We all get giddy over lead-generated metrics in areas where Twitter followers, blog subscribers and webinar attendees provide data you can track. However, there is a lack of impact and tenacity surrounding the ability to measure revenue directly linked to marketing efforts.
Knowing how many downloads your white paper got, how many people submitted to your Facebook contest, or how many people opened your latest email blast simply won’t cut it. Revenue has to front and forward.
Someone might ask you about your revenue gains from digital marketing, and you could say, “we got 783 leads last month as a new high, so surely some sales came from it”. Not good enough.
Now imagine knowing your revenue gains from marketing efforts down to the penny. Having a clear view and total understanding of which campaigns performed well, which ones failed, and taking that data to make adjustments to your marketing in an agile environment is everything to having measurable revenue gains and year-over-year growth.
Now you are likely wondering how the best digital marketing agencies with custom business growth stacks achieve this for their clients, and how you can potentially do this for yourself. This article is intended for CMOs, marketing director, and executive decision-makers in an organization seeking the ability to prove revenue gains to their internals, and board members.
Wrap Your Arms Around Today’s Savvy Buyers
Today’s buyers have a deep understanding of products and services than ever before. Whether shopping for a pair of hockey skates or a multi-million dollar hospital contract, buyers are making decisions without the aid of sales teams but instead upon the research they conduct themselves online.
This buyer generation is actively engaged in company blogs, social media, review sites, white papers, webinars, and discussion forums to help them better understand their true pain point, and what type of solution will best serve their needs.
In order to streamline any growth marketing strategy and trace revenue gains, organizations need to embrace the “new buyer” and both influence and track their buyer’s journey, in multiple ways, as early as is humanly possible.
Look at the Purchasing Process as a Buying Cycle
We already mentioned the buying process and how today’s consumers are in the weeds when it comes to product and service education. When looking at the first interaction your brand has with a buyer, think of the engagement as the beginning of a revenue cycle. The end comes when the customer is satisfied that your product will solve their problem, they make the purchase, and even refer you out to their sphere of influence.
So how can knowing the revenue cycle provide measurable growth indicators? Most businesses are familiar with what a sales cycle concept is. Back in the day, sales teams would get leads, hand them over to marketing, and enter them in a measurable funnel. Digital marketing, essentially, does the same thing, though the process has been turned on its head.
Ultimately, a CRM is required that integrates sales and marketing, making each one equally accountable for revenue tracking and gains. When a single platform allows marketers to segment marketing channels to precise buyer groups, organically rank content in Google backed by a goal-oriented strategy, drive paid traffic through a synchronized strategy, and measure conversion gains per engagement metric, the details in your revenue cycle will showcase which parts of your sales and marketing initiatives are paying off, and which ones aren’t.
Who is Accountable for Measuring?
Simply tossing marketing into a sales process with a handful of new metrics and washing your hands and skipping away won’t suffice. It is imperative for your growth and ability to track revenue that marketing and sales work together in a utopia of golden collaboration. This will require alignment in multiple places. For example, even vernacular matters. You will need to create common terminology used across both departments. Otherwise, there is room for misusing a term that leads to an unintentional action that has a detrimental result to your revenue.
It is also important to include marketing and sales on the same report. This is where growth-driven digital marketing agencies truly shine; they engineer the right dashboard, for each client, that pulls in the metrics that matter from both sales and marketing thus allowing CFOs and CMOs the ability to only report what matters to their company’s head. When trying to justify why your organization should continue SEO, paid media, and inbound marketing, a reporting protocol that highlights measurable growth will be the ace in your back pocket.
One more thing–you will want to make sure the team or individual responsible for reporting and analyzing data has a complete understanding of how all the components of the Growth Stack work together. Knowing how to tell if your SEO is working and generating sales alongside paid media efforts and other marketing strategies will help give depth and clarity to the strategy and its impact as a whole.
Thin Out Your Growth Marketing Tool Box
Because growth marketing services have so many action-based demands, the number of plugins and tools has grown to epic proportions. From email marketing systems to Google Analytics, and from content hubs to social media listening platforms, the various tools accessible to marketers is expansive and fragmented.
Closing the big-picture metrics that matter through a streamlined method will allow for seamless revenue tracking by offering marketing teams data-collection and tactical operatives in a thinned-out solution. A clean read is everything, so finding a CRM solution that performs all the necessary task, through automation, and that collects all the data that truly matters will facilitate the streamlining of your growth. And with this comes measurable insights into revenue gains.
Just be advised that marketing automation doesn’t mean you can “set it, and forget it”. Your marketing agency can work with your internal team to segment leads, determine which campaign to enroll them in, and set the cadence. The system simply enables your ability to communicate with customers and leads in a way that saves a plethora of time, and that offers tracking. Make sure you find a robust CRM that has all the tools you need (or most of them) baked in, and make sure it comes with reporting that allows for in-depth goal completions to attribute gained revenue actions.
Maximize Your Reach and Conversions, Check Out the WEBITMD Growth Stack
If you found this content helpful, we know you will love our guide on the WEBITMD Growth Stack–a customized set of tools and strategies designed to help savvy businesses hit their specific sales targets. Give the guide a read, see how it might support your growth, and give us a call so we can learn more about your goals!