The goal of commercial organisations is to create shareholder value—and where marketing can have the biggest impact is in generating more revenue.
Here are 4 tips for marketers to increase their contribution to pipeline and revenue.
- Segment your audience effectively
In the digital age, the most effective way to increase audience engagement and boost revenue is by prioritising personalisation. One-size-fits-all messaging and communications no longer resonate with today’s digitally-savvy customers. If your goal is to yield real results from your marketing efforts, addressing your customers’ specific pain points is essential.
Eighty per cent of consumers are more likely to purchase from a brand that provides personalised experiences.
But how do you make your marketing communications more personal and effective to drive more revenue for your business?
By segmenting your audience effectively—using data to understand different demographics as well as user behaviours on a deeper level—you will be able to send the right messaging to the right people at the right time rather than shooting in the dark.
Ninety per cent of businesses report that audience segmentation empowers them to define prospective customers’ needs and increase sales. Some even double or triple their conversion rates through audience segmentation.
By drilling down into both demographic and behavioural data, you can segment and target your audience according to tastes, preferences, age, geographical location etc. You can become very granular in your approach.
Doing so will ensure that you can personalise your marketing communications to meet the exact needs of specific customer segments to encourage engagement and, ultimately, consistently increase conversions.
- Nurture leads at the right time
Companies that excel at lead nurturing earn 50% more sales leads at 33% lower cost per lead. Nurturing them at the right time is essential if you want to convert them into sales.
If you send marketing leads over to sales too early, it’s likely they will be dismissed. Act too late, and your competitor will set the pace. Both scenarios will have a negative impact on your conversions and ultimately revenue.
To engage with prospects at exactly the right time and increase your chances of conversion, it’s important to work with lead scoring and nurturing workflows.
By scoring your leads based on specific parameters and criteria, you will gain an understanding of which prospects are most valuable while capturing relevant information that will improve the success of your lead-nurturing efforts.
Having implemented lead nurturing and scoring ourselves at Workbooks, we saw an increase in conversion ‘MQL to pipeline’ from 8% to 25% in less than a year.
- Track your return on investment (ROI) accurately
At its core, marketing is about experimentation and testing. The digital world is ever-evolving and everything can be tracked. If you want to stand out while connecting with your audience on a personal level, creating content that inspires action and offers deep personal value is the only way forward.
While experimenting with campaigns, messaging, and communications channels is essential to marketing success, if you don’t accurately track your return on investment (ROI), you won’t know the outcomes of your experiments and therefore won’t be able to inform future decision making on where to spend, where to put the focus to drive success and you won’t be able to demonstrate the impact of marketing on the business.
Setting clear benchmarks and tracking the right metrics across channels will give you an insight into what works and what doesn’t. In turn, you will be able to streamline your marketing efforts and prove the success of your marketing strategies across channels, including PPC, paid social, email communications, events, blog or editorial content, and more.
The better your ROI, the better the budget you will receive from the board, and the more scope and resources you will acquire to push the boundaries of your marketing efforts. This is a virtuous cycle that will accelerate the growth of your business while boosting your bottom line.
- Align your sales & marketing strategy
In the age of information, the customer is in the driving seat. To work cohesively and engage your prospects at every vital stage of the buyer’s journey, you must align your sales and marketing strategy.
Sales and marketing are no longer separate entities. By integrating your team as well as your data, you will create a wealth of insight that will boost the value of your customer nurturing, acquisition, and conversion efforts.
Strong and regular communication, collaboration around common processes and goals, transparency throughout the entire funnel are key requirements to drive a strong alignment between sales and marketing. And this can be enabled through technology such as at CRM platform which helps you:
- Get a single view of the truth—a common lens into the demand funnel.
- Gain an understanding of what it takes to transform a prospective lead into a genuine opportunity.
- Create mutual respect for the contributions of each team in driving revenue.
- Track key performance indicators (KPIs) with ease and collectively measure the performance of your efforts and strategies across channels. This level of insight will empower both marketing and sales to make informed improvements to drive revenue as one cohesive team.
Leveraging the right data and using it to your advantage is no longer a luxury—in the modern age, it’s essential, especially if you want to get ahead of the pack and squeeze every last drop of value from your sales and marketing efforts. No compromises, no exceptions.
With Workbooks’ CRM solution, you can easily execute all of the above strategies, improving your marketing execution and your cross-departmental collaboration.