As a savvy business-owner you know marketing is critical to building your brand and increasing your customer base. While 91% of marketers believe that these actions will ultimately lead to increased revenue, how can you be sure? If you are unsure, learn how to create a successful revenue marketing campaign.
What is Revenue Marketing?
Some marketing campaigns are implemented to increase brand awareness or support the launch of a new product or service, but revenue marketing is strictly focused on increasing the revenue generated by your business.
Revenue marketing links your marketing plan to specific revenue goals. To implement a revenue marketing plan, you would look at your revenue goals first instead of your business goals. Here’s an example. If your business has a goal of attracting 1,000 new customers, but the revenue goal is to make $15,000 more than last quarter, a revenue campaign would come up with ways to generate $15,000 from 1,000 or more new customers.
4 Steps to Building Your Revenue Marketing Plan
- Understand the buyer – what are their needs, what do they hope to accomplish and what is their buying cycle
- Align Marketing and Sales – Do marketing and sales know their ultimate goal (driving revenue)?
- Create collateral and campaigns focused on shared goals – use every insight you can get from your sales team and your customers to create winning marketing campaigns for your prospects.
- Analyze and Improve – The results of your campaigns will show you what works and what needs improving.
Benefits of Revenue Marketing
Revenue marketing combines sales and marketing efforts to create campaigns that have a goal of building reliable and repeatable ROI. To build your revenue marketing plan start with a clear strategy to help identify sales opportunities, pinpoint conversion ready leads, and create metrics that effectively align campaign efforts with your desired revenue outcomes. If you are successful, you will gain these benefits:
- Predictability: Being able to predict the return you will get from your marketing investment comes with loads of benefits. It will show you what’s working and what’s not. This data will make it easier for your business to justify your marketing spend and allow you to stop throwing money away on an idea and hoping it will work.
- Cost-saving: While you will have to work hard to create a revenue marketing strategy, this process will usually end up saving money down the line. Say goodbye to going through expensive leads without the results you want.
- Time-saving: Saving time can prove very valuable to your business. Spending loads of time on leads that aren’t going to generate sales is a waste of time, but revenue marketing helps you make sure that all your leads are high enough quality to become sales.