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  • Cracking the consulting case study interview: tips from the Coppett Hill team

    Here at Coppett Hill, we’ve been busy preparing for the upcoming graduate recruitment season. Over the next month, we will be attending careers fairs across the country – we’re looking for smart, motivated, problem solvers with some technical or analytical skills. If it sounds like this could be you, keep an eye out – we’re always keen to chat to ambitious, talented graduates. Working on our graduate recruitment process has given me the opportunity to reflect on my own experience interviewing for graduate consulting roles. Consulting interview processes are formulaic. I have no problem admitting now that the first few stages gave me sweaty palms – but they were broadly in line with what I understood an interview process to be like. ‘Don’t compare yourself to Lord Sugar. Don’t compare yourself ever to him.’ I distinctly remember the one stage which deviated from that understanding being the ‘case study interview’. If you’re looking to secure a graduate role in consulting, you’re going to have to tackle one of these at some point. Essentially, you’re given a brief on a business problem and asked to present a solution back to your interviewer. It is the closest that you can come to getting a flavour of the work which you might do in consulting without actually doing the job – think of it like a trial shift. There are, generally speaking, three types of these. You might (a) get the brief well in advance, or (b) get preparation time on the day, or (c) it might be totally ‘cold’ (for the purposes of this article we will be framing our advice around an interview where you have the brief well in advance, although this is of course transferrable to the other types). Whether you know the content or not, you can still prepare for the interview – you can be sure that your competitors will have done. Luckily, the Coppett Hill team are here to give you an edge on your competition with a series of top tips which I wish I had access to before tackling my first case study interview. We’ve also included a set of things to be wary of – these aren’t always obvious and can arguably be even more useful.   1)     Upon receiving the case study Let’s set the scene – after submitting countless CVs and cover letters, completing some frankly bizarre online games and reasoning tests, navigating tricky skills & competency-based interviews, finally, some success! You’ve been invited to attend a final stage interview – you skim over the email and read that this stage will be run in a case study format, and see the accompanying brief and some data to analyse. That is all the information you have to go off – time to start preparing right? Not quite. You could be leaving valuable information on the table. There’s significant value in asking questions before the case study, as our founder, Dave, mentions in his top tip: DK TOP TIP:  “If you get offered the chance to ask questions before the case study, do it, if it isn’t offered then still ask. You can check your understanding of the brief, work out what a ‘great’ answer will look like and also demonstrate your keenness” Working on the basis of limited information is inevitably going to put a ceiling on your performance. Don’t put yourself on the back foot from the get-go. It’s worthwhile also to ask some questions from a time management perspective – getting an expectation of how long you are expected to spend on the task could help you triangulate whether you are taking the right approach later on when you are carrying out your analysis. If there is something about the case study which looks unfamiliar, it is perfectly acceptable at this stage to flag it. Normally, if there is a specific technical skill which you might be missing, there is a way to accommodate this – remember, graduate employers are well aware of the fact that they are not hiring the finished article. Worst case, if it really isn’t going to work out, you avoid the potential of wasting both yours and your interviewer’s time. DK WATCH OUT:   “If the case study asks for a technical skill you aren’t confident in, be up front about it and discuss with the hiring manager. There will often be a way to accommodate this. Don’t try to ChatGPT your way through it and be caught out with on-the-spot questions” 2)     Understanding the question & structuring your analysis You’ve taken advantage of the opportunity to ask questions, made some pleasant small talk with your interviewer, and you are ready to crack on with the task at hand. With the wealth of resources out there, it is easy to come up with an idea of how you would like to present your answer to the question structure wise – the risk comes when this takes precedence over the question itself – missing this is an error which is difficult to recover from. It’s no poor reflection on yourself to clarify the question – Harry and Simone, both Project Leaders at Coppett Hill, touch on this in their top tips: SG TOP TIP:   “Fully engage in listening so you can understand and address the question being asked, rather than going into a standard generic approach” HvB TOP TIP:   “Make sure you are really clear about what’s being asked - ask questions to clarify, re-read the question, etc. Then work backwards from that” You’ve got a clear idea of what it is you are actually trying to achieve – now, it’s time to get stuck into some analysis. There are loads of great resources out there on how to structure your analysis – we’re not going to spend time going over very much covered ground in this article. There is one thing I think is commonly missed here however, and I’d like to offer my two cents on this point. It’s all well and good being able to stitch together a dataset and extract some compelling insights – one thing which never fails to be undervalued is common sense. For example, if you are drawing insight off the fact that one figure is consistently 12x the size of another, you are most likely looking at monthly/annual presentations of the same thing. JJ TOP TIP:   “Never undervalue a common-sense review. Being very methodical in applying these is sure to serve you well, and hopefully avoid any embarrassing moments” If you have worked on a complicated piece of analysis as part of your case study, when preparing to present this, the temptation may be there to dive head-first into the detail – whilst it may seem as though this would be a way to impress your interviewer, there is a danger that it could go the other way. A key consulting competency is the ability to adapt your communication style depending on your audience – be careful that you are not including more detail than necessary. Remember, the analysis enables the strategic recommendation (which is what people pay for) rather than the other way round. JJ WATCH OUT:   “Don’t unnecessarily bamboozle your interviewer – make sure you’re tailoring your communication style to the audience” 3)     Presenting your solution – or – answering the question Excellent. You’ve followed all of our tips so far, and your interviewer is impressed. You’ve made a good impression by clarifying the structure of the interview in advance, understood the question, analysed the problem with a common-sense lens and the only thing left to do is tie it all together. Somewhere in this step, many great candidates fall down for one simple reason – they don’t directly answer the question! Make sure to explicitly answer the exam question – without doing this, however clear your communication style, however much confidence you exude, however simply you are able to explain mind-bendingly complex analysis, you are going to struggle. Harry articulates this in his ‘watch out’ point: HvB WATCH OUT: “Answer the question! Don’t answer the question you want, but the one that the interviewer has asked. Even if your answer is wrong, if you’ve shown a structured and logical way of getting there (and even better, been able to identify where in the logic your assumptions might be wrong) then that’s better than just ignoring the exam question all together” It’s also worth touching on the dynamic between interviewer and interviewee. This is obviously highly dependent on the interview you happen to find yourself in – but Simone emphasises the value of being dynamic and nimble in her ‘watch out’: SG WATCH OUT:   “Most interviewers are trying to help you, if they are nudging you a certain way or questioning your answers, don't just blindly carry on down your original path” At the end of it all, it is always worth having some reflections ready to share – what did you find easy/hard, how would you adapt your approach if you were to take on the same task again? You will almost certainly be asked, and assessed on your response. So, there we have it – the benefit of decades of collective interview experience, successes and failures. If you’re reading this article in preparation for a consulting case study interview – best of luck! Once again, if you’re a graduate looking to start their career in consulting, we’re always open to conversations with ambitious and talented people – check out our careers page .

  • How I got here: Some reflections on a squiggly path from intern to part-time Project Leader

    As we enter the ‘milkround’ recruitment cycle for university graduates, I’ve been reflecting on my own career path to date. Especially those first few years of my career and how the choices I made back then brought me to where I am now, as a Project Leader at Coppett Hill, in ways I never would have predicted or could have planned for. I thought it might be helpful for those of you thinking about your next job to share my experience and some reflections. As always, there’s been a healthy mix of proactive decisions and hard work along with a good dose of luck (and the mindset to make the most of it)! My current role is as a Project Leader for Coppett Hill. I was the first official employee, joining Dave when he started the business in 2023. My work set up is quite unusual; although the rest of the team are based in London, I am based in Vancouver, Canada, and work remotely except for a couple of trips to the UK each year (most importantly, to play croquet with the new Associates at the offsite!). I also work part-time, working 3.5 days a week across Monday- Thursday. My career started in a fairly typical way with internships and graduate programmes, but I’m really grateful that through the years that I’ve been able to learn about what I enjoy and what motivates me and start to shape a career around that. Pre University My first bit of career luck was getting a 6-month internship as a Research Assistant at Deutsche Bank during my gap year, from a tiny advert a friend found in the back of ‘Economics Today’ magazine. I’m not that old (!) so most jobs were advertised online and I’m still not sure why they chose to advertise this role solely in print. It meant the competition wasn’t too stiff and I got the one open position. I turned out to be the only junior in a fairly senior research team, so I had great exposure to senior colleagues. Commuting in the dark on the 7am train to London Bridge whilst my friends were enjoying their fresher terms definitely gave me additional appreciation of student life when my time came around.   I’d always had part time jobs since I was old enough to hold a sign post advertising my dad’s French markets (my first marketing role!). From selling cheese and saucisson, to working at Pizza Hut, all those early jobs taught me a lot and there’s a huge amount of value in getting some real work experience, it doesn’t need to be a structured City internship. Lesson learnt:  There are great opportunities hidden outside the mainstream if you’re willing to look and keep an open mind. University I went on to do my undergrad in Economics and Management at New College, Oxford. I’d chosen economics because I’d found it interesting at school, and enjoyed math-led subjects, and I liked the sound of the combination with management to get a more commercial lens. I’d also strongly considered engineering and before that medicine. In the end the most useful parts of my degree were the skills I learned and the people I was surrounded by, rather than the specific subject matter. I will happily admit that I don’t use any of the ‘Marketing’ module in my work at Coppett Hill! However, the ability to ingest large amounts of information quickly, take a structured approach to problem solving, use data to answer questions and present and debate complex topics, have all come in incredibly useful. Lesson learnt:  ‘Soft’ or general skills such as learning agility, problem solving, relationship building, are often more important than hard subject specific skills (which can be more easily taught) early in your career. One of the most useful skills I learnt was the ability to take on and assimilate large quantities of information quickly, which is invaluable when starting any new job. In the summer of my first year, I focussed on more travelling and making money. Peers who wanted to go into banking were already applying for internships and work experience as that track started early. In all honesty, I didn’t know what I wanted to do and wanted to keep the options open so when I heard about consulting in my second year it sounded like a good choice. A second piece of luck! A friend in the year above had just gotten a job offer at BCG so she told me about the firm and I thought it sounded great. I’d also heard of Accenture through another friend. They happened to both have late application deadlines, so I applied for both of those internships and nothing else. I wouldn’t recommend this approach! But I also want to normalise that not everyone has a full picture of the career landscape early on. Career websites can be full of jargon and hard to translate into reality, try to talk to people about their actual experience of work to build up a picture of what appeals to you and what doesn’t. This might include students in different years, recent grads at firms you’re interested in and employees at recruitment fairs. Posts like ‘ Day in the Life of an Associate ’ by Jack, one of Coppett Hill’s associates, are also valuable for getting an idea of what the job looks like day to day. Lesson learnt:  Make the most of your ‘network’, this might just mean learning and expanding your horizons, not necessarily directly looking for jobs. As the ‘ power of weak ties ’ suggests, throughout my career a huge number of opportunities came through direct and indirect connections. Post University I really enjoyed my 8-week summer internship at BCG and so of course I accepted the job offer and was lucky not to be dealing with job applications in my final year. I worked with two fantastic Project Leaders in the Healthcare practice during my internship, who went on to be important mentors to me during my time at BCG. A big part of what drew me to BCG was the focus on development, backed up with a real culture of mentorship and training. As we build Coppett Hill this approach is really core to our culture, and I would advise anyone when job hunting to really think about who  you’ll be working with as well as what you’ll be doing. Some practical examples of the ways mentors helped me in my time at BCG: Helping me find my own style of presenting and building relationships that worked with my personality, rather than trying to force fit into a predominantly masculine culture Advocated for me taking a 9 month secondment at TimeInc despite there being a freeze on secondments due to consulting capacity constraints Lesson learnt:  Invest in building relationships and make the most of support that others can offer. It’s not just mentors either, many of the group of 12 interns from that summer are also still close friends of mine and now hold very interesting roles around the world. I didn’t originally plan to stay in consulting long term, but I wanted to stay long enough to do a secondment, which felt like a ‘free’ opportunity to try out another job. I worked for 9 months at the media company TimeInc, getting the chance to actually execute things on the ground. Whilst at BCG I also took chances to get involved in as much non-project work as I could, such as recruitment and event organisation. One of the appeals of consulting was the variety of the work and for me that was as much about different types of role as well as seeing different industries and teams. The consulting model meant I had the chance to work with a lot of different senior leaders and peers and learn from their different styles. Once again, the power of network has been invaluable and as well as gaining some friends for life, many of my former colleagues have also gone on to be clients, both in my independent work and at Coppett Hill! I decided to leave consulting as I felt like I wanted to have more direct impact rather than being just in an advisory role. Aren’t I back in consulting now you ask? Yes, and only because Coppett Hill’s model is very different than typical strategy consulting, working closely with teams on the ground and much more focussed on impact rather than producing long slide decks. Lesson learnt:  Seize opportunities to build out your experience – not for the sake of your CV, but to do things that interest you and learn about what you enjoy. I’m going to skim over the more recent parts of my career for the purpose of this post. I left BCG after 5 years to work at mid-market private equity firm Livingbridge. I heard of Livingbridge through a friend that worked there, and the role appealed because of the chance to work with smaller and fast-growing businesses where I felt I could have more impact due their size and dynamism. Working in the Value Creation team as well as taking Board seats also gave me the chance to work with businesses more holistically and over a longer time horizon versus project work. I talk more about what the work of ‘Value Creation’ actually involves in a previous post . At the start of 2020 I left London, and Livingbridge, to move to British Columbia, Canada. This was multi-faceted, but a big reason was the pull of the mountains and the desire to try a slower and more nature-based life. I didn’t have a long-term plan for work when I moved, which as you might guess was a little uncomfortable for someone with my background! I thought I would freelance for 6 months or so and then find a job locally. As we know, the Covid pandemic put a spanner in even the best laid plans so it gave me space to experiment and test a few things. I co-founded a social enterprise offering virtual private concerts with professional musicians via Zoom. This was a fantastic opportunity and steep learning curve, having to do the on the ground execution of things like creating marketing emails, running Facebook ads and managing customer issues. My partner and I ran that pro-bono and I was also working remotely as an independent consultant. Having a consulting background set me up well for freelance work, and again my network was hugely valuable – every single project I worked on came to me through my network.   Coppett Hill Dave and I worked together at Livingbridge and we started talking back in summer 2023 as he was thinking about scaling Coppett Hill. I was ready for a new challenge, missing working with a team and being part of something. A big part of the appeal for me was getting to build a company from the beginning, taking the best parts of the firms we’ve worked for but also being able to change the things that frustrated us. Core to this is recognising each person’s individual needs and creating a culture where ‘high potential can become high performance’. This might mean providing softer support to help someone build their confidence, creating ‘safe’ opportunities for people to test out new skills, or specific technical training and hands-on analytical experience. In reality, for most people it’s probably a mix of all! I feel very lucky to be able to do this job remotely from Canada, and part time. That’s certainly not without its challenges, but in the last few years of testing different ways of living I’ve realised how much I value nature-connection and putting time into community and that the trade-offs are worth it for me. I think it’s a testament to the Coppett Hill culture that we’re able to accommodate this. It's also thanks to building the foundations in my early career, and the trust and relationships with current colleagues, that something like this is possible.   As I’ve been interviewing potential Associate candidates, I really enjoy discussing with them what they are looking for in a role and how they are thinking about their early career. In some ways, your early jobs are very important, setting you off on your initial career path and developing key skills. On the other hand, no one can really predict more than a few years ahead and your first job may have very little to do with what you’re doing in ten years’ time. If I were to have my time again, the two key themes I would focus on would be 1) opportunity for learning and growth, and 2) people and relationships. But that’s just me, I’ll leave you to reflect on what’s most important to you and how are you bringing that into your job search.   Lesson learnt:  Keep exploring, learn what you value and what you enjoy, and don’t be afraid to go after it!

  • What is Go-To-Market? Or, How Go-To-Market Strategy Turns Propositions into Profit

    Having recently joined Coppett Hill, I’ve quickly come to appreciate how central go-to-market (GTM) strategy is to the work we do. When I first started, I had a vague understanding of how this related to customer acquisition, but the specific processes and how to evaluate their effectiveness? Not so much. This became apparent just a couple of months after starting when I was tasked with supporting a due diligence project focused on evaluating the GTM capabilities of a SaaS business. I needed a framework to better understand the factors underpinning a successful GTM strategy and the related best practices - enter the farmer analogy… I’m aware of the oversimplification here, but bear with me: think of your GTM strategy like the journey a farmer takes in bringing their harvest from the fields to the tables of hungry city-dwellers. The process begins with planting and nurturing crops, just as a company starts by developing and refining a product to meet market demands. When the harvest is ready, the farmer must transport it efficiently to the chosen marketplace, much like how a business must select the right distribution channels to reach its target customers. Once at the market, the farmer promotes the quality and value of their produce, similar to how a business uses marketing and sales strategies to create awareness and generate demand. The farmer might also negotiate prices to turn interest into sales, just as a business employs discounting and offers as one of the many strategies used to convert leads into customers. Finally, in the same way that the farmer learns from each season to improve future harvests, a company must continuously evaluate and refine its GTM strategy to enhance customer acquisition efforts. Yes, once again, we’re calling upon ChatGPT’s limitless graphic design skills. A rough analogy? Perhaps. But whether you’re a Chief Commercial Officer (CCO), Chief Marketing Officer (CMO), or an investor evaluating a business pre-deal, this post explores how a similar framework can help you to assess the effectiveness of a GTM strategy, both in its focus and implementation. In doing so, we provide a template for identifying opportunities to build a competitive advantage in attracting, converting, and retaining customers. Assessing your GTM strategy: where to focus? At the core of any successful go-to-market strategy lies the answers to the following questions: ·         Who is your target customer? ·         What problem are you solving for them? ·         What is their typical customer journey? ·         Which channels and sales methods will best attract and serve these customers?   1.       Who is your target customer? When considering your target audience, we have found that going beyond the standard pen-portraits and creating an Ideal Client Profile  (ICP) provides a more actionable framework for identifying and sourcing your most valuable customers. A typical market segmentation analysis provides an overview of the demographic or firmographic traits of your target market, their behaviour patterns and their growth potential – generally, these segmentations should emphasize a series of ‘prospectable’ characteristics that your marketing and sales teams can target across your main channels. While this kind of market segmentation highlights the ‘availability’ of potential customer groups, an ICP goes further by considering two additional factors: their ‘likeability’ and ‘likelihood’. Likeability references the lifetime value (LTV)   of a customer segment, which is calculated as the total revenue generated by a segment over time minus the costs of acquiring and retaining those customers. As useful a tool as this is in evaluating the potential value of different segments, it provides no context on the likelihood of realising that value. To do so, you must also consider how well your offerings address the specific needs of each segment – a small SaaS business is unlikely to convert an enterprise client, no matter the product’s quality, due to factors such as limited brand presence or insufficient capacity to meet the demands of a larger client. In combination, the size, expected customer lifetime value, and propensity to convert not only enhances your understanding of your target audience, but also provides a strategic framework for identifying and prioritising the most valuable segments. Over time, this process will enable you to refine your value proposition and optimise your marketing and sales efforts.   2.       What problem are you solving for them? When considering the value you provide to potential customers, it is important to clearly define how your offerings are differentiated from your competitors’ and how you can sustainably deliver this value over time.  Doing so emphasizes an important caveat in defining your ICP – your offerings must solve specific problems for specific customers. A product or service that is sellable to ‘everyone’ is unlikely to win any customers from competitors and may also result in working with clients who are not well-suited to your business, leading to higher churn rates or engagement with less profitable segments. Recently, I switched from a gym near my home to a PureGym near our office. Although this feels like a ‘downgrade’ in some ways – particularly the lack of a towel laundry service, which means dealing with wet towels in my work bag – it resolves several issues that my old gym couldn’t: the new gym’s proximity to the office significantly reduces my commuting time; its 24/7 availability allows for greater flexibility around my work schedule; and it’s more affordable (a growing consideration given the various restaurants and pubs outside our new office that are putting a dent in my budget…). PureGym understands the value of these product features and makes them clear throughout their marketing and messaging, and their transparent pricing makes joining a hassle-free process – so long as they can maintain their equipment and effectively manage capacity, it would take a lot for me to consider switching gyms again. If you are unsure of the kinds of problems your customers face, the best thing you can do is ask! Conducting comprehensive customer research  will provide valuable insight into the timings of the sales cycle, the triggers that typically lead to purchases, and any potential risks that may lead to the loss of customers. This research can also uncover any unmet needs and opportunities for product/service improvements, facilitating improved efficiency along every stage of the customer journey. 3.        What is your typical customer journey? Consider your most recent significant purchase: how many different providers did you consider? Which search engines did you use, or perhaps something on social media caught your attention? Which review sites did you look at? Did you look for discount codes or promotions? How many different devices did you use in doing this? You may even have visited in-store to investigate further. This simple exercise highlights the growing complexity of contemporary customer journeys: linear models of buying journeys which move straightforwardly from awareness to decision and then to retention, provide little use beyond theoretical modelling. To better understand how customers discover and interact with your brand, developing an attribution model is a powerful strategy. Recently, we collaborated with a holiday letting agency to create a multi-touch attribution model that more accurately reflects the incremental value of non-branded media channels throughout their customer journey, as opposed to relying solely on first-touch and last-touch models. This approach has enabled the agency to optimise their non-brand paid search activity based on ROI, while also uncovering some of the nuances associated with their customers’ behaviour. By analysing complex customer journeys, we refined the model by adjusting the weight given to different touchpoints, considering both preceding and subsequent actions. This iterative process, validated through practical feedback from Management, helped develop an attribution model that was both sufficiently complex and easily explainable – testament to the importance of stepping into your customers’ shoes. Additionally, mystery shopping  serves as another effective method for gaining insights into customer engagement with your brand: when carried out properly, it should uncover any pain points potential customers might encounter. Combined with customer research, this approach provides a holistic view on the factors driving brand awareness, who else you’re being considered alongside, and the reasons customers might be walking away from your offering, enabling you to take effective action across the customer journey. Building on these insights, it’s important to remember that while acquiring new customers is crucial, retaining those who have already engaged with your brand is just as important.  Alongside strengthening customer loyalty and driving word-of-mouth referrals, a well-thought-out retention strategy increases the number of opportunities for upselling and cross-selling: repeat customers are more likely to explore the additional products or services that you offer, driving incremental revenue without the costs associated with acquiring new customers. This not only improves your bottom line, but also enhances key financial metrics, such as the quality of earnings, by providing a more predictable revenue stream - an attractive factor for potential investors. By acting on customer feedback, incentivising repeat purchases, and explicitly targeting cross-sell/upsell opportunities, you can better address the needs of your customers and consistently deliver value. 4.        Which channels and sales methods will best attract and serve these customers? Once you better understand how customers discover, evaluate, and engage with your brand, it’s essential to align your sales model accordingly. Are your customers proactively seeking out solutions like yours, or is it likely that they need to be made aware of the type of product or service you offer? This distinction will shape the focus of your sales strategies and the channels you use. If you find that customers are actively searching for products like yours, an inbound sales model might be most effective. This involves creating compelling content, optimising for search engines, and leveraging social media to attract and nurture leads who are already aware of their problem. The goal is to be visible at the relevant stage of their journey, providing valuable information that guides them towards choosing your product or service. In contrast, if you’re looking to expand into new verticals, such as shifting from selling to SMEs to targeting enterprise clients, an outbound focus is likely the most effective strategy for generating awareness in this new market. The longer sales cycles and involvement of multiple decision-makers make it crucial for your sales team to proactively reach out to prospects, offering a consultative approach that educates them and builds relationships through direct engagement. In our recent GTM due diligence, the SaaS business in question was looking to make a similar shift: after steady progress in acquiring customers from a select few sectors, the company sought to change the mix of its customer base by moving into new verticals. Our assessment highlighted the importance of identifying and aligning on one or more ICPS within these new verticals and embedding them throughout the customer journey to support a more deliberate, targeted outbound focus. Additionally, we identified the need for increased organic search visibility and proactive partnerships with vertical-specific specialists to broaden their routes to market and generate better qualified leads. It’s important to note that inbound and outbound strategies are not mutually exclusive. A company focused on enterprise customers could still use inbound strategies such as SEO to build brand awareness; however, understanding the types of customers you want to acquire, and their typical journeys should guide you in prioritising your sales and marketing resources – whether it’s deciding which channels to invest in or where to focus your training efforts.   Regardless of the sales strategy you choose, driving customer advocacy  should always be a central consideration when evaluating your GTM strategy. By creating positive customer experiences, offering excellent support, and actively engaging with your audience, you can turn satisfied customers into powerful brand ambassadors and leverage the trust and credibility that people place in peer-to-peer recommendations as a powerful form of organic marketing. In turn, when customer advocacy remains a key focus in your GTM strategy, it strengthens your brand’s reputation while simultaneously fostering a loyal customer base that will promote your products long after the initial sale – a powerful driver of sustained growth in competitive markets.  Evaluating Execution: Key Enablers and Metrics for Successful Implementation While the CMO or CCO may be responsible for orchestrating the GTM strategy, its successful implementation requires the involvement of the whole business. This requires aligning internal teams with the strategy’s goals, establishing robust processes, and leveraging technology to assess how effectively you are reaching your target audience. When evaluating your GTM strategy, the LTV:CPA ratio is a crucial metric for understanding the ROI of your marketing efforts and identifying which customer segments to prioritise.   1.       Aligning Teams and Setting Processes: The first step in effectively implementing a GTM strategy is defining the roles and responsibilities of all the teams involved, including marketing, sales, customer service, and product development. After which, the focus should shift to aligning the marketing and sales team, with a particular focus on how leads will be generated, nurtured, and converted. It is crucial for both teams to agree on key definitions, such as what constitutes a qualified lead, and to set target metrics that align with the overall business goals – for example, if the goal is to increase the revenue share generated by repeat purchases or renewals, this should be reflected in the sales incentives. Effective implementation extends beyond the sales and marketing teams, requiring collaboration and proper handover between all divisions involved. For instance, product improvements that meet customer needs can only be developed if there is effective communication between customer service and product development teams. To prevent breakdowns in this process, several steps should be taken to set clear procedures: Establish communication channels:  this can include regular interdepartmental meetings or the use of shared project management tools. Set handover protocols : develop and document handover protocols to ensure smooth transitions between stages of the customer journey. Implement feedback loops : these should enable the flow of data and insights across teams, supporting continuous improvement of a service that is aligned with customer needs. Monitor these processes:  set a series of key performance indicators (KPIs), such as the frequency of sales and marketing meetings and utilisation metrics of customer relationship management tools. By establishing and refining these processes, you set your team up for success in working towards common objectives, enabling them to most effectively utilise the tools at their disposal in attracting new customers. 2.       Leveraging Technology: In deploying your GTM strategy, several key technologies can help streamline processes, enhance communication, and provide valuable insights to drive decision-making. These include: Customer Relationship Management (CRM) systems : tools like Salesforce and HubSpot are essential for managing customer interactions, tracking sales activities, and generating insights into the sales pipeline Marketing automation tools : platforms such as Mailchimp automate repetitive marketing tasks, like email campaigns and social media postings, ensuring consistent engagement with your audience Analytics platforms : tools like Google Analytics and Tableau can be used to monitor performance metrics and provide actionable insights to optimise campaigns and strategies     3.       Tracking and Optimising Key Metrics: At the core of any successful GTM strategy lies an understanding of several critical metrics: The LTV to cost per acquisition (CPA) ratio:  this highlights the return on investment (ROI) of your marketing spend. It helps you determine whether increasing marketing spend to accelerate customer growth from a specific cohort is justified or if you should focus on optimising conversion rates and LTV. Conversion rates: these should be tracked at every stage along the sales funnel, providing insight into the percentage of prospects who take a desired action. This could highlight any potential revenue leakage  due to inefficiencies in the sales funnel (e.g., delayed follow-up, poor handover between the sales and customer success teams, or using outdated CRM systems that fail to track interactions correctly). Churn rates: when and why are customers leaving? Developing retention strategies is vital for sustained growth and maintains a pool of customers to target with cross-sell and upsell strategies. Net Promoter Score (NPS):  a measure of customer satisfaction and loyalty, gauged by the likelihood of customers to recommend your product or service to others. A higher NPS will promote organic growth through word-of-moth referrals, and better retention. To supplement these metrics, additional analyses such as attribution modelling or A/B testing of aspects of your marketing and sales activities enable an iterative approach to refining your GTM strategy. At Coppett Hill, we often help clients build robust GTM data platforms  that support this cycle of experimentation, measurement, and adjustment. By leveraging these platforms, organisations can systematically test new ideas, assess their impact, and refine their strategies in real-time – an essential component in generating actionable insights for management teams and others involved in executing the GTM strategy. Conclusion: Put simply, your go-to-market strategy encompasses everything that happens between having a product or service and having money. There is no standard playbook for what your GTM strategy should look like; however, an effective evaluation of one requires a thorough understanding of your customers, how your products are best suited to solve their problems, and how you are best positioned to engage with them. Whether it is a startup wondering how best to prioritise limited resources or an established enterprise launching new products and/or entering new verticals, maintaining these focuses will help to develop a GTM strategy that is well-defined, supported across the business, and effectively put into practice  If you’d like to talk about Go-To-Market strategy and how to optimise your efforts, please Contact Us .

  • What is Value Creation? (Part 2)

    In the first part  of this two-part series, I shared some of the basics of value creation in private equity from the perspective of an individual deal, explaining the basic structure of a private equity deal and the most common value levers. In this second part I want to step back and look at what value creation means from the perspective of a private equity firm and how that impacts management teams of portfolio companies. This post aims to provide you with practical insights into the inner workings of PE firms, shedding light on the different roles involved in value creation, and the common internal processes. I'll cover what goes on behind the scenes from the initial diligence stages to the ongoing management of their portfolio companies and some of the practical implications that can have for the management team.   Private equity firms are usually managing several funds at once, with different years, and perhaps different strategies, remits and investors. The aim of the private equity firm is to generate a return for investors in each fund, by using that capital to buy companies and sell them at a profit. The 10-year horizon IRR for US and Western European buyout funds has hovered around 15% over the last 10 years (Source: Bain Global Private Equity Report 2024 – Fig 25). What this translates to is a target return on each portfolio company of 2-4x. Unlike venture capital where the majority of returns are driven by a few star performers, private equity relies on a more balanced portfolio of returns. However, assets do play different roles within the broader fund, which can change depending on the economic or PE firm context, in turn affecting the value creation plan and the management team executing it. For example, in the current environment with high interest rates and economic uncertainty, PE firms have been struggling to sell assets due to a mismatch in valuations between buyers (who are having to use more expensive debt and are looking to buy at lower multiples) and sellers (who are looking for higher valuations to meet their return targets). This has led to a slowdown in exit activity, with a 44% decline in buyout-backed exits  from 2022 to 2023, which has continued in 2024. All this leads private equity firms to have to rethink their fund strategy in order to return some liquidity to investors. They will be assessing which companies will reap a ‘good enough’ return if sold now, versus which are worth holding onto to reap the returns on more growth. As a management team, this might mean that the timeline to exit becomes more compressed, or extended, than you had originally planned for.     In this macro context, ‘value creation’ has become more important than ever. In a sense, value creation is the entire job of a private equity fund. However, in private equity ‘value creation’ usually refers to specific teams, roles, capabilities and processes that are focused on assisting portfolio companies during the hold period to achieve their strategic plan and to meet or exceed growth targets. This is in contrast to the ‘deal’ or ‘Investment’ team, which is responsible for sourcing, assessing and investing in companies. In most firms, the deal team also retains overall responsibility for the portfolio through to when the PE firm exits, including company board representation.   There are as many different structures for setting up value creation teams as there are PE firms. Value creation roles usually fit in to four types: In-house generalists  who provide broad support to the portfolio in achieving the value creation plan. They are often also responsible for reporting internally on performance versus plan. In-house specialists  who focus on specific areas such as operations, finance, or marketing. Operating partners who are external to the PE firm, thought might be retained by them, and work closely with the portfolio companies. They typically bring deep operational expertise and industry-specific knowledge to help drive initiatives and improvements in portfolio companies. Advisors/network  who are external experts and consultants brought in on a project basis to address particular challenges or opportunities.   What is involved in ‘Value creation’ from the private equity team’s perspective?   Whilst the detailed planning and execution of value creation levers are happening on the ground in the portfolio company. There is a lot of value creation planning going on behind the scenes within the PE firm. We thought it would be helpful to share some examples of what that can look like through the hold period, to shed some light on the investor’s context.   Pre-deal: Whilst each fund will have a house style, there are typically 2 threads that the deal team are thinking about pre deal: Due diligence – due diligence is essentially trying to validate the factors that underpin the EBITDA x multiple calculation, e.g. Financial due diligence to validate the EBITDA figure, Commercial due diligence to validate the market opportunity and competitive position which underpin the multiple Value creation planning – how will this investment make money?  Management will have presented a growth plan, but the deal team will have their own view on this and may do quite a lot of additional work on testing the assumptions, and planning for different scenarios.   The team will present the investment case to Investment Committee (typically the most senior investors in the fund) who will scrutinise and question the plan. If a company is planning for 10% organic growth, in a flat market, there needs to be strong evidence for why this is achievable! In our work at Coppett Hill, we see that value creation teams are starting to engage much earlier within the deal cycle and are often working alongside the deal team on the value creation planning.   When the market is more challenging, such as over the last 18 months, value creation plans need to be even tighter as buyers can’t rely on multiple expansion and low-cost debt packages supporting returns. As we mentioned in Part 1, investors will usually have their own plan, the ‘investment case’, that they are investing against. This is often, but not always, an adapted version of the management plan with some sensitivities, and perhaps some ‘big bets’, applied.   Implications for Management: The strength of the value creation team and what support they can provide management teams during the hold period is increasingly part of the pitch and a key differentiator. As the process progresses and a deal looks more likely, the value creation team may start to shift into gear to ‘hit the ground running’ post deal and want to align on workstreams, potential issues and priorities. It’s important for the management team to be involved in the creation of the investment case and buy in to the key assumptions, as they are the ones who will have to deliver it.   Hold period This is where the value creation work really starts on the ground. PE investors typically plan for a hold of 3-5 years, although we’ve been seeing that extending in recent years with a slow deal environment.   From the investor’s perspective during the hold period, they are looking for visibility on how execution of the value creation plan is going and how the company is performing against that plan. The reality is that the first year of an investment rarely goes quite as anyone (either management, or the investors) expected and therefore it is highly likely that the value creation plan and strategy will be updated and revised.   Setting, and updating, the 2-5 year company strategy should be the role of the Board. With the executive team preparing a plan for the Board to debate, and then being responsible for implementing it. The Board is one of the key channels through which investors have influence. The make-up of a Board can vary, but at a minimum will usually contain a non-executive Chair, the CEO, and a lead investor, and often the CFO. The lead investor (also called PE representative, or Investment Director) is the primary interface between the PE firm and the company during the hold period.   Year 1 of the hold is especially important because of the compounding effects of growth, if key projects or launches get delayed for example, it can easily set back the plan by a year or 2. Equally, it’s important for the Board to get a good understanding of the company before launching into any no-regrets decisions and the first 6 months is usually a post-deal adjustment period. Boards will usually aim to have a post-deal strategy day within the first 6 months, which should bring together the management plan and the value creation plan, once the Board members have a better understanding of the business. A really useful exercise at this strategy day can be to ‘work backwards’ from what you want to be true when it comes to the next sale process. For step-changes rather than incremental growth, there needs to be very focused use of resources on a few areas, rather than trying to spread too thin across the value chain. Investors will usually want to focus in on 1-3 priority areas, such as sales, marketing, finance, technology, or human capital.   These priority areas are often where value creation teams are brought in. They will work with management in a more practical way, outside of the Board. For example, if organic customer acquisition is a key pillar of the value creation plan, here are some ways the 4 different type of value creation roles might support: In-house generalists – share relevant examples from other portfolio companies, make introductions to peers in the portfolio who can share their experience. In-house specialists  – work closely with the marketing team, sharing best practice and advising on specific growth levers. They might support on some specific analysis or rolling out tools/programs used across the portfolio. Operating partners – the investor might bring in an ex-CMO with relevant industry experience to support the company on the ground with execution, hiring and managing the team. Often, they are brought in part-time and for a fixed time period. Advisors/network  – the investor may recommend a specialist consultancy that they have worked with before on similar challenges. For example, at Coppett Hill we might be brought in to help better understand marketing economics, working closely with the marketing team and building data and insight infrastructure that the company then owns.   Investment Committee continues to play a key role, with the PE representatives on the Board typically going back to IC every 6 months to report on performance vs plan (which may or may not be visible to the Management team). If numbers are off target, IC will want to understand why and to feel assured there’s a plan to remedy it. The IC has visibility across the whole fund so they can provide a useful perspective on market and industry dynamics, and also share lessons from previous investments. Implications for Management: You will likely be asked for much more granular reporting – the PE representative is ‘on the hook’ for performance against the value creation plan, but they’re not in the business and close to the detail. The individuals also tend to be quantitative by nature (ex-accountants, bankers, consultants) and want the comfort of understanding the numbers. Investment committee reporting and discussions may drive requests for information or changes in priorities. Your PE representative is likely having to write an update paper every 6 months which they need data for, and they may get questions or feedback from the IC which they need to answer and will often play into Board discussions and strategy. Fund dynamics – the IC is responsible for managing the performance of the overall fund and best serving the PE firm’s investors (Limited Partners). This may impact things like exit strategy and may not always be aligned with what the Investment Director wants. For example, the Investment Director will typically want to hold out for an extra half turn on returns for that company, whereas the PE firm’s interests overall may be better served by generating cash now to keep LPs happy. Heavy focus on a few key areas. Your investor might get very into-the-details on the few priority areas (which may feel frustrating at times), whilst giving management a much longer rope and much less oversight in other areas and just monitoring top level KPIs.   Exit When it comes to exit, it’s not just about what value has been generated over this hold, but the exit process is another sale process and therefore a view on value creation for the next stage is needed. Good investors will be thinking about this from the start, such as ‘preparing the Investment Memorandum’ for exit at the very first strategy day. An exit process can take a year or more, and the lead investor should play a really valuable role in providing an ‘investors’ perspective’ on the exit story and what the next investor will be putting in their value creation plan.   As my colleague Harry von Behr has recently set out , from a value creation perspective the key things at exit are: Reliable and granular management information that can evidence the key points in the IM, e.g. ‘Sticky customers’ being backed up with strong data on customer retention over the last 5 years Evidence that the value creation plan drove success during the hold period (i.e. linking specific initiatives to growth) – investors want to know that growth was strategic and replicable, and not just down to luck of the market A clear plan for future value creation, mainly through accelerating revenue or improving profitability, not reliant on assumed multiple expansion Evidence that the company can achieve this next value creation plan, ideally with some green shoots / tests of key parts of the plan e.g. if a big part of the plan is International expansion, having done a small MVP launch in that market, or having beachhead customers there pulling you over Implications for Management: In the run up to exit, there will be a lot of focus on data and evidence and preparing detailed performance information for the data room. There will be a lot of focus on consistent performance and hitting targets, especially EBITDA, in the run up to an exit, as this underpins the valuation. Historically ‘valuation EBITDA’ could include adjustments and exceptions such as one-off projects and costs, meaning that these might sometimes be preferred over ongoing expenses, even when the latter is cheaper in cash terms. However, in the current market buyers are less willing to accept adjustments and the investor is likely to be very focussed on achieving the EBITDA that underpins their returns target. ‘Look forward’ earnings can be used to underpin higher valuations if you have proof points about the impact of an initiative that is already being rolled out, resulting in a push to get proof points ahead of an exit.   Hopefully the above sheds some light on the context behind certain Board dynamics, requests from your PE representative, or changes in priorities. One of the things that differentiates us at Coppett Hill is that we have worked in private equity value creation and investment roles, as operators and as consultants, meaning we can help to translate between these worlds. We work across the whole value creation cycle, from pre-deal DD through to supporting execution of the value creation plan and preparing for exit. If you’d like to talk about value creation planning and which levers we can help with, please Contact Us .

  • How To Prepare For A Private Equity Exit?

    We’ve explained the concept of value creation  previously, but in this post we’ll focus specifically at the other end of the private equity cycle. A successful exit is what every private equity investor and management team is looking to achieve, but it requires significant preparation well in advance of the actual sale. In our experience, Marketing & Sales leaders have a critical role to play in supporting an exit.  Getting your house in order   Preparing for a successful exit begins at the start of the investment journey, as has been covered previously . There is never a bad time to ensure your house is in order, but Marketing & Sales leaders should begin to focus on what’s required for exit 12-18 months out from a potential transaction. This will include both hygiene factors, such as reporting, as well as the proof points that support the investment case to be presented to prospective buyers. As a private equity investor I used to work with called it - the ‘ sausage and the sizzle’     The hygiene factors ( the sausage ) form the basis of what future investors will use to value the business on exit. From a Go-To-Market perspective, this could include:  Weekly/monthly KPI reports and with associated commentary  Strategy documents outlining the Ideal Client Profile (ICP) , target markets, channel and partnership strategies, etc.  Process documentation covering company approaches to Sales and Marketing  Think about these from an investors’ perspective – what would they want to see to build confidence that the business will continue to grow profitably? For a B2B business  this might be your pipeline value over time, lead conversion rate, and individual salesperson metrics. For a B2C business this may be your  LTV:CAC ratio . While score keeping is important, try to make these forward looking where possible, tying them to actions and initiatives. Work closely with your Finance team to ensure weekly/monthly reports tie back to management accounts and Board packs - this will save you potential headaches further down the line during the due diligence process.  It’s also important to mitigate any major risks that may go to value. This could include ensuring material customer and/or supplier contracts are renewed, giving prospective buyers comfort that there will be no impact to the underlying business.  Lastly, identify any gaps in capabilities, systems or processes that may be highlighted as part of the due diligence process, and create a plan to fix them. This may be through recruitment into the team, or investment in a new marketing automation platform. In an ideal world this will be fixed by the time a sales process kicks into gear, but just having a plan is a step in the right direction and will help answer challenging questions later – the primary purpose here is to present a picture of understanding, control and predictability of your Go-To-Market efforts.    Enterprise Value in the context of private equity is typically a function of EBITDA and multiple . We’ve covered how to grow EBITDA through Go-To-Market improvements in many of our previous posts, but multiple expansion can more challenging, as this reflects the perceived quality of the business and the opportunities for growth.   An upside story ( the sizzle ) will help you maximise value on exit through multiple expansion. Every business typically has a portfolio of products/services/customers at different stages of the BCG matrix . The challenge for a successful exit is realising value for the ‘Question Marks’. Sales & Marketing leaders play an important role in this, building proof points of the green shoots that are growing in these Question Mark areas, before they become ‘Stars’ and then ‘Cash Cows’. Examples of this might be website user growth in a recently launched geography, and how that compares to the historical growth in more mature geos. Or from a B2B perspective this may be the increase in the pipeline volume and value for a recently launched product or service, and how that compares to more mature offerings.  Being able to add quantitative evidence to the potential value that these upside initiatives may generate, will go some way to these being included as part of the valuation.  The private equity exit process   By the time the sales process kicks off and sell-side advisors are selected, your house should be in order, with plenty of evidence of green shoots. Focus will now turn to preparing the sales materials – another area that Sales & Marketing leaders can play a crucial role.  In the first instance, a Teaser  will be created – typically a combined effort between the management team, current investors (if applicable), and the corporate finance advisors. This is a short document (2-3 pages) designed to highlight the most attractive aspects of the company. This tends to be light on financial information but includes data points that will help to entice prospective buyers. Sales & Marketing leaders can contribute to this in several ways:  Creating an overview of the market and competitive context – showing the growth of the market and the business’s highly defensible position  Highlighting key customers success stories – showing the business’s ability to win and retain valuable customers  Providing KPIs/metrics that highlight the quality of the business - examples include user growth rates, customer acquisition, LTV/CAC, revenue retention, etc.   Once the Teaser has been shared with a longlist of prospective buyers, a shortlist will be selected based on level of interest, who will be given access to the Information Memorandum  (‘IM’). The IM is a longer form version of the Teaser and will include more extensive financial and trading information. This is where details of the Sales & Marketing strategy, KPIs and greenshoots can be presented to paint the business in the best light.  Alongside the IM, the advisors will work with Management to build a Financial Model ,  Vendor Due Diligence (VDD)   reports and a  Virtual Data Room  (VDR):  The financial model typically consists of a forecast P&L, cashflow statement and balance sheet, that will be used by prospective buyers to value the business. Sales & Marketing leaders will need to provide KPI forecasts into this, as they will form a key part of the revenue growth assumptions  The VDD reports are provided by separate advisors to give an independent view on the historical trading and achievability of the business plan  The VDR is where key documents are shared with prospective buyers. The KPI reports, strategy, and process documents previously compiled can be shared here, to answer buyers’ questions about the overall Sales & Marketing strategy and performance  As well as the review of the IM, Financial Model, VDD reports, and VDR, Management Presentations  will often be held. This gives buyers an opportunity to meet Management teams and ask questions face-to-face. These will sometimes include just the most senior executives, or other times the wider senior team. The presentation itself is often a shortened version of the IM, but any soundbites that Sales & Marketing leaders can add around recent successes or progress against key initiatives will help to add flavour to the investment highlights.  Prospective buyers will look to carry out Due Diligence  (DD) on the business, to validate the information received as part of the IM, Financial Model, VDD reports and Management Presentations. DD typically covers a range of aspects, including Financial, Commercial, Legal, Technology and Tax issues. Sales & Marketing leaders can play an important role as part of the Commercial Due Diligence (CDD) workstream by providing evidence that supports the business’s growth plans in the context of the market, competition, existing customer base and growth strategy.  We are also seeing an increasing trend of more thoughtful investors carrying out Go-To-Market DD – where they are looking to identify the potential for value creation through improving GTM strategy and operations.  The buyer will use all this information to inform their valuation and negotiation strategy, while the seller will be looking to have as many interested parties participating in order to maximise competitive tension and drive a higher multiple & better terms.  Trading momentum – keep going!   It may feel like there is a lot to process and documentation as part of an exit - that’s because there is! The most important thing, however, is that trading momentum is continued. This will ensure you create competitive tension among prospective buyers (which is important for healthy valuations) and avoid any negative surprises during or after the sale process.  In summary, there are plenty of ways that Sales & Marketing leaders can play a key role before and during a business exit. Just make sure you have the sausage and the sizzle.  If you’d like to discuss how you can better prepare for an exit through value creation planning and due diligence, please Contact Us .

  • Taking your own medicine

    We are still in our relative infancy at Coppett Hill. Dave, our founder, set up Coppett Hill ~14 months ago - we imagine that the way the describe the age of our business will mirror that of the way that someone would describe the age of a small child. Months, up until the 2-year mark, at which point you pivot from months to years. What an occasion for celebration that will be. We've been privileged to work with some really exciting businesses across multiple different sectors, both B2B and B2C. We like to think that our work with management teams and investors has had a terrific impact - one piece of evidence for this has been the scaling of the team, from 2 when I myself joined in early December, to 6 of us today, soon to be 7. I write this article on the way to my first day at our new, larger, dog-friendly office - it's been an exciting time, and I can't wait to see what comes next. Oliver, Dave’s dog, being a good boy at our new office. The next phase of growth for Coppett Hill presents an entirely new set of challenges for the team. We're focused on putting processes in place which allow us to scale sustainably, and deliver even better work for existing clients, as well as great work for new ones too. The senior team at Coppett Hill all have the benefit of many years of experience across professional services. At our recent strategy day, we discussed common pitfalls of companies looking to scale in a similar fashion to ourselves, and more generally speaking, issues faced by advisory firms in our area of the market. One theme in particular caught my attention - the trap of businesses which offer advice, failing to apply that same advice to their own internal operations. Or, in a more article title-friendly phrasing, taking your own medicine . Who are the Cobbler's Children: Before writing this article, I had no concept of the 'cobbler's children problem', or in all honesty, what a cobbler was at all. I'll delegate to friend of Coppett Hill Growth Advisory, ChatGPT, to explain. The cobbler's children problem is a metaphor for the phenomenon where professionals often neglect to apply their expertise to their own situations, resulting in suboptimal outcomes. For example, a cobbler may make excellent shoes for customers but leave their own children barefoot. Readers of the articles which I contribute to the Coppett Hill website will be no stranger to my love of ChatGPT generated images. Fitting examples of this in a professional context include: Strategy consultancies making fundamentally unstrategic decisions Accountancy firms keeping messy internal accounts Marketing agencies doing a poor job of their own marketing Why does this happen? Occam's Razor  suggests that the simplest explanation is usually the correct one. In this spirit, the first reason we would identify for professional services firms filling the role of the cobbler in our previous analogy would be that they are genuinely incapable of applying their professional skills to their own business. The reasons for this, as we see it, are twofold. In some instances, it is legitimate to say that advising on something can be different to putting it into practise, especially when that advice in question is broadly categorised. For example, suppose that a boutique strategy consultancy has an immense wealth of experience advising healthcare businesses – this may not translate to an aptitude for internal, professional services strategy & operations, despite them both being ‘strategy work’. More cynically, sometimes the veneer of what people sell is exactly that - you aren't going to successfully apply your service to your own business if you aren't really capable of applying it for your clients. Another, marginally more complex explanation concerns prioritisation. It's easy to argue that immediately delivering value for clients should take precedence over internal, more operations-type projects, especially when an advisory firm has limited resources. This point becomes especially impactful when considering the mindset commonly employed by professional services firms to do with staffing - if an employee isn't utilised through working on a client project, then they aren't generating revenue. Perhaps an issue not to trouble Coppett Hill for the immediate future, but one worth mentioning, is professional services firms becoming victims of their own success. Some of the largest professional services firms have tens of thousands of employees, and thousands of partners, all effectively running their own book of business - considering this, it isn't surprising that keeping a consistent strategy/set of internal processes can rapidly become very challenging indeed. The near-constant renaming/reshaping of departments/service offerings, familiar to many of us at Coppett Hill from our time at larger consultancies, serves as a fitting example of this. How do we take our own medicine at Coppett Hill? At Coppett Hill, we help our clients with their go-to-market (GTM) strategy. So, how do we make sure we keep on top of our own GTM strategy and ensure that we maintain a baseline level of credibility in the process? The first, and most obvious way we ensure that we take our own medicine, is by structurally ensuring that it remains a focus for everyone . As well as our biannual strategy days, we schedule a company-wide call every week, where make a point of discussing the success of our own GTM strategy – this involves discussing our own pipeline openly with the entire team. We think that this spirit of radical transparency encourages everyone to take agency over the success of our own marketing/sales efforts. Yes, we are always this enthusiastic to discuss our pipeline. As a professional services firm, we understand that our route to market is very much relationship and credibility focused. This means that occasionally we need to adopt a slightly more abstract, long-term approach to ROI – for example, the article which you are reading right now might not have much short-term ROI in terms of lead generation, but we think that investing time in creating content such as this will help to build our credibility over the longer term, helping us to win new customers in the future. Building on the relationship point, we firmly believe that the best form of marketing for us is by delivering great work for our clients – we encourage the entire team to consider even the most seemingly isolated/simple tasks through this lens. To this end, we’ve been dedicating a couple of hours a week to ‘Coppett Hill Academy’, to help upskill the team and increase the quality of what we deliver for our customers. Where feasible, we look to focus internally on technical areas we work on with our customers. It's not uncommon for technical elements of our projects to involve some aspect of SEO, as part of a wider focus on marketing attribution. Whilst paid search in particular might not be a sensible route to market for a business like ours, we ensure to stay on top of our organic search rankings by monitoring our performance with our Searchscope tool. As part of the strategy for our next phase of growth, we’re taking our own medicine by carefully reviewing the success of our own go-to-market (GTM) strategy and iterating it accordingly. If you would like to discuss how we could help you do the same, please Contact Us .

  • What is Value Creation?

    "Value Creation" - it's one of the most common terms in private equity today. Increasingly, more private equity firms have in-house value creation teams, and specialist value creation roles. Firms try to differentiate on their ‘value creation playbook’ and capabilities. But what does value creation actually mean in the context of private equity (“PE”)? And what does that look like in practice if you are part of a private equity-backed management team?   When I started working in private equity in 2017, I joined a ‘Value strategy team’ in the mid-market. Having a strategy consulting background but no private equity experience, it was a steep learning curve, and it took me a long time to really get my head around the private equity context and how my role and the work I was doing with each portfolio company fitted in with that. This two-part series is intended as a simple overview of value creation in private equity, which I hope will demystify some of what goes on ‘behind the curtain’ at a private equity firm and how it can impact management teams on the ground.   As I was often told when navigating those early days in PE, “there is no manual for value creation” and there’s no framework that covers everything (much to the disappointment of the strategy consultant within me!). This article will be mainly from the perspective of the lower and mid-market (typically businesses with annual revenue between £5-100m) and mostly focused on growth investments rather than carve out and turnaround situations.   Part 1 will explain the mechanics behind an individual deal, the structure and maths of a deal, and the key levers for value creation. In this context value creation is about shareholder value in an individual portfolio company, where ‘value’ includes the equity held by the private equity firm, management team and any other shareholders.   Part 2 will be about what ‘value creation’ looks like from the perspective of a private equity firm: what’s the role of a value creation team, what processes are involved on the PE side, what’s happening back at base and what that means for management teams working with PE.   Part 1   The maths   A private equity firm’s goal is to generate a return for their investors, by buying companies and selling them at a profit. A bit like buying a house with a down-payment plus a mortgage, private equity firms tend to buy companies with a combination of upfront cash (‘Sponsor initial equity’ in the example below) and debt. The use of debt in these structures is why this model is called a Leveraged Buyout (LBO), but not all PE deals have to include debt, and the amount of debt vs EBITDA (the leverage ratio) can vary widely and tends to be higher for larger companies which are often a more attractive credit risk for lenders.   We’ll walk through an example purchase and sale of a business below and include the model at the end for those who’d like to reference it. Note, some key terms and calculations: Enterprise value:  ‘the measure of a company’s total value’ – typically calculated based on profit, but could also be based on a multiple of revenue (more common in early stage and venture capital deals) = (EBITDA) x (Multiple) Net debt:  the debt owed by a company, net of any cash balances or other cash equivalents = (Debt) – (Cash) Equity value : the market value of the company that is attributable to shareholders = (Enterprise value) – (Net debt) MOIC - Multiple on invested capital:  (Investment’s final value) / (Initial investment) IRR - Internal rate of return:  The annualised rate of return, a bit like an interest rate on a savings account   On average, most private equity firms target an IRR of around 20-25% which translates to a 2.0x - 3.5x MOIC (dependent on how long they hold a company for).   Worked example of a private equity deal Company A makes £20m a year EBITDA. For simplicity, in this example the private equity investor buys 100% of the equity. In practice this could be any percentage, although ‘majority’ deals, where PE own at least 50%, are most common. Typically, around 20% of the equity is owned by management and employees, and the remainder by the original founders or investors in the business.   1.       Initial investment: Company A makes £20m a year EBITDA and is valued at an 8x multiple. The private equity investor buys 100% of the equity and uses £60m of debt to help fund the deal (assuming no excess cash). They also have to pay £20m of fees. Enterprise value = £20m x 8 = £160m Sponsor initial equity = £160m – £60m net debt + £20m fees = £120m   2.       Hold the business for 5 years: The business achieves average EBITDA growth of 10% per year Cash generated from the business is used to pay back the debt A simplifying assumption used in this model is a £12m (20% of the original debt) decrease in net debt per year. Debt packages (interest rates, payment schedules, covenants) vary depending on the market, with the current market being much more challenging than a few years ago, and interest rates significantly higher.     3.       Selling the business: EBITDA has grown to £32m, and the business is now valued at a 10x multiple. The seller also has fees associated with exit (e.g. DD reports) to cover. Enterprise value = £32.2m x 10x = £322m ·Equity value = £322m – £3m net debt - £16m fees = £303m   The PE firm’s net return on equity = £303m - £120m = £183m Money multiple: 2.5x return (£303m / £120m) IRR = 20% As you can see, there are 3 main levers in the ‘value creation playbook’ EBITDA growth:  Driven by topline revenue growth, and/or margin expansion. Multiple expansion:  The multiple paid for a company reflects the perceived quality of the business and the opportunities for growth (i.e. the addressable market). Multiple is also driven by the industry, and the cycle of the market. Debt paydown:  Leverage in the initial private equity deal structure allows funds to enhance their returns (in an upside scenario). Free cash flow generated during the hold pays down interest and improves the net debt position.   As the market changes, PE firms have adapted their playbooks to emphasise different value creation levers. Leverage and financial structuring have become less important over the past 4 decades , with more emphasis on multiple expansion and EBITDA growth. In the last few years with inflated multiples, firms have not been able to rely on multiple expansion and are sometimes facing the headwind of reducing multiples, so there has been even more focus on EBITDA growth ( see Figure 27 in the report from Bain )   Within each of those buckets, these are some of the most common levers a business can pull:   EBITDA growth Revenue growth e.g. new customer acquisition, entering new markets, launching new products, increasing average lifetime value of existing customers through cross-sell and upsell. Margin expansion e.g. pricing projects, operational improvements, negotiating input costs. Acquisitions – step change in EBITDA by adding new customers/markets/products etc, and the opportunity for revenue and cost synergies. Note: In the lower and mid-market there tends to be more emphasis on revenue and margin growth as there is relatively less to gain through operational efficiencies and cost cutting.   Multiple expansion Positioning – is the business differentiated and leading the competition? Market headroom e.g. repositioning target customers to access a faster growth market, opening International markets. Growing to hit certain scale thresholds – there are often step changes in multiples when businesses hit a certain size (e.g. £20m+, £50m+ EBITDA) as they then become attractive to a new pool of investors and lenders. M&A can be a key value driver here if you can buy at a lower multiple than the ‘larger whole’ is valued at. Quality of earnings e.g. increasing the proportion of recurring revenue, improving working capital and optimising revenue leakage . Strength of the team and platform for scale – e.g. robust systems and processes, clear strategy with KPIs, well defined Ideal Client Profile , proven team set up for next stage of growth. Approach to a sales process – e.g. quality of data, buyer education, timing.   Financial structure – net debt position Strong cash conversion – allows rapid payback of debt to build up the equity position, plus any surplus cash contributes to equity value. Efficient use of capital – evidence that the company can put capital to work for an attractive ROI.   When private equity invests in a company, they will have a view on the what the key value drivers will be during their hold period. This value creation plan should be directionally aligned with what the management team presented pre-deal, although will likely be more cautious on certain levers (e.g. organic growth where assumptions are often over-ambitious), and perhaps more ambitious on others (e.g. M&A). Once the deal is done, then the investors can really start to understand the company and over the first year they’ll refine (or completely rip up and start again) the value creation plan. It’s at this point that specialist value creation teams and/or operating partners start to get involved.   What does this mean if you are in a management team? Of course, management have responsibility for actually executing the strategy which underpins the value creation plan. From the investor’s perspective the first few months post-deal are all about getting a clear understanding of the business, performance, financials, team and aligning with management on the longer-term strategy. We’ll talk more in Part 2 about how the private equity investor’s lens on value creation planning, and their internal processes, can impact this strategy process.   Of course, things don’t always go to plan during the hold period and sometimes investments become a case of damage limitation rather than value creation. This might mean the PE investor is just trying to make their money back (i.e. avoid a loss), or if the company isn’t generating enough cash to meet its debt requirements it could mean that the lender takes over.   Unlike venture capital, where investors expect to lose money on the majority of their investments in a fund and make an outsized return on a few star performers, private equity relies on making a ‘decent’ return (of 2x - 4x) on most of its investments, perhaps having 1-2 outperformers making 4x+, and losing money or breaking even on just a few deals in each fund.   In Part 2 we’ll talk more about what’s involved in the value creation process from the PE firm’s side, including how value creation and return multiples for an individual company fit into the bigger picture of a fund. If you’d like to discuss value creation planning and which levers we can support you with, please Contact Us .

  • Working backwards – strategy in a private-equity context

    I’ve never been a fan of popularising a management theory or tool unless I’ve been able to use it myself and achieve practical success. Has anyone actually used a SWOT analysis to inform a true strategic decision?   Given this, there are two principles from Amazon’s vast collection that I have found incredibly practical when working with private equity-backed Management teams. The first of these that I’d like to share is ‘working backwards’ (the other will follow in a future post).   As a brief primer, Amazon’s founding characteristics are described as customer obsession, long-term thinking, eagerness to invent, and operational excellence. There is a deeper set of 16 leadership principles , which include thinking big, having a bias to action and frugality. I’d recommend ‘Working Backwards’ written by Colin Bryar and Bill Carr (who started at Amazon in 1998 and 1999 respectively) if you want some background reading. I’d also recommend Amazon’s annual letter to shareholders, the 2016 version summarises a lot of their overall principles.   I’m sure that there is some element of post-hoc mythologising here, as with many corporate back stories. However, I’ve interviewed enough Amazonians to be confident that ‘working backwards’ is a widely adopted and trusted internal practice (and more transferable than writing six page memos before each meeting, then reading them in silence at the start).   The 'working backwards' method is a unique product development approach that emphasises starting from the customer's perspective. The process begins with the product team drafting a press release as if the product is already available. This mock press release is aimed at the customer and includes critical elements to ensure clarity and appeal: Product Name: Clearly states what the product is. Intended Customer: Defines who the product is for. Problem Solved: Identifies the issue the product addresses. Customer Benefits: Highlights the advantages for the customer. Inspirational Quote: A quote from a company spokesperson explaining the product's purpose and aspirations. Call to Action: Encourages customers to engage with the product immediately. Optional FAQ: Answers common questions about the product's development and functionality. This approach has several benefits for product development, grounded in understanding and prioritising customer needs: Customer-Centric Focus: This method reinforces Amazon's principle of customer obsession. By starting with what will delight the customer, the team ensures that the product is developed with a clear focus on customer needs and desires. Viability Check: Writing the press release helps the team gauge their own enthusiasm and the product's potential. If the press release does not inspire, it may indicate the product needs more development or a rethinking of its value proposition. Guidance During Development: The press release serves as a strategic guide, similar to a product roadmap, keeping the team aligned with the core ideas and goals throughout the development process. Identifying Questions: there may be issues or questions raised which need further investigation before product development can continue, for example what proportion of the potential customer base would truly value a particular feature. Forcing Simplicity: by its nature a press release should use simple language and avoid corporate jargon. The FAQs in particular force the solving of tough issues up-front. The process is quite involved, but as Jeff Bezos explains : “Done correctly, the working backwards process is a huge amount of work – but it saves you even more work later…its designed to save huge amounts of work on the back end and to make sure we are actually building the right thing.”   I’ve applied this approach of starting with the ‘marketing’ of a product to inform several different decisions in the context of a private equity investment - considering new products or service lines, entering a new international market, or creating a new team.   However, my favourite use of the ‘working backwards’ approach in a private equity context is to create the target ‘first page of the IM’ – the summary of the business that we intend to sell in 3- or 4-years as summarised at the start of the ‘Investment Memorandum’ (the ‘brochure’ used to introduce a company to potential investors).   This exercise can be the cornerstone of the first ‘strategy day’ in a new investment, and create strategic direction for the whole investment. It is easy to fall into filling such a day with the ‘learnings from Due Diligence’ but this content is inherently either very tactical or theoretical. It also involves one-way communication from Due Diligence providers to a Management team, who other than a brief right of reply, might not engage fully with the content.   To facilitate a ‘first page of the IM’ exercise, you can take the following steps: Ahead of the strategy day, set some homework for the attendees, individually or at most pairs – to write up to 8 single sentence bullet points that describe the business at exit and which will be demonstrably true (ie you would be able to prove empirically). You can provide the ‘first page of the IM’ for the recently completed transaction as a starting point, but provide some extra suggestions – thinking about the role of new products, data, and technology; as well as the metrics that will really matter to a future investor. The goal is to design the most valuable, achievable version of the current business. Make sure to involve the wider Management team, non-executive directors and investors. I like to ask a third party e.g. a sector-experienced banker as well. Collate the inputs ahead of workshop and align where you all agree, and highlight the points of difference both thematically and in terms of level of ambition (e.g. reach 5% market share vs. 10% market share) In the workshop you can debate and refine a single version of the ‘first page’, based on what buyers will value and what is realistically achievable, with some stretch, in your 3-4 year time horizon.   Such an exercise in my experience can set the tone for the whole investment – aligning the level of ambition but also bringing clarity on the proof points that really matter. For example, you’ll probably get some inputs that make the claim of having the ‘best management team in the sector’ – that might be true, but how can you prove this? A track record of consistently beating forecasts, brilliant customer retention, a fantastic employee NPS and high employee retention? As the sales adage goes – sell benefits, not features.   Once you have an agreed ‘first page’ – you can include it at the start of your board pack to help anchor each strategic conversation, and then revisit it every 6-12 months at future strategy days. It can inform budgeting, organisational structure and hiring. It also flushes out potential uncertainties or areas of disagreement very early to give you time to figure them out – for example, if a major initiative being considered doesn’t support the ‘first page’, is it a good idea?   This approach works particularly well in a private-equity context because of the (theoretically) fixed timeline that you can work back from, as well as the construct of the IM. If you’re thinking about planning your next strategy day, I’d highly recommend giving it a go. If you’d like to discuss how you can set strategic priorities as part of a value creation plan, please Contact Us .

  • Is it coming home - the update

    The group stages of Euro 2024 are over. And, as promised, the update to our Euro 2024 prediction model has arrived. I’m young enough to have enjoyed a period of remarkable optimism surrounding the England football team. Memories of the disappointment of our Euro 2016 exit against Iceland had been firmly eclipsed by the fervour of 2018, 2021 and 2022. Up until the last 3 weeks, where the England football team collectively decided to abandon ambitions of winning an international tournament in favour of raising the nations average blood pressure as steeply as possible. But, my word, at 7pm on Sunday evening, was it all worth it. We haven’t quite developed LeadScorer (our pipeline prediction tool) to the point of being able to predict 95th minute bicycle kick winners. Yet. But, we have got a data-led prediction for how things are going to pan out from here, so if you would like to know if there is more frustration ahead for England fans, or if that magical moment could be the start of something special, read on. If you would like to see how leadscorer predicted the outcome of Euro 2024 before the group stages had commenced, you can check it out here . RECAP - How have we done it?   At Coppett Hill, we’ve developed a tool called LeadScorer, which takes a series of prospect attributes and behaviours, and predicts their relative likelihood to purchase. This can then be deployed to prioritise customer outreach and get a feel for overall pipeline value. Essentially, we took our LeadScorer tool, repurposed it to use the result of every international football match since 2016 and accompanying team attributes as training data, then generated an expected result for each possible fixture, and consequent tournament progression. Since the conclusion of the group stages, we’ve included results from the past 3 weeks in our training data, and, as much as it pains me as an England supporter, introduced a recency bias to simulate form/momentum heading into the knockout stages. As before, I’ve taken the liberty of furnishing this article with a series of AI generated images. Also, as before, please do not take this article as any form of gambling advice. Obviously.   The group stage – was our model any good? Given that LeadScorer was developed for a very different purpose, we were pleasantly surprised with the accuracy of our model. England were predicted to beat Serbia by a single goal, before drawing 1-1 against Denmark and squeezing past Slovenia by two goals to one. Scotland were predicted to suffer defeat against Germany before securing hard-fought draws in their remaining fixtures – this almost came to fruition, if not for a 90 + 10’ goal for Hungary in their final game. Not bad. I’ve made the executive decision that only the results of groups A, B and C are relevant when assessing the accuracy of our model so far – I’ll be taking no further questions on this matter. So, what happens next? As we all know, England are drawn against Slovakia in the round of 16. And, as we all know now, Bellingham steps up to the plate after 95 minutes to deliver one of the all-time great England moments, with the score eventually finishing at 2-1. Funnily enough, the model knew this too. I’ve included a snip of the SQL output to maintain a level of credibility here. Elsewhere, admittedly, we didn’t have Switzerland brushing Italy aside to make it through to the quarter finals. In the interest of keeping this as relevant as possible , we are going to manipulate the output a little to see England meet Switzerland in the quarter finals, as will be the case this Saturday coming.   The quarter-finals Crunch time. An underwhelming England take on an exciting Switzerland side, buoyed with the confidence of knocking out holders Italy in the round of 16 . Gareth Southgate’s men know that the level of performance simply has to improve, or they will be faced with another quarter final exit. And maybe, just maybe, the drama of the last 16 awakens something in the England squad, as Jude Bellingham once again sends England into ecstasy by delivering when it matters most. Final score: 2-1. Elsewhere, the Portuguese knock out France, and the Netherlands see off dark horses Austria.  Here is the image of Jude Bellingham being England's saviour, securing a 2-1 victory in the quarter-finals of Euro 2024. The semi-finals The Netherlands have struggled with expectations at this tournament, and England have steadily built momentum. However, as any football fan knows, a victory against a nation with such a level of football heritage can never be taken as a given. And yet, the frustration of the group stages disappears further into the rear-view mirror, as England produce their most assured performance yet to book their place in the final with a 2-1 win. Liquid football. Elsewhere, as in our previous set of results, Spain eliminate Portugal in the other semi-final. Here is the image capturing the excitement and expectation building in the nation after England defeats the Netherlands in a game of liquid football. The final England succeed in banishing their early tournament woes to meet a Spain side who have impressed from start to finish. In our previous set of results, England fell at the final hurdle to lose on penalties – can we go one step further this time? No – this time around we just lose within 90 minutes. Sorry. Again. Here is the image of Jack Johnson, reflecting on the machine learning model he created predicting England's loss against Spain in the Euros final, with a subtle mix of disappointment and satisfaction that the recency bias introduced to the model has had the expected effect. We like to hope that this prediction will prove to be wrong – we think the model behind LeadScorer is significantly better at predicting a likelihood of a prospect to purchase than football results. If you are interested in how we can use LeadScorer and our other tools to help your business , please Contact Us .

  • Five essential charts to understand a new business sales function

    The ability to win ‘new client logos’ is one of the most important predictors of future growth for a B2B business. The problem is, assessing this ability isn’t always straightforward, even though there is often no shortage of data available. Deciphering the drivers behind new client logo acquisition can involve navigating siloed datasets, accommodating inconsistent CRM entries and picking apart complicated financial models. More often than not, in our experience, all of these are necessary when forming an estimate of the achievability of a business plan. Suppose you are an investor, developing your own assumptions for new logos and sales team resourcing before your next trip to the Investment Committee. With such a breadth of data potentially available, choosing where to start can be an intimidating prospect. At Coppett Hill, we’ve developed a set of approaches which use our suite of proprietary tools to assess new client logo acquisition, which we use when undertaking Value Creation Due Diligence. We’ve come up with the five charts that consistently top the list when looking for insights on a new business sales function. 1.      Pipeline value over time This may seem obvious, but however sharp a sales team is further along the line, the ceiling for their performance is determined by the number/value of leads entering the very top of the funnel. Management teams can often find this hard to provide unless they’ve been ‘snapshotting’ the data regularly, or have old board packs containing the data. We’ve developed an approach to rebuilding historical pipeline value by day based on CRM data. So, what do we look for? Is there a positive trend, that ties in with the commentary provided by Management? Is there evidence of seasonality in this data? If there are big changes / spikes, could these be related to the arrival of a superstar member of the marketing or sales teams or a new product launch? Has the pipeline been impacted by the wider economy, or a change in regulation within the industry? The value of the pipeline prompts questions about the overall context in which a new business sales team operates and is essential to underpin the understanding of more granular analysis. If the business has a longer sales cycle with more defined stages in the customer journey, it may make more sense to consider weighted pipeline, where a percentage likelihood of conversion is assigned to a prospect depending on how far along they are in the sales cycle. 2.      Historical conversion rates Looking back historically, there is merit in considering conversion rate measured by both when opportunities first enter the pipeline (some of which may still be open, distorting the conversion rate) and when they are closed. Both are important when forming a view of just how much of a current pipeline is likely to be won. One especially important point here – conversion rate is only a useful metric when considered within the context of CRM use. Validating the quality of pipeline data can establish this context – if conversion rate is very low, is this a reflection of the effectiveness of the sales team, or are inappropriate/low probability opportunities being added to the CRM? If it has changed historically, does this reflect a change in CRM use? It’s also worthwhile to analyse conversion rate at several different levels – a business may have had more success winning one type of opportunity than another. Cutting conversion rate by customer type, product/service opportunity and region can give a picture of sales momentum heading forward in to the vital first year of a private equity investment. Contrasting a value-weighted conversion rate with a volume-based conversion rate can shed some light on the opportunities that a sales team are most adept at winning – is this consistent with the business plan assumptions? 3.      Pipeline/forecast accuracy Just how accurate have previous forecasts of conversion percentage at each stage of the funnel consistent with actual outcomes? Is the ‘weighted pipeline’ reliable? We use the log of changes stored in the back-end of a CRM system to identify all historical opportunities that have reached each stage of the pipeline, and how many go on to eventually convert. The conversation triggered by the presentation of this chart can quickly surface gaps between management’s idea of what drives sales performance, and what the data shows. More often than you may think, the assumed conversion rates are the defaults used by the company’s CRM system rather than a result of considered historical analysis! 4.      Attribution analysis Where have the last 10 logos the business has won come from? Performing analysis on the origin of won customers is essential for understanding which demand generation channels should be prioritised for further investment, which should be ‘turned off’ and ensuring that marketing and sales resources are allocated effectively. You would be very lucky to have a ‘Source’ field that is well-populated and reliable in the CRM, so we often generate a list of recent wins and talk through each one with the marketing and sales team (and sometimes the customers themselves) to define the source. The correlation between a marketing team’s view on attribution and that of the sales team can give a high-level indication of the relationship between these teams – are they well integrated, or do they hardly speak to one another? 5.      Individualised sales metrics All of the charts we’ve covered can be isolated down from an aggregated view to give a view of the individual performance of each salesperson. Well-organised smaller teams may exhibit spikes in conversion/sales cycle etc due to each member of the team being responsible for different types of customers in their individual niche. In larger teams, with many individuals in essentially the same role, these metrics and their accompanying incentive structures may reflect the relative performance of each individual. Is there a consistent ‘ramp’ profile of new joiners in the sales team which speaks to a quality hiring and onboarding process? Have underperformers been addressed? Are there any superstars which could represent a risk if they were to leave? A view of these key metrics by individuals can inform all of these questions. As an investor or operator, there are countless ways to assess a new business function, and this approach is inevitably going to depend on the unique product/sales process involved. We think in almost all cases, the charts we have listed are a good starting point. If you’d like to discuss how you can better understand your new client logo acquisition, please Contact Us .

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