The increased focus on the revenue metric for marketing has emerged due to fundamental changes in customer acquisition, retention and growth. Marketers in high-tech companies rely on demand generation for a majority of their leads; they need to integrate their marketing technology eco-system to create personalized experiences and further, need to optimize their content marketing efforts to improve acquisition.
When digital influences customer acquisition, data and intelligence need to be front and center.
"There is an opportunity for high-tech companies to measure and optimize every digital interaction with their prospective and existing customers. A solid digital marketing strategy not only drives revenue for the business, but it creates efficiencies regarding how advertising and marketing budgets are spent; every campaign can be measured for its effectiveness and optimized to yield the highest returns." - Digital Marketing offers Big Opportunity for High-Tech Companies, CMO Exclusives,2016
Three key reasons have led to an increased focus on marketing that drives revenue:
The new buying process - the buyer leads the buying process. In fact, according to Forrester Research, buyers might be anywhere from two-thirds to 90% of the way through their buying journey before they even reach out to a vendor. The customer goes through the buying journey and engages with the vendor during the consideration and selection process.
In this world where the buyer finds vendors through digital means, marketing has more influence in creating relationships with buyers that may be anonymous to begin with.
Marketing is highly measurable - The amount of information available on your website has increased drastically. We are in a time where information is abundance and getting the buyer’s attention in the world where attention is scarce requires marketing to target and engage the customer. If they don’t, they risk a negative impact on revenue as disengaged prospects buy from another company that can meet their needs.
The buying process is highly dynamic. Buyers seamlessly move across devices and channels.
Technology that engages buyers like never before - an integrated marketing technology eco-system is a necessity to execute your digital strategy and facilitate your customers’ experiences. Ultimately, that technology blueprint should include a Customer Relationship Management system (CRM), Content Management System (CMS), Marketing Automation, Data Management platform (DMP) and Analytics. The number of, and, types of tools only continue to grow. Marketers now have a wide variety of technologies that enable them to engage with buyers.
In the old world, marketing supported sales. In the new world, where the buyer drives the process, marketing has taken more responsibility for the buyer’s journey. Instead of sales being at the forefront of the conversation, marketing more often than not takes the lead to drive both customer acquisition and opportunities for sales and develops non-sales ready leads through a wide nurture path before they are handed off to sales.
There's a lot more to learn around why high tech marketers need a Revenue Engine, ultimately there are promises of higher ROI and improved marketing performance at stake.