1. Monthly recurring revenue (MRR):
MRR is a measure of how much revenue you are generating from your customers each month. In today’s economic climate, every dollar counts. By tracking MRR, you can identify areas where you may be leaving money on the table and make adjustments to ensure that you are maximizing revenue.
Case study: One startup was struggling to make ends meet in the midst of the recession. By tracking MRR and drilling down into the data, they were able to identify a segment of customers who were not renewing their subscriptions. They implemented a targeted outreach campaign and were able to win back many of these customers, increasing their MRR and securing their future.
2. Customer acquisition cost (CAC):
CAC is a measure of how much it costs your business to acquire a new customer. In a recession, every dollar spent on customer acquisition is precious. By tracking CAC, you can identify areas where you may be overspending and make adjustments to ensure that you are maximizing the return on your investment.
Case study: A startup was struggling to acquire new customers in the midst of the recession. By tracking CAC, they were able to identify that their advertising spend was not generating a good return on investment. They shifted their focus to targeted outreach campaigns and were able to acquire new customers at a lower cost, improving their CAC and securing their future.
3. Customer lifetime value (CLV):
CLV is a measure of how much revenue a customer is expected to generate over the lifetime of their relationship with your business. In a recession, every customer counts. By tracking CLV, you can identify areas where you may be leaving money on the table and make adjustments to ensure that you are maximizing revenue from each customer.
Case study: A company was struggling to retain customers in the midst of the recession. By tracking CLV, they were able to identify that they were not focusing enough on customer success and engagement. They implemented a customer success program and were able to retain more customers, increasing their CLV and securing their future.
4. Sales pipeline velocity:
Sales pipeline velocity is a measure of how quickly opportunities move through your sales pipeline. In a recession, every deal counts. By tracking pipeline velocity, you can identify areas where your sales process may be slowing down and make adjustments to ensure that you are closing deals as quickly as possible.
Case study: A startup was struggling to close deals in the midst of the recession. By tracking pipeline velocity, they were able to identify a bottleneck in their sales process and make adjustments to streamline the process. They were able to close more deals more quickly, improving their revenue and securing their future.
5. Net promoter score (NPS):
NPS is a measure of customer satisfaction and loyalty. In a recession, every customer counts. By tracking NPS, you can identify areas where you may be falling short and make adjustments to ensure that you are retaining loyal customers and winning over new ones.
Case study: A startup was struggling to grow their customer base in the midst of the recession. By digging into the data, they were able to identify that their existing customers were not referring them to others due to a lack of awareness of the company’s offerings. They implemented a referral program and were able to incentivize their existing customers to refer new business. This resulted in a significant increase in customer referrals and helped the company grow its customer base even in tough economic times.
By tracking these 5 key metrics, B2B startups can gain insights into their business that will help them make informed decisions and drive growth.
But here is the catch:
Data infrastructure….
Building a data infrastructure and hiring teams of data engineers can be expensive and time-consuming. As a pre-Round A B2B startup, you may not have the resources to invest in these kinds of initiatives. But that doesn’t mean that you have to sacrifice data-driven decision-making. By adopting a visual, easy-to-use platforms, you can empower your existing employees to make data-driven decisions without the need for extensive training or technical expertise.
We built Retable.ai exactly for this.
Retable.ai is AI-first data integration and business intelligence platform that is specifically built for fast-moving teams like yours. With Retable.ai, you can quickly and easily connect to all of your data sources, analyze your data in real-time, and share insights across your organization. And with Retable.ai’s AI-powered insights and automated recommendations, you can be confident that you are making the best possible decisions for your business.
So if you’re tired of struggling with complex data infrastructure and expensive teams of data engineers, give Retable.ai a try. With our user-friendly platform and powerful AI-driven insights, you can take your data-driven decision-making to the next level.
Remember, you are not alone in facing these challenges. Every B2B startup is feeling the pressure of the current economic climate. But by focusing on the metrics that matter and making data-driven decisions, you can overcome these challenges and emerge stronger on the other side. So don’t give up — keep pushing forward, keep tracking your metrics, and keep driving growth for your business. Together, we can weather this storm and come out on top.
