May 31st, 2013
Last week, Sales Engine International wrapped up its webinar series on revenue planning with a presentation by Paul Rafferty, CEO, titled “Critical Resources for Revenue Growth.”
According to the Content Marketing Institute, nearly two-thirds of marketers now partner with experts for all or part of their marketing process. The reason they do so is because it takes a team of fractional resources, expensive marketing technology, and a new, ever-changing process to move leads through the entire customer lifecycle. Failing to meet industry standards in just one of these areas leaves companies at a significant disadvantage to more nimble competitors. In the webinar, Paul walked the audience through the requirements to meet these standards and discussed best practices for executing in all three areas cohesively.
As the marketing role continues to grow and become more complex, it is essential to build a process that not only aligns operational functions but also aligns the teams performing those functions. Marketing and sales teams must unite under a common goal. According to Paul’s presentation, best practices suggest that shared KPIs and a similar reporting structure can help align these two silos. Furthermore, understanding what key components comprise a new, complex marketing process will help companies avoid the likely failure points that often arise in a poorly operated demand generation solutions: lack of content, lack of resources, and lack of closure.
In addition to developing a new marketing process, the right technology is also a main contributor to meeting revenue goals. In a study conducted by Gartner, researchers concluded that by 2017 the Chief Marketing Officer would likely spend more on information technology than the Chief Information Officer. It is imperative that companies do the proper research to determine the best technology solution to meet their needs keeping in mind that many of these platforms range from $1,000 to $3,000 a month!
After acknowledging a new process is needed, and after dropping a large chunk of change on the technology to run it, companies then need to select the right people with the right set of skills to operate the process and technology cohesively. Companies need a village of fractional resources. They need a video specialist, a database specialist, a webmaster, a copywriter/ editor, a marketing automation specialist, a designer, a media specialist, and a program manager. Many of these people come with a large price tag. For all of these roles—taking into account that you only need a fraction of their skill sets—can cost more than $306,000 a year and in many cases it can even cost into the millions depending on the skills you need.
In order to efficiently meet revenue goals, companies must figure out who the right people are, what technology should be used, and how new processes will operate. However, the majority of companies are moving towards outsourcing this function due to costs and difficulty in conducting the complex changes. Paul’s presentation did a great job of navigating through the key areas required to meet revenue goals and the best practices for getting there quickly. Additionally, he briefly touched on how to use theRevenue Growth Marketing Calculator, a tool designed to help answer these questions:
- How much should you spend on marketing?
- How many leads does your sales team need?
- How big should your marketing database be?
Visit our website to download the Revenue Growth Marketing Calculator. For additional information on the people, processes, and technology required for successful revenue growth, view the recording of our webinar, Critical Resources for Revenue Growth.