Because these metrics are simple to track, people get enthusiastic about the amount of Facebook likes, webinar participants, and white paper downloads. However, there is an issue with these indicators because they have no bearing on measuring revenue that is directly tied to your growth marketing strategy.
It’s not enough to know how many new Twitter followers you gained last month or how many new visitors came to your website. The main focus should be on your ability to account for revenue gains related to actions made in your growth marketing strategy.
This is how it goes: Almost every organisation is asked how their sales figures improved as a result of their digital marketing investment. “We got 976 leads last month, therefore some sales came from it,” the organisation responds. This is unforgivable.
Imagine this conversation being turned on its head; the company is able to respond to the question by showing their sales increase to the penny while also claiming a return on marketing investment of over 120 percent.
Accept the New Buyer
You must have a thorough understanding of how today’s new buyers perceive services and products in order to accomplish measurable revenue growth through marketing services. This necessitates knowledge of how they make purchasing decisions.
Consumers no longer rely on salespeople to educate them; today’s “new buyer” is savvy, conducts research, reads white papers, attends webinars, reads review sites, and participates in discussion forums.
Without the assistance of a sales force, today’s shoppers uncover their own pain points and make associated purchasing decisions based on the content they read. Instead, they perform their own study without the help of anyone else.
Businesses must stay mindfully present of the “new buyer” with the purpose of tracking their activity and influencing their activities in order to streamline their growth marketing approach and track revenue increases.
The Purchasing Cycle as a Process
Consider the first interaction your buyer has with your content as the start of the revenue cycle. The buyer cycle will be complete if your lead has diagnosed their problem, recognised your product as the final answer, and made a purchase.
The key challenge for businesses is how understanding the purchase cycle can help them achieve measurable revenue growth.
Years ago, it was difficult for sales and marketing teams to connect effectively in order to complete the sales cycle. Today, growth marketing firms can use a CRM that combines marketing and sales, making each equally responsible for revenue generation.
Marketers may pinpoint the elements of their marketing and sales activities that perform effectively (and sections that fail) when they use a single platform for segmenting marketing channels through a revenue-generating plan. As a result, generated revenue can be linked to the activity that started it all.
Team Alignment and Revenue Growth
One of the most common blunders businesses make is incorporating marketing into the sales process, adorning it with gleaming new analytics, and calling it a day. Marketing and sales must be streamlined so that they can work in tandem.
Make sure that everyone on your sales and marketing teams uses the same vocabulary. All too frequently, wasted revenue arises when a phrase is misunderstood or incorrectly construed, leading in a course of action with a negative outcome.
Streamline Your Equipment
Digital marketing necessitates a variety of requirements. If you look into a few companies, you’ll notice that they all have an absurd amount of tools and plugins. Companies feel forced to build their armoury of tools, from Google Analytics to MailChimp, and from SpyFu to SEMrush, due to the fragmented and expansive environment they are trying to grow in.
To begin, understand what your tools are capable of. The majority of people use less than half of their toolkit’s potential. Then, rather than using one tool for each work, establish the sales and marketing-related duties you’ll carry out and hunt for solutions to carry out the plan via various initiatives from a single platform source.
To comprehend the big-picture metrics that matter, a streamlined strategy that allows for easy income tracking by permitting data-collection will be required.
It’s critical to get a clear read on the data that matters, so using a CRM with marketing automation that performs the proper activities while gathering the data that matters and can be tracked back to conversions will enable measured and scalable growth.
Simply ensure that you have a knowledgeable marketing staff capable of analysing data and implementing necessary campaigns depending on the findings, all while keeping revenue acquisition in mind.
Returning to the subject of marketing automation, just because your CRM contains the most robust marketing automation features, such as HubSpot’s, doesn’t imply you can “set it and forget it.”
To conduct the proper message-based audience targeting strategies, research the analytics to expand reach, segment leads, pair the right campaigns and the cadence, and map the buyer’s path to the point of conversion, your growth marketing agency will need to operate either alone or with your team.
Marketing automation improves your capacity to reach more people, generate more leads, and engage with customers in a timely manner, all while keeping everything in one place and allowing you to track every activity back to revenue generation.
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