Revenue-generating marketing, customer buying patterns, and social selling are a few of the topics I talked about recently with Glenn Gow of Crimson Marketing. I’m pleased to share these excerpts from our conversation and invite you to listen to the podcast.
Glenn: Why don’t we start with this concept of revenue-generating marketing, and tell us a little bit about the journey that you’ve been going through.
Karen: I wanted marketing to be viewed as a revenue center versus a cost center, because then it becomes a very different discussion about the value, the role of marketing, and the investment that a company is willing to make.And frankly, in some cases, marketing should be seen as a cost-to-serve model in terms of where marketing can lead the generation of demand, particularly with customers in the mid-market and with our partners.
Glenn: Can you talk a little bit more about what revenue-generating marketing really means? Read More »
Tags: Big Data, Cisco, customer, Karen Walker, marketing, midmarket, partner, revenue generation marketing, social
In a world where we are increasingly connected, and other’s opinions or reviews are more accessible than ever, marketing must evolve to keep up. Consumers want, and expect, ‘on-demand’ marketing –customized marketing that caters to what they need, when they want it, and is extremely responsive. 59% of consumers who have experienced personalization believe it has a noticeable influence on their spending. That percentage cannot be ignored –and with all the data available from connected devices and social media –there is no reason it should be.
Social media interactions are a part of many customers’ routine. For marketing, these interactions provide valuable insights and data. Companies like Julep Beauty leverage social media to interact with their customers, discover what they want, and quickly create, test, and sell new products. When negative reviews or comments come up, they promptly address the issue. This allows customers to feel like their voices are being heard and helps position the brand as a company that cares and is responsive to its customers.
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Tags: best practices, Big Data, Internet of Everything, marketing, optimization, personalized marketing, social media
Content is one thing. Marketing is another. The two are straightforward on their own but significantly more complex when combined. What we do at TechWiseTV is content marketing. But its still a work in progress.
My friend Amy Lewis (@commsninja) tweeted an article by Tracy Vides on ‘How Content Marketing is Ruining your Business”
Got me thinking about how we really have to work on the marriage between these two terms.
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Tags: content marketing, marketing, TechWiseTV, video
By Ged Fitton, Guest Blogger
The British Innovation Gateway (BIG) is a great Cisco-led initiative to foster innovation and entrepreneurship in the UK. A great part of my work on BIG involves the support of IDEALondon – Cisco’s innovation centre -- and its start-ups. And I have to say I’m always impressed with the enthusiasm and determination of companies to think outside the box, and challenge the status quo. It’s a fantastically exciting space to work in. In my role of helping companies monetise their innovation, I thought I’d share a few tips on how not to fall into the traps that I’ve seen many start-ups fall into. Read More »
Tags: BIG Awards, British Innovation Gateway, entrepreneurs, iPrize, marketing, UK
“However beautiful the strategy, you should occasionally look at the results.” -- Winston Churchill
In a recent blog, I scratched the surface of revenue-generation marketing and how we’re transforming marketing from a cost center to a revenue generating center within Cisco. This week, I want to dig a little deeper.
Marketing that contributes measurable ROI to the bottom line… that sounds great, right? But how do you get there? The core of revenue-generation marketing and what makes it work is the partnership between sales and marketing. And, the first step of revenue-generation marketing is alignment of the revenue-generation marketing plan with the overall business plan for the company. Without that, the whole revenue-generation marketing process, from executing to managing the funnel with account teams and having regular funnel management business reviews, won’t work. You have to execute against the priorities of the business overall.
As marketing organizations transition into a revenue generators, an almost natural shift happens. Marketing begins speaking the language of the business and sales. We talk about planning, forecast, pipeline, bookings and revenue. Marketing hasn’t historically done that, so there’s another evolution occurring in the industry.
From a sales and marketing revenue alignment perspective, you obviously want to align on priorities with sales. But at the end of the day, what makes the marketing plan a revenue-generation marketing plan is the fact that a revenue contribution target is set, either focused on pipeline or bookings and revenue. That target is usually set or communicated as a percentage of sales. According to Sirius Decisions, the industry standard for business to business (B2B), high-tech marketing contribution-to-revenue baselines is that >$5 billion companies source less than 10 percent of sales pipeline, with high of 20 percent and a low of 2 percent of sales pipeline. The industry standard provides a baseline of where you want to be. At that point, you need to realistically evaluate where you are – your run rate and marketing’s current contribution to revenue.
Beyond run rate, there are only three levers for driving this plan: volume, visibility, and conversion rate. What volume of leads are you driving; how much of that is visibly available and reportable in your sales force or customer relationship management systems; and how much of that is being accepted and converted by the sales team into the pipeline or revenue?
Now we’re humming along. We’re aligned. We’re speaking the language. We’ve set our contribution revenue target based on industry standards. The “Rocky” theme song splits the air, and we’re on top of the world. Well, not quite yet. Now that we’ve taken a look at our plan from a top-down perspective, it’s time to reverse engineer the demand waterfall to determine if the revenue contribution target is realistic. By calculating the amount you need in sales all the way back to how many leads you’re going to have to source to reach that number, the bottom-up piece meets the top-down piece, and you can adjust your revenue contribution goal based on if you have the budget and resources to meet that number.
As you know, that number at Cisco is $1 billion worth of qualified leads in midmarket for partners this fiscal year. We’re here to help you position your business for success, and I’d love to hear your perspectives in the comments section or via twitter @sherriliebo.
Tags: Cisco, marketing, partner, revenue, revenue generation marketing, Sherri Liebo