There are literally hundreds of ways to measure your marketing efforts – from email conversion rates to paid marketing metrics. But the ultimate goal of marketing is to drive revenue.
Building a revenue focussed marketing strategy means that your organization can effectively scale its revenue based on quarterly goals. By directly aligning all your marketing strategies to the bottom-line metrics, you effectively make your sales funnel efficient and speak in the language of execution and not just planning.
Building a revenue marketing strategy is not easy. Since it affects the bottom line, you need members from every level of your organization planning the strategy.
In this blog post, we’ll break down how to set up a revenue marketing strategy for your B2B business.
So, let’s get started.
The Basics of Revenue Marketing
Revenue marketing is a holistic-goal-oriented approach combining both the marketing and sales team, to drive the revenue predictably.
Revenue marketing aligns the sales and marketing goals that are usually separated in most marketing strategies.
How to Setup Revenue Marketing Strategy in 4 Easy Steps
If you want to be on the winning side of the B2B marketing world, please continue reading the blog post. Creating a revenue marketing strategy doesn’t mean you have to start your planning from scratch. Instead, you have to infuse revenue metrics in both your sales and marketing strategy and find a way to combine these teams to work cohesively.
Here are 4 broader steps to set up a revenue marketing strategy.
1) Understand your Customers
The first step in creating your revenue marketing strategy is to have a deep understanding of your customers. If you want to drive revenue out of your customer’s pockets, you have to help them figure out solutions using your business. You need to do some heavy research, understand their pain points, their buying pattern, and the possible objections. Armed with this information you can create a buyer persona, and plan your revenue marketing strategy around it.
2) Align the Marketing and Sales Team
Most of the sales and marketing team feels they are not aligned. Each team carries out its own objectives and the end result is not always satisfying. But with revenue marketing, it’s expected that you align both the teams and make sure they understand each other’s KPIs. You may want to run a series of events and sessions to make them understand how they depend on each other to achieve the ultimate goal – driving revenue.
3) Execute Revenue Campaigns
This is the part where your sales and marketing team should work together. The crucial part is that your campaign should have a good reporting structure where each campaign is tied back to revenue metrics. Every insight you receive from the sales and marketing team is used to create an optimized revenue marketing strategy. Based on your brand and the audience, you can choose to involve either paid ads, social media marketing, account-based marketing, SEO, or any other strategy you see fit. But the crucial part is that strategy should not reflect some abstract terms like views, impressions, or likes. But some concrete evidence like leads, conversion rate, and revenue.
4) Analyze your Campaigns
Finally, analyze your revenue marketing campaigns, to see where you can do things right. No business can get the marketing equation right on the first try itself. You need to try out different strategies, and see what works for your brand. A/B testing should be an important part of your revenue marketing strategies. Whatever specific metrics you choose to analyze, it should tie back to giving you a boost in revenue. The sales and marketing team may have different KPIs but you need to make sure they work in conjunction.
The Benefits of Revenue Marketing Strategy
If you are thinking of setting up revenue marketing campaigns, but unsure about their benefits, take a look at these points.
1) Sales knows which leads are sales-ready and has the necessary information to close the deal.
2) Marketing learns which campaigns are bringing in the highest revenue and what factors contribute to it. In addition to clicks, and conversion, they can now also optimize for revenue.
3) Revenue marketing strategy helps you plan predictable revenue and plan resources accordingly. Most marketers don’t feel comfortable collaborating with sales, but a revenue marketing strategy can help you address that.
Last but not the least, it’s about the people in your team. Your strategies won’t work if your team is not on board with the idea of working collaboratively. Also, do not underestimate the impact of technological integrations in the whole revenue marketing strategy. Defining and reporting is a critical part of revenue marketing strategy, and technology can help you streamline it.
The final conclusion is that there are tons of strategies to implement, the key is to find the revenue marketing metrics in your current marketing plans, that are already working for you.
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