Once upon a time, marketing lived in the world of collateral and branding and little to no measurement. One where Don Draper and other smart and stylish “creative-types” wrote jingles, drank scotch, launched glossy commercials and created advertising geared towards a captive audience. An audience that watched one of four TV channels that everyone sat to watch from 6:00 to 8:00 pm.
The ball game has changed completely. An audience that compromised with the situation back then has become more informed and active now. At the same time, sellers have introduced millions of options for buyers to overcome their restricted approach. Therefore, the buying process has fundamentally changed which has put marketers in the forefront of revenue generation.
The increased control of marketing is reflected in the new marketing and sales funnel, where marketing owns stages deeper in the funnel than they did in traditional model. This change in ownership has made marketing a high revenue contributor.
Organizations need to plan a revenue roadmap. It starts with when you define your business strategy and have a deep understanding of how your buyers make a purchase. Identify your target audience, engage them across the funnel through acquisition, retain them and grow your customer base across the lifecycle.
Why do you need a Revenue Engine?
• 18% higher revenue
• 16.5% higher campaign response rates and conversion rates
• 50% decrease in time to execute campaigns
• 85% decrease in cost per lead
• 9.3% higher sales quota achievement and 7% higher win rates
• 100% increase in deal size
Key components of a Revenue Engine are:
Targeting - First, decide who you want to target. This requires a deep dive into past performance, analytics, customer satisfaction, industry and market trends. You as a marketer need to be clear as to which segments will generate revenue. By analyzing which customers make most revenue, analyzing performance and brainstorming with sales, key targets can be identified.
Lead gen strategies - The key is to provide a good number of leads at the upper part of the revenue funnel. The company website, retargeting, SEO and email marketing are the key tactics organizations must consider.
Channels - Manufacturers typically rely on their channels to generate sales and revenue. So, you need to engage with your channels in a personalized manner to acquire customers. Further, manufacturers quite often do not have deep insights into their end customers. Digital can allow you to get insights on the end customer through techniques such as digital registration of products.
Search engine marketing - Search engine marketing attracts traffic to your website and connects you with unknown visitors. Search engine marketing has undergone tremendous change over the past few years. Now, content drives search engine effectiveness.
Website - Websites that engage and convert traffic to leads serve an important purpose. Websites that personalize content to their audiences and have effective conversion strategies drive leads.
Ads and retargeting - Less than 2% traffic converts on your website. Retargeting can boost ad response rates by upto 400% and conversion by 40%. The general form of advertising is falling. Organizations should consider content fueled advertising instead of unproductive public ads.
Content fuels engagement - Readers have varied preferences basis which blogs, ebooks, short videos and social media marketing are content marketing tactics that marketers in manufacturing companies should use to engage prospects to finally convert opportunities into leads.