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Revenue Recap 2024

RevRecap is the most comprehensive survey of all things revenue in tech. This year, we gathered insights from 104,000 companies, 450,000 sales professionals across every stage, industry, and sector of tech.

Posted by Sahil Mansuri

The majority of the tech industry still thinks we’re in a recession. They are wrong

Consider this report your last chance to get ahead of your competitors. The first half of 2024 is going to shock the vast majority of tech employees. Spurred by innovation and funding in GenAI, the tech industry is roaring back to all-out growth mode. 

We bring you a report with cutting insights into what is happening right now in all things revenue

Revenue Recap offers the most in-depth analysis on all things revenue. Inside, get access to:

  • How fast and aggressively companies are growing GTM
  • Which positions are most in demand
  • How salaries and compensation are going up every day
  • Insights into which types of GTM strategies are performing best in 2024
  • What you have to do to get ahead in 2024

2022: The downturn catches everyone by surprise

On February 14, 2022, in the middle of the greatest tech bull market run of all time, I wrote the below post on LinkedIn:

The tech community hated my post

I was ridiculed, accused of fearmongering for the sake of growing Bravado, called all sorts of unsavory names, but most of all, I was unequivocally regarded as a fool who was dead wrong:

I’ll be honest, it was a shocking reaction

I’d never before faced that level of vitriol on social media before. I didn’t sleep well for days afterwards, stunned that my earnest attempt to warn the tech community was being twisted into perverse motives and fear mongering for the sake of personal gain. 

Unfortunately, reality doesn’t care about social media trolls. In the coming quarters, we fell into the deepest tech recession of the past 2 decades. Millions of people lost their jobs, thousands of companies shut down, VC funding dried up to the lowest levels in years, and a cloud of pessimism descended on our industry. 

I learned something important then: you can’t use yesterday’s data to predict the future. Bravado sits on the most valuable dataset for predicting future economic growth: attainment to quota % from companies and reps across the entire tech industry. We could see signs of lagging growth back Q4’21, which is why we were in position to make the early call that a recession was coming.


2023: Survive, not thrive

Sales was perhaps hardest hit by this recession in 2023. Quota attainment, and with it sales compensation, plummeted as we went from 57% of sales reps hitting quota in Q4 2021 to just 21% in Q3 2022. 2023 was especially a brutal year for sales teams, where only 29% of teams hit quota. 

Source: Bravado Network

Sales was often the first to get cut, and cut deepest. Hundreds of thousands of salespeople, through no fault of their own, were suddenly left shocked when their company announced layoffs. Only 23% of sales teams grew in 2023.

Source: Bravado Network

These layoffs continue to reverberate across the tech community even today. Just this month, Google, Microsoft, Amazon, Docusign, Paypal, Snapchat and hundreds of others have announced they are cutting staff to save on costs. 

But if there’s anything I hope you’ve seen from what happened in 2023, it’s that you cannot use news headlines from last quarter to predict what’s going to happen in the future. 


2024: Surprise, we’re back!

If you’ve been paying attention to the stock market, tech stocks are once again ripping to all time highs:

Quietly, VC funding has started to return. Fast. Startup valuations are skyrocketing once again, as investors rush to back the companies best poised to take advantage of GenAI innovation:

Source: The Data Minute by Carta

Startup valuations have been quietly skyrocketing, which means that we're about to enter a massive period of headcount growth. Particularly in sales.


Surprisingly, 2024 is going to be a massive year of growth

While companies continue to make cuts in technical roles based on greater efficiencies from AI and focusing spend on GTM, 61% of companies in the Bravado Network are actively hiring for sales today (!) and the sales hiring market is white hot for top candidates. 

83% of sales teams plan to grow headcount in 2024, 66% plan to double

We’re seeing multiple offers coming in for top sellers and leaders, as companies prepare to massively accelerate in H1 2024. If your company isn’t increasing investment into GTM, particularly on sales reps and leaders, you are going to fall behind fast in the next 3-6 months.

Sales leaders are optimistic this year

Source: Bravado Network

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