The revenue imperative: What you need to know to become a revenue-driven marketer?

Author: Meghan Lockwood | Categories: Demand Generation, Digital-Revenue-Engine

Beyond doubt – there is a growing buzz about Revenue Marketing, and we think it’s the next major transformation coming to the marketing industry.

In the age of empowered customers, marketing leaders must think beyond the marketing channel to deliver a consistent customer experience across all customer touch points—from marketing through service and from sales through operations.

Today’s CMO’s and marketing departments are under extreme pressure to tie back their marketing spend to revenue performance. In the age of big data and the pressure to prove ROI, marketers who can’t talk dollars and cents will soon find themselves falling behind and potentially out of a job!

New video on how to talk ROI strategies?

In this first of a series of deep dives into the revenue imperative, we focus on this revenue marketing transformation that is going on.

Join edynamic’s President, Warren Raisch as he dives into what this new “revenue imperative” means for marketers in the trenches. He will explore how to set your marketing revenue strategy & roadmap, and also highlight key trends, along culture and operational changes that are required to embrace this ongoing phenomenon.

Here are some excerpts from this 45-minute exploration of what marketers need to know about talking revenue:

On why marketers should care about revenue marketing?

To get started, let's address the big question “Why become a revenue driven marketer?”

  • Roughly 50% of all the B2B marketers currently have direct revenue accountability as part of their job and that number is growing quickly.
  • B2B marketers are reaching prospects earlier in their life cycle, they are more involved in the sales cycle than ever before, in fact – their involvement continues even after the prospects have engaged with sales.
  • Moreover, B2B marketers are experiencing one of the most rapid changes in the history of business and to be competitive, marketers need to tie themselves with revenue.

As marketers we all are familiar with the customer’s journey – if we analyze this closely, there was a recent study done by Oracle/Eloqua that found only 12% of modern marketers are able to align and measure content with respect to the customer’s buying journey.

This means there is a lot of scope of improvement.

On metrics:

As the imperative goes – “you manage what you measure.” New marketing revenue performance calls for new metrics to demonstrate business and revenue impact to the C-Suite.

New revenue oriented roles are emerging – which is one of the by-products of the digital revolution, new job responsibilities are creating a new breed of marketers who are digitally savvy and revenue aware.

So, it’s time for redefining marketing’s role within your organization from an activities-based cost center to a sales -based revenue center.

On sales-marketing alignment:

It’s also time to redefine marketing’s relationship with sales.

Traditionally it has been this way, marketing gives qualified leads and sales takes it from there. But now things have changed drastically. Marketing is involved throughout the sales cycle and even beyond that with activities like nurturing, producing content tailored to prospects needs and connecting the dots to revenue.

To facilitate the same, it requires an even broader collaboration between departments like sales, marketing, IT and finance.

On setting revenue goals:

Accounting for a revenue goal creates a host of new challenges for marketers to tackle, such as:  

  • What numbers should you present to your CIO/CTO to justify your efforts? 
  • How can you use data to create a tighter partnership between sales and marketing? 
  • What strategies, process, people and technologies deliver measurable results? For example, do you have the right analytics set up to justify your automation investment? 

Digital revenue engine