Saturday, July 2, 2016

My Notes: The Rise of the Revenue Marketer

These are my notes from reading The Rise of the Revenue Marketer by Debbie Qaqish

They want proof that marketing is making a real impact on revenue. - loc 220

In this new model, marketing’s key role will be providing behavioral intelligence to sales. - loc 281
 
Bill Cushard Blog The Rise of the Revenue Marketer
Chapter 1 - Key Play

Take the initiative to understand more about Revenue Marketing and determine is this is a strategy for your company and your career. Begin by answering these questions:

What am I going to do about revenue?
Is what I’m doing as a marketing leader good enough?
What are my peers in my industry doing?
What is happening in my organization and in my industry?
Do I need to change the status quo?

Chapter 2 - The Revenue Marketing Journey

1. Traditional
2. Lead Generation
3. Demand Generation
4. Revenue Marketing

Demand Generation:
Instead of sending one-off emails to the masses, this stage is characterized by targeted and on-going nurture programs across all phases of the buyer journey.

Revenue Marketing

When the CMO of VP of marketing walks into a senior management team meeting, they come with two different reports. The first is a report showing the revenue contribution from marketing over the past month, quarter, or year. The second and more powerful, is the Marketing Forecast Report that forecasts revenue impact from marketing for the upcoming period.

WHOA!!!

Chapter 2 - Key Plays:

Assess where you are in the marketing journey.
Where are you, and where do you need to be.
How will you get there?
What will happen if you do nothing?
Involve your team in the assessment
Begin the Revenue Marketing dialogue with your executive team.
Begin the Revenue Marketing dialog with sales.

“Most marketing executives get the concept of revenue marketing. It’s operationalizing revenue marketing that keeps them up at night. But it’s really not that difficult if you break it down into 6 key elements: strategy, people, process, technology, content, and results. We call these elements the RM6.
Jeff Pedowitz

Chapter 3 - Operationalizing the Revenue Marketing Journey

RM6 Model

Strategy
Revenue Alignment: the alignment of marketing strategies and sales goals.
Center of Excellence: Building a specific organizational structure that fly enables revenue marketing.
Change Management: managing change along the journey

People
Executive Sponsorship
Sales and marketing alignment
Roles, skills, Competencies
Training and development
Sales empowerment

Process
Prospect/Customer Lifecycle
Nurture Management / Multi-channel
Funnel and Lead Management
Contact and Data Management
Testing, QA, and Measurement

“Successful revenue marketers not only develop and document these with sales, but work with sales to continually refine and optimize these processes over time.” - lloc 776

Technology

Revenue Marketing Architecture
Marketing Automation Technlogies
Data Analytics
CRM
Content Tools

Content

Content type assessment
Personas/Buy Cycle Channels
Persona Messaging
Content Development process
Road Map and Measurement

Results

Measurement Assessment
Revenue Attribution
Funnel Performance
Reporting Structures and Processes
ROI and RPS

Chapter 3 - Key Play

Conduct an RM6 Assessment Exercises
use assessment link from chapter
loc 937
http://www.pedowitzgroup.com/RM6-Assessment

Chapter 4 - Building a Revenue marketing Team

8 Key Competencies

VP Revenue Marketing
Business Analyst
Power User
Nurture specialist (Bill - 2015-2016)
Content Specialist (Bill - 2013-2015)
Creative Specialist
Tele-qualifying
Marketing Operations (Bill - 2015 - 2016)

Chapter 4 - Key Plays

Based on the 8 competencies, assess which skills you have on your team and which ones you do not
Determine how you will get these skills, when, and with what budget (train, hire, outsource)
Determine how the new roles fit into your current marketing structure
Develop a compensation structure
Develop a training and Education plan

Chapter 5 - The Revenue Marketer Center of Excellence

The Revenue Marketing Center of Excellence is comprised of people skilled in creating, building, launching, and reporting on complex multi-channel programs.

The primary goal of this team is to first pass “sales-ready” leads to sales that close at a predictable rate for both new customer acquisition and install-base marketing, and second, to help accelerate opportunity to close velocity. This team is accountable for a revenue number and KPIs that support attainment of that number.

The center of excellence has the following functions:

Program management
Campaign services
Creative services
Content Factory (Planning and Strategy)
Best Practices
Quality assurance
Lead concierge and best practices
field/business unit marketing

"Content is the fuel for the revenue marketing engine"

A key player on the content team is the content “czar.” This person is responsible for a holistic content strategy that optimzes all content in the RMCoE. Since content is the fuel for the revenue marketing engine, this role is critical to revenue marketing success.

They work with product marketing and marketing communications to leverage correct messaging, positioning, and copy for campaigns, programs, and the website as is specifically relates to revenue marketing - not messing in general.

The content team:
Measures content efficacy
Serves channels and sales teams with sales tools

Chapter 6 - Change Management


Chapter 7 - Marketing and Sales Synergy


Revenue Marketing will not happen without Sales alignment.

marketing leadership takes responsibility for this alignment and makes it a top priority.

5 Characteristics in successful revenue marketing organizations

Both marketing and sales use a common revenue language
Both marketing and sales are vested in each other’s success
Both marketing and sales are proactive in their relationship
Both marketing and sale work together as one revenue team towards achieving, shared, revenue-oriented goals.
Both marketing and sales have goals and compensation tied to share revenue metrics.

When we take a look at the most successful revenue marketing machines, we see that marketing marketing has the same kinds of goals as sales.

Marketing needs to have revenue marketing accountability, meaning that, just like sales, they are tied to and invented to a number.

“Our marketing team is actually paid bonus on “Sales Accepted leads (SALs). When a leads coverts from MQL to SQL we’re only have way there. When sales converts an SQL and creates an opportunity, our marketing team is bonuses on that sale. So sales is actually controlling part of the paycheck for marketing."

Chapter 7 - Key Plays

Do a quick run-through of the Marketing and Sales Synergy Model:
How well educated are you and your team on sales?
Have you worked with sales to create one revenue language?
How will you create vision, build a plan and communicate?
How will you establish shared goals?

Chapter 8 - Metrics that Matter

You will mature your measurement competency over time

“My formula for impacting revenue is this: first you have to know the math. Understand the lead volumne, the conversion rates, and the value of those leads. Second, you have to manage your program portfolio. This has three parts: awareness, demand, and acceleration. Third, you need to ignite the catalyst, which is frankly, compelling content. Your catalyst is your unique point of view, which you integrate into your program portfolio to optimze results."

“They describe their contribution to the company (their metrics) in terms of pipeline, opportunities, and revenue. If they do talk about how many campaigns or hits to the website, it is of secondary importance."

Their key metrics are always top of mind, and they can aways tell you where they are in relation to their goals. They don’t have to look or pull out a spreadsheet or “go into their system.” These metrics are a constant driving force for their entire group every single day.

N.B.

The hallmark of a revenue marketer is establishing a culture of financial measurement that produces RPS - repeatable, predictable, and scalable revenue growth.

Chapter 8 - Key Plays

ID where you are on the revenue marketing journey in regards to metrics. Use the Metrics that Matter chart 8.1
Establish and document your current measurement baseline
Establish what metrics that matter to the executive team
ID your measurement gaps and plan how to address those gaps

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