If your company is striving to unlock sustainable growth, listen up.
Last month, Digital Magenta Co-Founders Jennifer Turner and Alice Chandrasekaran hosted a webinar focussed on the BIG 5 revenue leaks that are plaguing companies and hindering rapid growth.
As experienced leaders in data driven technology marketing, Jennifer and Alice discussed the tools and advice to ensure these leaks are not holding your company back.
We’re pleased to share the highlights below that you can incorporate in the strategic plan you are working on NOW.
Access webinar recording here to see if any of these revenue leaks are holding you back from reaching your goals this year.
If you think your company is being affected, book a strategy session with us so we can give you some practical advice for overcoming these common issues.
THE MISSING LINK TO ACHIEVING REVENUE GROWTH
The missing link for companies looking to achieve enhanced revenue growth lies between significant technology investments, programs, processes, and the alignment of the teams using them.
These five revenue leaks are all interconnected and will derail long term success and growth if not addressed. Unreliable data and the misalignment between teams and their technology play major roles in lost revenue, so we will be highlighting these specifically.
The proper collection of data is an integral part of successful growth. It allows a company to leverage intelligence and understand where to find prospective customers, identify where those prospects are in the buying cycle, and know when to engage them so they become a customer faster. The amount of data available for collection is astronomical and can be intimidating, leading some companies to shy away. This hesitancy is costing businesses $3.1 trillion annually in the US alone (IBM). Here are a few indicators that unreliable data may be costing you money:
- Difficulty attributing revenue directly to your marketing efforts. You should be able to identify the source of any lead at any time.
- Inability to report on lead quality. Focussing on the quantity of marketing qualified leads (MQLs) and not the quality will result in wasted time on unqualified leads, inefficient team productivity and consequentially missing out on quality leads.
- Leaving data outside your system when running a campaign. Relying on external agencies to run campaigns shields you from accessing critical data and making informed decisions.
If you’re unable to accelerate MQLs, sales qualified leads (SQLs), or sales revenue you’re not properly utilizing the correct data. Here are some ways to ensure your company is employing reliable data:
- Establish a scorecard as a compass to guide regular discussion about the metrics that matter.
- Focus on growth data. Automate your processes to report on MQLs, SQLs, and revenue so you can focus on sustainable growth.
- Create an attribution model so you can measure where leads are coming from.
- Build a process that measures lead quality and allows your sales team to provide feedback to your marketing team so they can work together.
By leveraging the power of data you will be able to directly impact growth goals, accelerate sales, and maximize marketing investments. Data is the secret weapon for growth.
MISALIGNED TEAMS AND TECHNOLOGY
The other key revenue leak is the misalignment between teams and their technology. If your teams and technology aren’t talking to each other there is a high probability that leads are being prematurely written off, even within your system. Siloed teams and incomplete processes often result in delayed follow-ups or unnoticed qualified leads. Alignment of sales and marketing processes impacts revenue growth by up to 3x .
Focus on these areas to build alignment between your teams and technology:
- Make a connection between your sales and marketing systems. By connecting the systems, you can provide your marketing team with line-of-sight into what the sales team is working on, allowing them to focus their efforts on opening doors and improving engagement. This will result in an accelerated sales cycle.
- Ensure there is formal process alignment, agreement and communication. Ensure the two teams are clear on the relationship and next steps throughout the project lifecycle.
- Build meaningful automation. Allow your technology to do the heavy lifting. This will free up resources, improve efficiency and eliminate potential errors.
- Ensure your teams are properly trained to utilize tech stacks and understand processes.
Unless you have a budget like Coca-Cola, branding colours and advertising will not generate the growth you’re looking for. Understanding the relationship between sales and marketing, the value of technology, and the importance of data are critical to ushering in rapid growth. Access our Webinar on overcoming the BIG 5 Revenue Leaks:
We are here to help.
We’re pleased to offer a one-hour complimentary session to identify potential leaks, explain short term solutions and discuss long term strategies to accelerate growth.