It is no secret that without the right data management tools, marketers have historically struggled with tying revenue dollars to their campaigns.
For years, ROI was a pipe dream for many teams. Businesses knew that they needed to market themselves to generate awareness and establish their brand reputation, but it was near-impossible to attribute any one customer to the success of a particular marketing strategy.
As a result, marketing teams have felt a slight detachment from enterprise objectives in the past. Sure, there was a mutual understanding that marketing would devise campaigns aligned with the overall goals of the business. However, considering there was no clear way to measure the success of those campaigns, for many companies it felt like swinging at a piñata blindfolded. If you manage to hit it, that is great, but expectations are fairly low.
Of course, things are radically different now, all thanks to big data.
Demand generation marketers, armed with the power of big data (and the right tools to manage it), have the ability to track campaign conversions in new ways that make alignment with enterprise objectives less of a “nice-to-have” and more of a “must” for any company.
But what can marketing technologists do to create that alignment?
That is exactly what this post walks you through. You will learn how an investment in the right data management tools can ensure your lead generation strategies align with your business’s annual goals.
Why It Is Important to Align Lead Generation with Corporate Objectives
Simply put, better alignment creates more demand (and therefore more budget) for your team’s contribution.
Suppose company executives want to see annual revenue increase by 12 percent in 2017. That is a primary objective for the business and everyone – sales, product, and marketing teams included – has their sights set on making that happen.
For sales teams, their contribution is pretty clear cut; they will make the sales needed to see revenue increase.
Product will deliver the innovative solutions needed to generate excitement among leads and customers.
Marketing will drive awareness about that innovative solution to bring more leads to the table.
Your team now has the power to directly attribute new customers to the success of specific campaigns. That means your contribution to the business objectives can be quantified in dollars and executives can adjust budgets proportionately.
That is not all you can do. When armed with the right data management tools, big data gives you access to insights that can help the business beyond even your immediate, measurable contribution.
Here are 3 Proactive Contributions Marketing Technologists Can Make to Support Business Goals
#1. Revenue Forecasting
Demand generation marketers have relevant customer data from each stage of the customer journey. You know demographic, behavioral, and psychological information about your target audience as well as your current customer base.
That information can be used to forecast potential revenue from inbound leads in addition to the customer lifetime value of your existing clients. You can forecast exactly how much money needs to be invested in each campaign in order to align the lead generation strategy with company objectives.
That same data can be used to protect customer spend, too. You can generate churn forecasts by analyzing trends in your data management system that show the activity (or lack thereof) of previous customers who left the business, and then scanning for similar trends within your existing customers.
By owning a specific forecast (both for revenue and churn), marketing technologists help their teams better align to enterprise objectives with hard data that demonstrates their team’s contribution, along with where the company needs to focus their efforts.
#2. Expanding into New Markets
Marketing technologists also have a unique purview into the untapped potential of the company’s target audience. Whether it is a specific product feature, service, or underserved demographic, your ability to aggregate data using a data management tool and then easily report on potential opportunities for expansion into new markets is unparalleled by any other team.
#3. Better Alignment with Sales
One easy way to align your team with your company’s revenue goals is to better associate yourself with the team most directly responsible for driving that revenue: sales.
Technology plays a big role in making that happen. Using the right data management tool – like ReachForce – means data from your sales team’s CRM unifies with incoming data from the various channels where your campaigns run. That combined data helps you create better buyer personas, implement a more efficient lead scoring strategy, and improve the efficiency and effectiveness of sales prospecting.
Not only will the sales team love you, but company executives will too because of the positive impact on their objectives.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization, and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean, and enrich prospect and customer lifecycle data in your business, and do it at your own pace.