While a significant revenue contribution will always be essential and the end goal of marketing, some companies find it difficult to align their marketing strategies with revenue as they grow. Traditionally, sales and marketing departments develop their departmental action plans to achieve this goal. However, with the drive for expense reduction alongside the need for profit growth, many enterprises now adopt a new and holistic marketing approach known as revenue marketing.
According to Infinigrow, revenue marketing involves creating a significant shift in your marketing team’s focus and prioritizing overall company objectives, specifically revenue growth. Together with other departments such as sales and finance, this approach encourages the alignment of goals and action plans, rather than teams working in silos. Moreover, it necessitates more than traditional lead generation and other marketing initiatives that focus only on brand awareness and recall.
In essence, revenue marketing covers a mix of tactics, strategies, and technologies that help businesses achieve the following goals:
- Boost revenue potential
- Enhance the marketing process’s return on investment (ROI)
- Align the top of the funnel with sales-ready prospects
- Measure marketing success based on the revenue contribution that’s consistent and scalable
Revenue marketing differs from traditional marketing because it places a greater emphasis on results. That said, it relies heavily on data as evidence to support marketing budget allocations for various activities.
If you want to remain competitive in the crowded B2B market, revenue marketing may be the way to go. Here are a few valuable pointers to guide you through developing a highly effective revenue marketing strategy.
1. Get to Know the Target Audience and Buying Cycle
Examining the specific needs of your buyers and determining their buying cycle are two of the first steps in developing an effective revenue marketing strategy. This way, you’ll know exactly where to make the right moves to influence them at every stage and come up with effective communication that would have the most impact.
Remember that buyers’ needs vary, especially for B2B businesses. It can range from completing a task correctly or gaining in-depth knowledge about a subject. You have to make an effort to know all the necessary details and outline their buying cycle, starting from building awareness to inducing them to purchase to coordinate your marketing and sales efforts.
Consider using the marketing and sales funnel as a starting point for defining the buying cycle. Then, you can proceed with developing various buyer personas, which include information on client demographics and psychographics.
2. Align or Incorporate the Marketing and Sales Efforts
As previously mentioned, revenue marketing aims to align and integrate marketing and sales efforts to develop coordinated campaigns.
To do so, ensure that both departments are well aware of each other’s objectives, key performance objectives (KPIs), and other critical aspects of operations in pursuing and converting leads.
Moreover, a common strategy will require them to collaborate and thoroughly plan after closely scrutinizing the buyer’s behavior, buying cycle, and profile to decide on the appropriate steps to take at every phase.
Both departments can leverage customer relationship management (CRM) and workflow management tools to ensure seamless and smooth communications and real-time updates on the campaign’s progress.
3. Implement Suitable Digital Marketing Campaigns
Make it a priority to strategically focus your efforts on reaching out to buyers through various channels such as digital marketing. Digital marketing strategies are important today because they increase brand awareness while improving lead generation and conversion.
The ideal digital marketing tactics will depend on your target audience and buying cycle. In most cases, you’ll need to think of tactics suitable for every phase of the buyer’s journey, such as search engine optimization (SEO), content marketing, email marketing, pay-per-click (PPC) marketing or any other method that works best for your business.
Likewise, it wouldn’t hurt to get insights from the sales team to know your audience or clients better. This way, you can also qualitatively measure the impact of your marketing efforts and make the necessary tweaks to increase its efficiency.
4. Maximize Performance Monitoring And Budget Allocation
Make an effort to analyze the performance of your combined marketing campaigns and carry out the necessary adjustments when needed. Doing so will help you determine what works and needs to be improved. You can start by giving priority to monitoring the crucial metrics covering daily activities and the overall revenue metrics.
In addition, when you have a clear perspective on what works best, you can maximize and allocate a budget to marketing channels that would bring in the most revenue. The approach will ensure that effective campaigns will have proper funding and will have more significant investment returns in the long run.
Proper planning should be a crucial consideration when running a business. As one of the current B2B trends, it may be time to improve your company’s current standing by developing an effective revenue marketing strategy.
Because revenue marketing primarily focuses on increasing revenue through a combination of strategies, tactics, and technologies, it necessitates careful organization. That includes understanding your target audience’s specific needs and buying cycle, aligning your marketing and sales efforts, implementing suitable marketing campaigns, and marketing performance monitoring and maximizing budget allocations.
When developing a revenue marketing strategy, consider these insightful pointers to establish one that is solid and cost-effective.