The Revenue Imperative – Meet The New Revenue-Driven Marketer
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Learn how revenue-focused marketing can create measurable revenue performance and drive new customers to your business.
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The Revenue Imperative – Meet The New Revenue-Driven Marketer
- 1. 00 The Revenue Imperative. Meet The Revenue Driven Marketer
- 3. 2 1. TheRevenueImperative –MeetTheRevenueDrivenMarketer- TheBig Picture onRevenueMarketing-HowtoSetYourMarketingRevenueStrategy&Roadmap— Keytrends,culture&operating shifts andopportunities 2. TheRevenueMarketing MeasurementFramework- Measuringrevenue drivers andKPI’sthat demonstrateyourmarketingrevenuePerformanceimpact.New SLA’swithSales 3. The RevenueMarketing EnginePlatform–Thepeople,processandtechnologies neededtobuildyour"RevenueEngine" framework 4. TheAutomatedMarketingRevenueEngine- ThepowerofleveragingMarketing Automation asakeycomponentto yourMarketingRevenueEngine TheRevenueDrivenMarketer Series
- 4. 33 Why Become a Revenue Driven Marketer?
- 5. 4 THE BIG PICTURE The Revenue Imperative Roughly 50% of all B2B marketers currently have direct revenue accountability as part of their job and that number is growing quickly. Transformation of the Marketing role
- 6. 5 THE BIG PICTURE The Big Picture B2B marketers are reaching prospects earlier in their life cycle, remaining the primary company contact deeper into the buying process, and staying involved even after the prospect has engaged with Sales. The Revenue Imperative
- 7. 6 THE BIG PICTURE The Big Picture You manage what you measure. B2B marketers are experiencing one of the most rapid changes in the history of business. The Revenue Imperative
- 8. 7 THE BIG PICTURE The Big Picture • Marketers are under pressure to producemore and more contentand activities with a growing pressure to drive revenue. • Marketing transformationis under way, driving marketers to create demand and engagement that crosses over into the pre-sales and post Sales cycles. • New Marketingrevenue performancecalls for new metrics to demonstratebusiness and revenue impact to the C-Suite. The Revenue Imperative
- 9. 8 THE BIG PICTURE The Big Picture • Marketers must measure programs in more channels across multiple device types • Big Data causing a flood of data that marketers need to transform into actionable insights • Revenue Metricsare trumping activity metrics • Marketing Technologies are a critical component to success Measure What Matters
- 10. 9 THE BIG PICTURE The Big Picture MOVING FROM COST CENTER TO REVENUE CENTER Redefining marketing's role within your organization from an activities- based cost center to a sales -based revenue center. If you want to secure your position and your influence/power within your organization tie yourself to revenue. Measure What Matters
- 11. 10 New SLA’s Between Marketing, Sales, Finance and IT The Revenue Imperative It’s time to redefine your relationship with Sales , , Transformation of the Marketing role THE BIG PICTURE
- 12. 11 THE BIG PICTURE The Big Picture New Revenue Oriented roles emerging. Solidify your role, create a new title… • Chief Revenue Officer • VP Revenue Marketing • Director of Revenue Center of Excellence New Roles Emerging
- 13. 12 MAPPINGTHECUSTOMERJOURNEY Only 12% of Marketers feel they are sophisticated in their alignment & measurement of Content to Results
- 16. 15 SalesEnablement But not tracking to revenue
- 19. 1818 Developing Your Revenue Marketing Success Framework
- 20. 19 The Revenue Marketing Success Framework The Big Picture 1. DefineYour Revenue Strategy 2. BuildAlignment Withthe C-suite, Sales, Finance & IT 3. Define The Marketingskills required 4. Conducta Revenue Readiness Audit to determine your gaps 5. Determine where to fill gaps (hire, train or outsource to an agency) 6. Build your revenue marketing roadmap 7. Build your revenue marketing Platform 8. Measure your revenue results Your Revenue Driven Marketing Framework
- 22. 21 Executive/ C-Level Support Is Critical! The Revenue Imperative Execs need to buy into the marketers transformation in order for it be a long term success! Start at the top! Transformation of the Marketing Role
- 23. 22 Define Your Revenue Strategy Revenue Strategy Development Strategy &Accountability What are you ready willing and able to do now? What is your vision of the future? What will you need to do to get there? Who and what will need to change ? Who will be accountable?
- 24. 23 The Revenue Marketing Alignment Imperative The Revenue Imperative Setting your Revenue Marketing strategy into operations takes a tight alignment of your Marketing, Sales, Finance & Delivery resources. Transformation of the Marketing role
- 25. 24 Define Your Revenue Strategy Revenue Strategy Development Strategy &Accountability • Engage key stakeholders from across the organization to get their buy-in • Develop excitement and get commitments • Define joint goals, objectives and a unified strategy • Become the Marketing Revenue Champion within your organization
- 27. 26 OneUnifiedRevenueModel The strongest unifying message in any for profit company is REVENUE!
- 28. 27 Define an Ownership, Expectations & Accountability Model Revenue Strategy Development Strategy &Accountability Marketing Sales IT Finance Delivery Revenue
- 30. 29 Define the Marketing Skills Required Revenue Strategy Development Strategy &Accountability Conduct an audit of your marketing, sales, finance delivery and IT department and determine your current state of readiness to become a revenue driven marketing organization. Revenue Marketing Audit & GAP Analysis
- 32. 31 THE CUSTOMER IS STILL KING! Building Your Revenue Marketing Team FORRESTER RESEARCH – 4 PHASES OF CUSTOMER JOURNEY
- 34. 33 CUSTOMER JOURNEY MAP EXAMPLE Forrester Research
- 36. 35 Build Your Revenue Marketing Roadmap The Revenue Imperative New Metrics for a new model Aligning The Company Around One Unified Revenue Map
- 37. 36 The Revenue Imperative The Road To Revenue Rick McPartinfrom the CMO ChallengeBlog put together a nice visual on how Marketing, Salesand Delivery align aroundthe revenue roadmap. • Marketing – Gold Boxes • Sales Blue Boxes • Delivery – Red Boxes -
- 38. 37 The Revenue Imperative The Road To Revenue 7FACTSABOUTREVENUEROADMAPS 1. Thereisarevenueroadmapforeverycompletedsalestransaction. 2. Ifthecompanydoesn’tcreatetheroadmap,salespeoplewillhavetocreateanewonefor everyprospect. 3. Withcustomroadmaps,thesalesteamendsupdoingalotofworkintheGOLD,BLUE ANDREDareaswhentheirexpertiseisinBLUE.Thisisveryexpensive,veryriskyand onlyworksasmallpercentageofthetime.Worstofall,itmakesourcompanylook harried,disorganizedandunprofessional. 4. Thesalesteam’sroadmapwilldeliverwhateverkindofbuyeritcangettocompletethe trip,andthatbuyerisseldomthecompany’sidealbuyerorevenaprofitableone.Just becausetheyshowedupatthebeginningoftheroaddoesn’tmeanthey’retherightones totravelit. 5. Customroadmapsdon’tleadtoahighlevelofreferralorrepeatbusiness. 6. Consistent,profitablerevenuegenerationhappenswhentheentireorganizationcreates, understands,andsupportsthesameroadmap. 7. Productsandservicesdon’tsellthemselves! -Source RickMcPartin
- 40. 39 Embrace Marketing Technologies TheRiseoftheMarketingTechnologist The new role of “Marketing Technologist” is quickly taking center stage with the Revenue Marketer
- 41. 40 Building Your Marketing Revenue Engine The Revenue Engine Elements Key MarketingRevenue Engine Components include a holistic integration of the following; How PreparedAre You ?
- 42. 41 SitecoreCustomerExperienceMaturityModelExample CRM >>>> CMS >>> MARKETING AUTOMATION >>> DATA
- 43. 4242 Does Your Organization Have a Revenue Metrics Mindset?
- 44. 43 Develop a Revenue Results Measurement Mindset The Revenue Imperative Activity Based Metrics such as Impressions, opens and click through rates will not go away but an entirely new set of metrics based on sales, revenue and financial metricsare now added to the marketers performance tracking. New Metrics for a new model Activity vs. Revenue Measurement
- 45. 44 Develop a Revenue results Measurement Mindset The Revenue Imperative Business & revenue impact vs. activity & actions! New Vocabulary of impact on: • Pipeline • Opportunities • Revenue Generation Measuring What Matters
- 46. 45 Define Your Success & Metrics Revenue Strategy Development Define your Success KPI’s Determine what your success metrics will be for each department and each role within the revenue driven marketing roadmap Reach agreement across the organization on success KPI’s • MQL’s • SAL’s • SQL’s • Sales Revenue
- 47. 46 Define A Common Revenue Language Revenue Strategy Development The Revenue Language Thefunnelusesconversionnumbersbetweenleadstagestohelpdeterminehowmuchyoumustputin thetopofthefunneltomeetacertaingoalatthebottomor,itcandotheopposite–trackhowmuchyou willgetoutofthebottomifyouputacertainvolumeinatthetop. Eitherway,thereisalottobelearned fromtrackinghowtheseleadsconvertfromonestagetothenext.Definethestagesforyourselfusingthe guidelinesbelow: MarketingQualifiedLead(MQL).Acontactwhohasengagedwithyourmarketingeffortsenoughtomeetyour company’sdefinitionasreadytobepassedfrommarketingtosales SalesAcceptedLead(SAL).AnMQLthathasbeendeterminedbyamemberofthesalesteam(likelyaninside salesrep)tobeacceptedandworthexplorationbyasalesperson.Companiesusedifferentmethodstodetermine anSAL;theBANTmethodisapopularone. SalesQualifiedLead(SQL).Aleadthathasbeenexploredbyasalespersonanddeterminedtobequalifiedfor theirpursuit. Thisisoftenconsideredtobethebeginningofthesalesprocess. Makesurethatyousetupawaytotracktheseconversionswithinyourmarketingandsalesautomationtoolsothatit isappliedconsistentlyandhasatime/datestamptocaptureeachconversion.You’llbeabletouseyourown conversionnumberswithinthefunneltopredictoutcomesofyourmarketingprograms. Andyou’llbestunnedathow usefultheinformationis!
- 48. 47 Measure What Matters The Revenue Imperative Key Revenue Metrics: • Leads produced • Close rates • Revenue per new customer • Time to close • Cost per close • Customer Lifetime Value Transformation of the Marketing role These metrics provide marketers a clear picture of the value they’re producing and the factors contributing to their results. Putting them in context by adding trends shows whether performance is improving and what is driving any changes. -
- 49. 48 DEFINE WHATA LEAD IS USING BANT OR OTHER CRITERIA Revenue Strategy Development Define a Common Definition of a Lead SiriusDecisionsLeadSpectrumandBANTcriteria orsomethingsimilarcanbeusestoensurequalified opportunitiesaregeneratedforsalespeople. Belowarethe5suggestedqualificationcriteriatouseto confirmthataleadisaLEAD: BANT–(Budget, Authority,NeedandpurchaseTimeframe) Criteria1-Inquiryfromanindividualfromamarketingcampaignortradeshow,orsomeonewhohastaken proactivestepstodemonstrateinterestinyourmessage,productorservice. Criteria2-Ameaningfulinteraction(viaphoneoremail)withtheindividualconfirmingthatthecompany meetsqualifyingcriteriaasabonfidetargetprospect. Criteria3-TheindividualidentifiesaspecificNEEDforyourproductorservice.(Application) Criteria4-Theindividualisintheprocessofdefiningpurchaserequirementsforyourproductor service.(Budget&Timeframe) Criteria5-TheindividualhasconfirmedtheyhavetheAuthority,BudgetandadefinedTimeframefor purchase.
- 50. 49 DEFINE YOUR LEAD FLOW & A UNIFIED TERMINOLOGY Revenue Strategy Development Define a Common Definition of a Lead
- 51. 50 DEFINEYOUR BUSINESS FUNCTIONS AND PROCESS Revenue Strategy Development Define a Common Definition of a Lead CENTRALIZED DATA CAPTURE (Single View of Customer)
- 52. 51 Tightly align With Sales andIT & build your process and Service LevelAgreement with eachother Revenue Strategy Align For Success AlignmentAcross The Organization Source: industrialmarketingtoday.com Marketing Sales IT Infrastructure Systems (Web/CMS/CRM) Integration Reporting
- 53. 52 Define Your Revenue Strategy into achievable steps With clear ownership & accountability Revenue Strategy Development Define Your Revenue Marketing Funnel