On November 17th, the Revenue Transformation Series, a modern marketing meetup, had its first gathering at Pop in Nashville. The topic? Transforming marketing from a cost center into a revenue driver.
At the meetup, successful marketing case studies were shared by SpecialtyCare, Kaiser Permanente, and CBL & Associates. Useful technologies and best practices were shared by Marketo, Domo, Sprinklr, and Intelligent Demand.
Here are the five key takeaways from the event:
1.Yes, transformation is tough. But the payoff is totally worth it.
Change can be hard—especially if that change is happening within a large company and/or a company that is new to modern marketing. The list of things that make change difficult is long: outdated revenue growth strategies, corporate inertia, unaligned departments, poorly implemented and integrated technology platforms, a fuzzy or inaccurate understanding of your audience, bad data, skill gaps, not enough resources… The list goes on and on.
So given those very real (and common) challenges, what separates leading marketing teams from lagging marketing teams? Here are two, key things:
Somebody find me a revenue change agent: If you’re serious about transforming the way your company does marketing, it’s going to require at least one revenue change agent. This is someone who has the vision, energy, courage and tenacity to stand up and commit to more engaging, more effective, more measurable, revenue-accountable marketing. Bonus points if this person has the respect of (or is on) the management team.
Use a proven methodology: There are no silver bullets when it comes to transforming. But there ARE guiding principles. Here are four principles that will never fail you:
1) Honestly assess your current state, build your road map based on the truth of your use case and budget, and then set expectations appropriately;
2) Deeply understand your target audience at the segment, account and persona level and map their true customer journey. Use these insights to create highly relevant, value-adding, messaging campaigns and content;
3) Connect ALL of the dots with every touch, every campaign and throughout your integrated program: program strategy, messaging and content, media and channels, technology and data, reporting and analytics, stakeholder alignment, and process;
4) Think big and holistically, but execute in a Crawl-Walk-Run way that leverages agile and collaborative approaches. Let real world results be your guide. (Applying these principles in the real world is what we do at Intelligent Demand. Speak up if you want to chat about this.)
2. You need a solid foundation and infrastructure to move forward efficiently with your marketing.
Before you start getting starry eyed about robust email campaigns and viral videos, you should sit down and analyze your current foundation and infrastructure. What’s your marketing automation platform (MAP) look like? Do you even have one? How clean is your data? Is your CRM integrated with your MAP, or are you using your CRM as a glorified Rolodex? Do you have brand guidelines? A value proposition? Do you have a ready stream of engaging content? You need to lay the groundwork and make sure everything works the way it should to guarantee the success of your first campaign.
3. Social media is an important tool, especially when used in tandem with interactive activities.
There are myriad ways to use social media to boost your business. Try pairing a custom, trackable hashtag (#Beyonce probably will not work for this) with an interactive activity – whether online or in the physical world. Things like photo booths, quizzes or games engage your audience and make your content more shareable. By making the activity fun for your customers, they’re more likely to engage in what you’re promoting – which can lead to more social media engagement, brand awareness, as well as help to grow your revenue. A fully-integrated social media management platform, like Sprinklr can make managing your myriad social media channels easier than you thought possible.
4. Marketing automation is a cornerstone to making your marketing more efficient.
Marketing automation (especially when you choose and implement a leading platform like Marketo) should be an integral part of your marketing efforts. The initial investment pays off quickly in nimbleness, speed to market, and measurable increase in efficiency. Marketing automation platforms (MAPs) can help you generate and nurture leads, help to align sales and marketing, as well as measure results and optimize where you’re spending your money. 80% of MAP users see an increase in their leads, while 77% find that their conversion rate increases.
5. Data about your customers is imperative – but you have to actually put findings into action.
By utilizing a real-time business management and intelligence platform like Domo, you can visualize and organize data flowing through multiple systems. Centralizing your data allows you to understand the stories your data are telling, and facilitates the discovery of insights to help you make better decisions and improve your business. After all, the more you know about your customer, what they like, and what makes them tick, the more you can optimize and enhance their experience with your company or brand. After all, there ain’t no insight like an actionable insight.
Want to discuss how Intelligent Demand can help transform marketing at your company into a revenue-driving machine? Want to attend our next modern marketing event? Drop us a line here, and we’ll be in contact shortly to discuss how we can help you transform your company.