The Marketo 2012 Global User Summit is right around the corner and we have a stellar lineup of keynotes including Debbie Qaqish, Chief Revenue Officer at the Pedowitz Group. We are pleased to welcome her to the Modern B2B Marketing blog where she discusses how to transform marketing from a cost center to a revenue driver.
Please tell us a little bit about The Pedowitz Group and how your company aligns to deliver/support cloud services to your customers?
Qaqish: We learn everyday from our wonderful customers. Over the last 5 years and 900 customers, I am constantly amazed at the incredible work and innovation I see across our client base. As a Revenue Marketing consulting company, it’s important for us at The Pedowitz Group to understand our customer’s needs, even it they have a difficult time expressing that need.
A most recent example of this “hard to express” need is how marketers who use marketing automation integrated with CRM are not quite getting the results in revenue they actually need and expected. The reasons for not achieving the ultimate goal seem to be very fuzzy for them. While they have done an excellent job of acquiring, implementing and integrating marketing automation and CRM, they began to find out there was more to be done, yet they had a hard time describing exactly what needed to be done.
We began to notice this “hard to express need” last year and as a result, we developed the notion of Revenue Marketing Transformation™ or how a marketing group transforms from a cost center to a revenue center. We then clarified the fuzziness for our clients by describing 6 key controls for transformation (RM6). This work was done based on our most successful Revenue Marketing clients and describes a holistic approach to Revenue Marketing that is about a lot more than just technology.
What is the best way to transform marketing from a cost center to a revenue center?
Qaqish: As a Revenue Marketer you know your job is to contribute to the top-line revenue growth of your organization but are you optimizing your efforts in pursuit of this goal? Are you actually transforming your marketing organization from a cost center to a revenue center? If you are driven in this direction, how does this transformation actually happen?
Many of the clients we work with are in pursuit of this ultimate goal and we have developed a model for how this transformation can purposefully occur. We call it Revenue Marketing Transformation™.
As we began to apply this model to current clients in 2011, it became clear that each Revenue Marketer has their own unique journey and their path, sequence and pace vary widely. Furthermore, as we reviewed the detail, our experience demonstrated that this journey of transformation encompasses much more than just the singular element of technology; it also requires strong elements of strategy, people, process, content and results.
We’ve refined the “how” into a simple model and online assessment we call RM6 (Revenue Marketing 6) that uses 6 main controls – Strategy, People, Process, Technology, Content and Results.
For a quick peak at the RM6 Assessment (built in Marketo), here is the URL – http://revmarketer.pedowitzgroup.com/RMT-Self-Assessment-Marketo.html
Revenue Marketing Strategy (RMS) is built using all of the controls and elements within each control. RMS includes building a Center of Excellence that provides a holistic and cohesive approach to Revenue Marketing for enterprise organizations. It is also based on the growth plans of the company, strong communications and set of change management plans.
Revenue Marketing People (RMP) includes key stakeholder alignment with executives and sales and defining the roles, skills and competencies required for a successful Revenue Marketing Practice. This includes providing training and development, defining new organizational structures, and empowering sales with new tools and processes.
Revenue Marketing Process (RMR) involves detail maps of the “as-is” and “to-be” states and developing tactics for achieving the “to-be” state. Key processes include the entire prospect/customer lifecycle, nurturing, lead and funnel management, contact and data management, testing, QA and measurement.
Revenue Marketing Technology (RMT) is a comprehensive term to describe the entire marketing operations stack that supports and drives. For the enterprise, beginning with a Revenue Marketing Architecture assessment across the multiple technologies used in marketing is the starting place.
Revenue Marketing Content (RMC) is the fuel for the revenue marketing journey. Creating a content blueprint, aligned with the client’s buy cycle and digital personas is required. Creating specific messaging for all programs, identifying the content operations structure, and measuring content results are all elements of creating your unique journey.
Revenue Marketing Results (RMR) is the final control and also represents the outcome of the holistic strategy. Ultimately, it is attribution to revenue, delivery of ROI and the ability to drive revenue in a repeatable, predictable and scalable manner that defines a successful Revenue Marketing Transformation™.
If you’d like to find out more about where you are on your journey to Revenue Marketing Transformation™, you can take this 4-minute on-line assessment – http://revmarketer.pedowitzgroup.com/RMT-Self-Assessment.html
You’ll instantly receive a set of customized prescriptions based on where you are and we’ll also provide you the broad report of how the Marketo User Group participants performed at the end of the conference.