The era of the marketing department being recognized as a cost center is steadily waning, and a new age of predictable, scalable, revenue-driven marketing is upon us. This gargantuan shift in marketing philosophy marks a significant change in attitude about the role marketing and sales teams should play in an organization.
New and rapidly evolving technologies, coupled with the Pedowitz Group’s RM6™ methodology, are driving the Revenue Marketing™ revolution. The ways in which marketing strategies are planned, built, and executed, are shifting. But it’s easy for these efforts to become hindered by the amount of change required throughout the process. Challenges often arise as a natural part of the growing process. Thankfully, there is a way to mitigate some of that risk.
A New Conversation
If we are going to truly embrace the Revenue Marketing methodology, however, we need to re-structure the conversation. In order to become a results-driven unit, we need to make reporting and analytics the driver, not the destination (the destination, by the way, is revenue!).
Even before you launch a single campaign, you can – and should – begin reporting. Just as there is nothing traditional about Revenue Marketing though, there is nothing traditional about the way we should look at analytics.
On your Revenue Marketing journey, a database and systems health check is the first set of reports you should seek. Operational reporting is an absolutely critical step in driving change.
The Power of Data Analysis
In the story of Revenue Marketing, reporting is both the hero and the dragon. When automation tools integrate with powerful CRM systems, the true power hidden within our data is unleashed. With an expanded ability to dissect, manipulate, and examine our data in new ways, we begin to experience the chaos that an onslaught of information can deliver. Quite often, early reporting reveals any number of issues, from broken processes, poor communication among team members, lack of consistency, and the general bad habits that secretly sabotage our efforts. This kind of disruption can create a lot of discomfort and confusion, but it’s important to remember that any information is good information – if you know what to do with it.
Intimate knowledge of your database is what’s needed to drive a Revenue Marketing Strategy. Arguably the most difficult part of this is being honest about what our data tells us. The activity metrics that have long been the cornerstone of reporting are now just a single piece of the puzzle. Now that our data resides in integrated systems that communicate in real time, it becomes organic and will appear to take on a life of its own. Let it. Listen to it. Ultimately, we mustn’t try to control what our data tells us, instead, we must respond to it.
When you enter into your Revenue Marketing Journey™, you must do so with an open mind. Your marketing dialogue will evolve, you will be forced to review your data from new angles, and you will be tasked with relinquishing control of your results. It’s not as scary as it sounds. Instead of being held accountable for meaningless metrics, you will be able to focus on interpreting results and providing valuable feedback that the company can use to drive policy and product/service development, and that you will use to generate revenue.
Blog Written By: Alyssa Hewitt
Alyssa Hewitt is an Associate Revenue Engineer for The Pedowitz Group and a Marketo Certified Expert. With a passion for reporting and analytics, she loves to dissect data in an effort to better understand the genetics and behavioral tendencies of a lead database; knowledge that eventually translates to revenue-driven marketing strategy.