When a buyer finally signs a contract with your company, it’s a momentous occasion. It signals a competitive win, more revenue, and another shot at growth. If you interview the buyer, you’ll know that the road to the win was a long and winding one. Lots of self-education and some competitive comparison-shopping, punctuated by hard-hitting negotiation tactics.
So, if 100 percent of the credit doesn’t belong to sales, then who else collects a piece of the spoils, and how much does everyone get? This is the perpetually nagging question posed by revenue attribution. Marketing leaders deserve a lot of credit because they play a role in two major ways.
It is hard to execute a Marketing Strategy to grow revenue faster than your competitors. The Revenue Growth Diagnostic tool will help you assess your marketing strategy to pinpoint keys to your success.
The first customer touch occurs during product launch, with carefully crafted messages and positioning that typically come from product marketing. (Granted, this cannot be created in a vacuum, devoid of input from sales and product teams.) As a chief product officer recently explained, “A product doesn’t sell itself unless people understand what it does. They need to ‘get it’ almost immediately and connect the dots to a real business benefit.”
That means educational building blocks must come from marketing. The messaging must be accurate and captivating based on the actual product offering. Therefore, a successful product launch cannot be achieved without significant attribution to the marketing team.
Product Life Cycle Management
Customer touches continue throughout product life cycle management. Add-ons and upgrades offer ongoing events for a multi-touch relationship. Each touch is a uniquely direct line to the customer.
Every interaction provides an opportunity for the sales team to win more deals and for the product team to better understand the users. A steady cadence pulls buyers into deeper commitment with the brand. If it weren’t for continuous and effective promotional campaigns, differentiating product developments would go unnoticed. But as buyers want more, they learn more. As they learn more, they buy more. Marketing enables the product life cycle.
Would you like a hand with revenue attribution to make marketing more scientific? Plan a workshop with the SBI team of marketing experts in Dallas at The Studio, SBI’s multimillion-dollar, one-of-a-kind, state-of-the art, executive briefing center. The immersive sessions accelerate your adoption of revenue attribution and put you on the right path with a solution and implementation plan.