In The Rise of the Revenue Marketer, part of Marketo’s Revenue Masters webinar series, Pedowitz Group CRO Debbie Qaqish and Andrew Gaffney of the DemandGen Report come together to discuss what it takes to be a Revenue Marketer.
Gaffney starts off by explaining how it’s not just about sales and marketing alignment anymore; being a Revenue Marketer also involves process, vision and collaboration. The many benefits of a shared revenue cycle include greater visibility and management of pipeline, more predictability and sales forecasting, reduced wasteful spending, and lower customer acquisition costs. Marketing’s role is evolving beyond the top of the funnel, Gaffney says, leading to a greater need for emphasis on lead nurturing and lead acceleration.
Debbie Qaqish begins her part of the presentation by sharing an experience she had a while back, when the CEO of her company came into her office and asked, “Debbie, what are you going to do about revenue?” She replied, “Sales is down the hall.”
That was then, this is now. Due to recent fundamental shifts in the buying process, due to everything from social media to global economic woes, the buyer is now in control.
So what does a Revenue Marketer do? Nurture! By tracking online behavior and using marketing automation, whenever there is a change in behavior, marketers can now send emails or alerts in real-time for more effective lead nurturing. They also can discover who the hot prospects are, take responsibility for the top of the funnel, and expedite sales through the funnel. That is marketing’s new role.
Qaqish went on to explain the activities and requirements of the Revenue Marketer. A Revenue Marketer should:
1. Leverage: people, process and technology away from manual and towards automation
2. Deploy: marketing automation systems and other technology that drives revenue marketing
3. Build: teams of people, new skill sets and a tight-knit relationship with sales
4. Contribute: real revenue, not fuzzy math.
A Revenue Marketer also does the following things:
- Focuses on revenue impact
- Runs the numbers
- Integrates with sales
- Fully leverages technology
- Earns a seat at the executive table by showing concrete revenue
- Creates a new Revenue Marketing team, with new skills
The new Revenue Marketing team is made up of the following:
VP of Marketing Revenue:
- This is the strategic role for demand generation. Although it may sound like a VP of sales, this person manages the lead funnel and focuses on revenue results. He or she also envisions effective campaigns and all of these campaigns surround pipeline and revenue impact.
- Now that metrics are a part of marketing, and what you measure changes over time, you need someone on the team who can constantly review the numbers. This role becomes increasingly important as there is a shift from efficiency metrics to revenue metrics; numbers, after all, don’t lie.
- This is the power user. This person sets up and executes campaigns, and is continuously learning how to more effectively leverage technology to improve revenue metrics and business needs.
Revenue-Focused Creative and Revenue-Focused Content
- The “creatives” develop the copy and graphics for emails, landing pages, hypersites, microsites, etc. Content is king here, because you are having a digital dialogue with prospects and customers to ascertain whether they are interested or need more nurturing.
So, what are you going to do about revenue?
Qaqish provides us with the following next steps:
- Get real: You need buy-in from the other team members. These conversations are being led by the C-suite, so get real about where you are.
- Establish revenue goals: Determine your revenue performance goals. Try not to get stuck in tactics, because what you measure today will not be what you will measure tomorrow.
- Do your research: You don’t know what you don’t know.
- Talk to other revenue marketers: Talk to you peers and get third party validation.
- Progress at a manageable pace:How do you eat an elephant? One bite at a time. Trying to do everything at once is counterproductive and will only leave you feeling overwhelmed.
For more information on this new breed of Revenue Marketers and what it takes to join their ranks, view the webinar.
How are you a Revenue Marketer? Let us know in the comments below!