As a whole, the Revenue Marketing Journey™ can look pretty intimidating. But if you break it down into four stages and then into six control groups (RM6), it’s much more manageable. Better yet, compare that breakdown to something more familiar: the higher education journey.
Before joining The Pedowitz Group, I spent a couple years managing social media and marketing automation for a higher education software company. I absorbed a lot of information about educational assessment and I believe many of those practices can apply elsewhere. So when I first read about the Revenue Marketing Journey, I imagined it as the journey through higher education: optional, but highly beneficial.
Foremost, Revenue Marketing™ can involve a lot of education in and of itself; you’re learning new terminology as well as strategies and best practices to transform marketing from a cost center to a revenue center. Just as your growing knowledge awards you advanced degrees, your marketing knowledge can lead you to Revenue Marketing, the highest level of the Revenue Marketing Journey.
Think of starting a new business as the educational progression from kindergarten through high school. The basic foundation has been laid. From ideation to official tax documentation, you have done the legal and technical minimum to form a business. You could stop here, but if you want more opportunities for a successful business, you’re going to want to further develop your marketing efforts and industry knowledge, just as many high school graduates choose to pursue advanced degrees.
During your undergraduate years, you’re laying the groundwork for graduate studies while learning the tactical skills needed to work in your desired field. In the same way, the first two stages of the RMJ (Traditional and Lead Generation) lay the groundwork for Revenue Marketing, but you are still caught in the cost center conundrum.
In the Traditional stage, marketing is focused on building the brand and creating impressions, the basis of all marketing. But as you move into the Lead Generation stage, efforts become more tactical and you begin to calculate the cost of lead acquisition. It is an important shift in focus toward strategic efforts and accountability, but it doesn’t yet show mastery of the subject. Similarly, Associate’s degrees and the first two years of higher education are spent repeating standard core curriculum. Bachelor’s degrees and the next two years of undergraduate education also see a shift in focus as students declare and study a major area of interest.
Just as people can have successful careers without further education, you can be successful without transforming marketing from a cost center to a revenue center. However, master and doctorate degrees have the ability to open new doors and generate benefits otherwise unavailable. Transforming your marketing will similarly create new opportunities for your business.
Moving into the Demand Generation stage, marketers develop strategies for alignment with sales by integrating the marketing automation and CRM systems and establishing lead qualification rules to move leads through the marketing and sales funnels. For the first time, you’re accountable for the revenue generated by your efforts – graduate level work.
While the Demand Generation stage is a vast improvement upon Traditional marketing, there is still room for growth. Revenue Marketing is repeatable, predictable and scalable, signifying a mastery of the topic, the same way a doctorate degree suggests expertise in a particular area of study.
I’m assuming you wouldn’t trust a freshman biology student to perform open heart surgery the same as you would a graduate of the Johns Hopkins School of Medicine. By the same token, you should trust The Pedowitz Group to transform your team into a Revenue Marketing machine.