What is revenue marketing? Is it just a buzzword or a completely new take on the role of marketing in revenue organization and GTM (go-to-market)? In this article, you will discover everything about profitable or revenue marketing- one of the new ways marketers interact with the sales team and customers.
What is revenue marketing?
Revenue marketing, also known as profitable marketing or income marketing, is a holistic approach that bridges the gap between marketing and sales, aligning them with a common goal: generating revenue through repeatable processes.
The income marketing mechanism provides the following:
- Filling the sales funnel with qualified marketing leads ( MQL )
- Increasing sales conversions and reducing sales cycle times
- Establishing a link between sales revenue and marketing activities to confirm ROI.
Marketers must implement major organizational and cultural changes to deliver on these promises. The marketing and sales departments must be connected along three important principles: digital transformation, customer centricity, and revenue accounting.
- Digital Transformation: Meet shoppers through the digital transformation of marketing channels. At the same time, marketing operations are expected to be pumped using a technology stack that helps draw conclusions and develop a strategy.
- Customer Focus: Today, marketing is about customer experience. It's more than just creating a customer experience and journey; this allows the client's voice to be considered when organizing a GTM.
- Revenue Accounting: Marketers need to think about how to sell and be accountable for meeting revenue targets. Instead of using MQL support as the ultimate metric, marketing should take into account the customer's overall lifetime value.
What does a revenue marketing strategy look like?
Here are six ingredients for moving to a revenue marketing strategy:
Strategy: Be clear about the role of sales and marketing in your growth plan. Conduct internal validation of buyer personas, sales cycles, and channels. Create growth plans as well as a clear communication plan.
People: Pool your human resources to create content, automate marketing, and collaborate with sales executives on a regular basis to achieve shared revenue goals.
Process: Map the entire customer journey from the lead to the customer's lifetime value.
Technology: Optimize your technology stack with integrated marketing automation and sales software. Today, there is much different software that helps close some processes.
Content: Develop a content plan that takes into account people, stages of the shopping journey, segmentation, and different types of content.
Results: Set key income metrics and create dashboards showing your progress.
Six steps to a profitable marketing strategy
Use the following six steps of a revenue & digital marketing strategy as a way to optimize your revenue organization:
- Identify key groups of people who are more likely to make a purchase. Rely on demographics and target ideal accounts and contacts.
- Allocate resources across programs and channels based on predicted performance.
- Drive sales and marketing by making the most of technology.
- Follow the planned programs at all sales funnel stages and optimize them in real-time.
- Track the full path of potential and existing customers across all touch-points.
- Evaluate your performance in terms of income and ROI.
Winding it up:
Start your journey to a profitable marketing strategy
Innovative B2B companies strive to meet the needs of the modern shopper by offering personalized experiences throughout the user journey. To change your revenue organization and improve GTM compliance, try to achieve and maintain a high-quality customer experience.