Model for Building a Revenue Marketing™ Center of Excellence
As the consumer continues to evolve, the role of marketing must follow suit or suffer the consequence of becoming nearly obsolete. Remember, “a Kodak moment?” What ever happened to Kodak? In the mid ’90s, digital photography emerged in the market with force. Put simply, Kodak failed to adapt to evolving consumer interests and the changing context of their business, and over the following decade, their revenues dropped consistently. In 2012, Kodak filed for bankruptcy. The following year, they sold off nearly $525 million in patents to stay afloat.
So, what exactly does that have to do with Revenue Marketing?
Two major technologies have taken hold of our business environment in the last 20 years:
- Mainstream utilization of the internet to find anything and everything consumers need quickly and easily and
- The introduction of Marketing Automation Platforms (MAP). We know that consumer behavior has evolved; this applies to both B2B and B2C purchases.
With the introduction of MAPs, marketing has a digital lens that allows us to record and very closely examine the new consumer behavior. We can now meet our buyers where they are and customize our messages to resonate with them in the right place, at the right time, using the right medium.
As a result, most marketing organizations have shifted their go-to-market strategy to become more digital and more customer centric. Failure to adapt to the changing consumer landscape will force traditional marketing into a “Kodak moment” of their own. What we are seeing in the market today is many organizations working to evolve from a traditional marketing cost center into a digital marketing revenue center. To evolve, a new organizational strategy and a new structure are required if one is to achieve the desired business outcomes.
What’s the right structure?
We believe that the Revenue Marketing™ Center of Excellence (RMCoE) is an enterprise organizational structure that supports, enables and drives the practice of Revenue Marketing. Building an RMCoE is the job of the CMO; it is a strategic initiative involving executives, sales and marketing.
A Revenue Marketing Center of Excellence is comprised at a minimum of three parts: a Demand Generation group, a Digital and Content team and a Marketing Operations group.
The Demand Generation group comprises people skilled in ideating; creating; building; and launching complex, omni-channel, multi-step inbound and outbound campaigns, which are designed to streamline customer acquisition, increase the number of new customers, accelerate time to deal close and fill the sales funnel. They may also further qualify leads before passing them to the sales channel with a tele-qualification team.
The Digital and Content team comprises people skilled in website construction, SEO/PPC, social and content creation. Inbound campaigns are typically managed here, but since they are so interwoven with outbound campaigns they may be originated and directed by Campaign Strategists in the Demand Generation Center.
The Marketing Operations center comprises people skilled in marketing technology; Software as a Service (SaaS); data management; vendor management; process innovation and optimization; and metrics, reporting and analysis. They provide the infrastructure, processes and reporting that power the Revenue Marketing Center of Excellence. Frequently this group also manages the training and education services for marketing. This group is not only expert in the technology execution, but in best practices governance that should be followed, ensuring a cohesive customer experience of brand through all outbound and inbound campaigns.
The expectation of marketers to deliver pipeline and revenue for their organizations is the new norm. The 4-part Revenue Marketing Center of Excellence white paper details how your organization should be structured, role responsibilities and skill-sets needed to drive pipeline and revenue for your business.
Download Part 1 of this 4-part series to build a Revenue Marketing Center of Excellence within your organization today!