How often do you hear the initialism GDPR at the moment? Well, you’re only going to hear more about GDPR – or General Data Protection Regulation, to give it its full name. And the bigger question is: have you done anything about it yet?
B2B marketing, as always, is under increasing pressure to change. More than 80% of marketing execs say they need to restructure marketing to better support the business.*
But this change has created the perfect storm:
Customers are buying at arm’s length.
Marketing is reaching buyers earlier and staying involved after sales interactions.
There are more channels involved.
Budgetary pressures mean doing more with less.
So, how can marketing shake off its image as the “colouring-in department”? How do we ensure people see it as a revenue driver rather than a cost centre? Well, we need to track the effect of every penny spent. We need to look beyond interactions and leads to opportunities and sales.
Revenue marketing has been gaining traction in the US. It’s a new approach detailed in Rise of the Revenue Marketer by Debbie Qaqish. As the title suggests, the focus is on revenue. It’s also about predicting the impact of marketing investments to show the value of marketing.
Imagine your business had a half million pipeline deficit in Q3 – but you could fill the gap by spending an extra £75K in Q1 marketing. That would put marketing in a pretty strong position.
The journey has four stages, as shown below.
Around 35% of the businesses we speak to are in the demand generation stage. But, there are also some smaller organisations and channel partners that don’t have the systems to move from lead generation to demand generation.
Marketing doesn’t own revenue yet. So, sales and marketing need to work together. First off, create a marketing and sales SLA based on common language, objectives and purpose.
Marketing interactions don’t become sales on their own. Consider how to help prospects through their journeys. And remember to think about what you’ll do with all those lovely leads once you get them.
You’ll need to invest in some core systems. Your sales colleagues probably use CRM, so think about how your marketing automation system works alongside it.
Align content to the buyer journey and the personas you’re targeting. You should have a mixture of topical, value-based content and product or solution information.
You won’t be measuring clicks and interactions to determine your success anymore. Think about the funnel, and understand what conversion looks like all the way through to money changing hands. Work with sales to make every marketing penny count.
Revenue marketing is as much about changing internal processes, behaviour and thinking as it is about changing the kind of marketing you do. And it’s not an alien concept. You’re probably on the journey already, without knowing where you might end up.
This post formed part of our B2 Magazine. If you haven’t seen this, check it out here >