B2B marketers are always focused on one word—revenue. How can you achieve revenue marketing success?
Revenue is the primary metric used to measure the success of B2B marketers. On average, 55% of B2B marketers are expected to initiate 30% new pipeline.
As a marketer, what systems do you have in place to drive revenue?
You need to be thinking about planning, executing, and analyzing revenue marketing results.
At the Demand Gen Summit Spring 2021, Mark Emond, President of Demand Spring, presented on 5 essential elements of revenue marketing success. He broke down each element and how they contribute to creating a repeatable, scalable process for contributing to the topline of your organization.
Check out his full presentation here.
The five key elements are:
First of all, you need to know your buyer. That plays the most crucial role in driving revenue.
What is your buyer thinking, feeling, and doing in each stage of the buyer journey?
Take the time to understand the buyer persona more in depth. And it’s not just about demographics (i.e. age, region, role). Again, it’s about what they think, feel, and do.
You obtain this information through conducting interviews with prospects who didn’t convert and with customers who did. This will help you uncover buying patterns.
Something to look at in order to increase your understanding of your buyer is where they are going on your site. What content are they engaging with?
And what is the point of understanding the buyer? It’s so that you can steer clear of assumption-based marketing strategies. Only implement marketing strategies that align with your buyers’ needs.
As Mark stated, “Do the research to uncover the insights!” Then you can strategize how you are going to operationalize it across your marketing team.
Up next is aligning your sales and marketing teams in your go-to-market strategies.
- Are you aligned in your definition of leads? Of MQLs and SQLs?
- Are you on the same page with lead management?
- Is there a smooth hand-off of leads from marketing to sales?
- Do you measure pipeline together?
These are all things that are crucial to the success of your business. We see that very successful companies have their marketing and sales teams meet weekly to measure pipeline.
Think of everything from a customer’s perspective. Your teams need to be planning and communicating effectively.
Not only is sales and marketing alignment critical but so is alignment just within the marketing team. Many marketing teams are not unified.
You must unify your business on all fronts to ensure that everyone is focused on the customer and making it a smooth journey for them down your funnel.
We may find ourselves so focused on delegating that we forget the importance of coaching and teaching.
Those two elements are important for developing talent in your teams.
In short, you need to be auditing your role and skill gaps, develop talent plans, and drive talent execution optimization.
You want to have content that engages, educates, inspires, and ultimately, converts.
Here at ChatFunnels we are all about the importance of engaging with your prospects and buyers. If you don’t have systems in place for them to properly engage with your company, they are more likely to exit your funnel.
Surprisingly 63% of customers would say that marketing tries to force engagement, instead of offering content that makes them want to engage.
As marketers, we must make it easy for customers to engage and provide content that pertains to them.
And it needs to be multi-channel engagement. You should be on their social and in their inbox. They should be seeing your ads and interacting with your chatbots in an individualized way.
Your marketing should be very targeted. That’s why we promote ABE (account based engagement). In short, it is the optimal way to create personalization at scale.
What is your martech stack?
Automation is essentially doing everything we’ve already talked about, but doing it at scale.
You need technology that allows for your marketing strategies to be implemented at scale in a 1:1 manner. Do you have the right technology to be able to accomplish that?
Moreover, many teams are missing the analysis aspect. You need to extract the insights from the data. Data scientists are critical.
Where Do I Start?
In order to know where you need improvement, audit your organization. Start improving where you’re weak.
You don’t necessarily have to follow this list linearly. For example, if you have a good understanding of your buyer persona, but have poor alignment, then focus your efforts on unifying your teams.
It doesn’t really matter where you start, but understanding your buyer is fundamental, so it’s recommended to start with that.
Here’s a quick overview of the 5 essential elements of revenue marketing success.
- Before anything else, you need to really understand who your buyer is.
- Next, align your marketing and sales teams and focus on the customer.
- Then, audit your teams to discover the skill gaps and work to develop more talent.
- Use multi-channel marketing strategies to engage customers wherever they are.
- Lastly, build out a tech stack that allows for personalization at scale.
In conclusion, the weight of driving revenue that rests on your shoulders as a marketer will be relieved if you consider these 5 tips. Every company has room for improvement, so as stated before, find where you’re lacking and start improving from there.