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Metrics for lead generation are always a popular topic at round-table discussions.
These metrics are easy for people to track, so they get excited about them. There is a problem with this because these metrics have no impact on tracking revenue that directly relates to your growth strategy.
You need to know how many Twitter followers you gained last month or how many visitors your website received. The main focus should be on your ability to track revenue increases attributed to the actions taken as part of your growth marketing strategy.
Nine out of ten times, someone asks an organization how their digital marketing investment improved their sales. The business responds, “We received 976 leads in the last month. So, some sales were a result”. It is unacceptable.
Imagine this conversation being turned on its head. The business can answer the question by highlighting the revenue increase down to the penny while claiming that they have made more than 120% return on their marketing investments.
By analyzing the data and adjusting your marketing strategy, you can see a measurable increase in revenue and growth for your business.
Suppose you partner with the best digital agencies that offer custom-made business growth stacks. In that case, you will be privy to an effective marketing process to help you achieve your revenue targets through a measurable and customized environment.
The Growth Stack is a powerful tool that helps your business achieve its goals. It thrives in an agile environment.
This guides CFOs and CMOs responsible for generating revenue from marketing investments.
Welcome the New Buyer
You must understand how new buyers perceive services and products to increase revenue. It is essential to understand how buyers make their purchasing decisions.
The days of consumers relying on salespeople to educate them are gone. Today’s “new buyer” does their research, attends webinars, review sites, and participates in discussion forums.
Buyers today can identify their problems and make purchasing decisions in response to the information they read. They do this with help from a salesperson. They conduct their independent research.
To track revenue increases and streamline your Growth Marketing strategy, businesses must know “new buyers” and their activities.
Purchasing Process as a Buying Cycle
Consider the first time your buyer interacts with your content as the start of the revenue cycle. The buyer cycle will be complete once your lead has identified their issue, recognized your product as the ultimate solution, and made a purchase.
What organizations want to know is how understanding the buying cycle can lead to measurable revenue growth.
Several years ago, sales and marketing departments needed help communicating effectively to close the sale cycle. Growth marketing agencies today can use a CRM to combine marketing and sales, making both equally responsible for generating revenue.
Marketers can pinpoint areas of their marketing and sales activities that are successful (and those that are not) when they use a single platform to segment marketing channels using a revenue-generated marketing strategy. The originating action can then be tracked to earn revenue.
Growth in Revenue and Team Alignment
The biggest mistake companies make is to throw marketing into the sales process and then adorn it with shiny metrics. Sales and marketing must work together seamlessly.
Make sure that your marketing and sales teams use the same terminology. It is not uncommon for a term to be misunderstood or misinterpreted, resulting in an action with a negative outcome.
Streamline Your Tools
Digital marketing is a complex field. You can find a plethora of plugins and tools in dozens of companies. Companies must add tools to their arsenal, from Google Analytics to MailChimp and SpyFu, to SEMrush. This is due to the fragmented environment they are working in.
Recognize what your tools can do. Most people use less than half the capabilities of their tool sets. You should then define the tasks you’ll be executing in sales and marketing and search for multiple solutions from a single source to implement the strategy rather than using one tool to accomplish each task.
To track revenue easily, it is necessary to have a method that allows for data collection.
It is crucial to have a clear understanding of the data you need. A CRM with marketing automation will perform the necessary tasks and collect the relevant data.
It would help if you had a marketing team capable of analyzing data, running campaigns based on the findings, and relating all to revenue acquisition.
Back to marketing automation. Even if you have the most robust marketing parameters in your CRM, such as HubSpot, it doesn’t mean you can just “set it and forget it.”
The growth agency you choose will have to work with your team or independently to execute the best message-based tactics for audience targeting, analyze metrics to increase reach and segment leads, match the suitable campaigns to the cadence, and map out the buyer’s path to conversion.
Marketing automation allows you to communicate more effectively with your customers, reach more people and get more leads. All of this is done in an efficient manner, all within one hub, where every action can be tracked to generate revenue.
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