The philosophy of marketing has always been focused on positioning a brand to enable product sales. Marketers are usually hands-off when it comes to sales numbers and goals, but that’s beginning to change. Why wouldn’t you want to have more control and insight into what’s working? Let me introduce you to revenue marketing, a process and mindset in which marketing is responsible for portions of the company’s total revenue and drives predictable ROI. Sounds pretty cool right? Well, it’s actually not as revolutionary as it sounds. This mindset has been around for quite a while now, yet many organizations haven’t made the shift. So, as a marketer that might be in this position, what can you do to take a revenue marketing approach to your work?
The Revenue Pipeline
The phrase, “it’s not rocket science” may seem cliché and contrived, but it absolutely applies to revenue marketing. In its simplest form, you take ownership over the sales pipeline. How can you do that exactly? Your first approach should be looking into what even qualifies as pipeline. Meet with your sales leaders and see what their ideal buyer is and what pipeline looks like after the demo/discovery call. Once you know that answer, you can make adjustments to your lead generation and nurture process that focuses heavily on the leads that stay in the sales pipeline. Ask yourself- “What does a sales lead do/want before they purchase from us?”
Further Qualifying a Lead
Generating high quality leads is what marketers do, right? Well, on top of a thousand other things, yes. What if your lead generation could be made easier through revenue marketing? By focusing on what you’ve learned from sales and their pipeline, you can take an active approach better qualifying the leads you create. Inbound leads and MQLs are plagued with inconsistencies. To overcome this, create a lead nurture that acts as prospecting tool to see what leads truly convert and which ones die off. This can include call to actions that try to snag meetings, product use cases, and so on. The point here is to gather the problem the lead is facing and create an opportunity for sales to jump in.
The Revenue Timeline
Knowing your marketing funnel probably comes second nature to you, however, what does the buying timeline look like? When a prospect decides to talk to someone on your sales team, how long does it take for them to make a decision? By answering these questions, you can start optimizing the buying timeframe in your marketing. Is it safe to assume that prospects will engage with your marketing email, not become an inbound lead, and still buy from a competitor? Of course. So why not kick up the marketing activities once the lead hits the MQL score? Taking a focused approach to the buying timeline can help you with predicting revenue and tracking lead conversions.
Revenue marketing isn’t something that’ll start working overnight, and should by no means, replace what you’re currently doing with brand and awareness. It’s also taken on many names. Demand generation is a portion of revenue marketing that focuses heavily on building thought leadership while generating leads. Whatever you want to call it, taking a revenue-minded approach to your marketing is necessary in the current buying climate and in doing so, you’ll see higher growth over a shorter period of time.
Revenue marketing is part of a philosophy and mindset focused on generating and accelerating ROI. One way to do that? Content Syndication. Check out how you can maximize your marketing spend and create predictable revenue at a minimal cost.