The Four Food Groups of Revenue Marketing Health
This is mostly because looking at food this way helps us understand the importance of balance within the confines of a proven system. It provides context to play and iterate without being too prescriptive. I find many organizations don’t have a similar system for considering how to create a high performing set of marketing practices. Maybe you can relate? If yes, you are operating with little to no common context but are still expected to prove your marketing regimen is providing optimal results. I’d like to provide the context: Enter the Revenue Marketing System.
We developed the Revenue Marketing System (RMS) to help marketing leaders take an abundant approach to driving pipeline and revenue. Today you and your marketing teams are under significant pressure to deliver short-term pipeline and revenue support. You often don’t have time to operate within or question the absence of strategic context.
The Four Pillars of the Revenue Marketing System
Over the course of my career I have observed (and developed) many different B2B marketing practices and processes. In my experience, there are four core pillars that lead to an increase in client engagement AND contribute to financial performance.
You spend most of your time on the practices found on the left side of the graphic: Automate and Engage. You are so busy executing tactics (enter monthly target number here) that the critical practices of truly understanding your buyers and aligning within marketing and with sales is given limited attention. (You’ll be given time to do that next month.) The irony is that you would produce better results if you Understood and Aligned better THIS month. According to Infor, companies with strong sales and marketing alignment achieve 20% annual growth rate. Companies with poor sales and marketing alignment have a 4% revenue decline.
And according to our 2018 Revenue Marketing research, after resources, the biggest barriers to driving pipeline and revenue are (1) buyer persona insights and (2) alignment of marketing and sales.
Applying The Revenue Marketing System
The good news is that RMS optimization can happen iteratively. Clearly you don’t have the luxury of stopping your short-term initiatives, and you don’t need to do so.
You can optimize any of the four pillars of RMS in a non-linear manner and build strategic context as you have budget and time:
- Conduct primary research (qualitative and quantitative) with target personas to understand what they are thinking, feeling, and doing in each stage of the client lifecycle.
- Engage in an alignment workshop with your sales executive peers to further shape and agree on lead management processes, lead taxonomy, and how you will better collaborate together.
- Build an engagement marketing plan and content strategy that aligns with the learnings from your buyer persona research.
- Incrementally mature your use of marketing technology to drive hyper-targeted personalization and automation.
Improvements in any of these four areas will produce positive benefits in how you engage clients and to your contribution to revenue. No matter where you start make sure to map your findings through to a conversion metric. Building a roadmap for strengthening all four areas in an iterative manner will yield results and enable you to stand taller empowering a more strategic, long-term posture within your organization. Apparently you can have your cake and eat it too. (But maybe, no icing?)