If a business leader asks his sales manager, “Where should I invest to grow the business another 20 per cent next year?” the likely response is, “Give me 20 per cent more headcount.” If the head of marketing is presented with the same question, a familiar response would be, “Give me 20 per cent more budget for my campaigns.”
But these aren’t necessarily the right solutions for achieving growth. This is where a new strategy comes into play: Revenue Performance Management (RPM). Decisions about how to grow the business should be made by looking at the entire sales funnel — from unknown prospects, right through to closed sale.
Successful companies do not launch new products, open new offices or make new acquisitions without rigorous testing. Yet, historically, sales and marketing have not been subject to the same scientific rigour as other areas of the business. The fastest-growing companies, however, have a “secret.” They have created a “science of growth” by running a high-performance sales and marketing engine that uses data to drive decision-making.
Having a birds-eye view of the point at which a prospect becomes a lead all the way through to the point where the lead becomes a client allows businesses to better understand their previously least understood cost centre – marketing and sales. RPM helps companies manage interactions with buyers all the way through the purchase process to achieve more predictable, rapid, and profitable revenue growth. In other words, it offers “one view of the truth” so that the management team knows exactly where to invest in order to be successful.
For a company to engage in a successful RPM strategy, it must create seamless connections between all of the tools used to engage with prospects — from social media “listening platforms” to CRM — and create common dashboards that give real-time insights into the performance of the sales funnel.
This information must be actionable. Decision-makers must be armed with live data to know what levers to pull to dramatically change revenue performance — whether that decision is to add new sales reps, increase marketing spend or another investment entirely. The solution will vary from company to company. But what doesn’t change is the science of success: Revenue Performance Management.
Stuart Wheldon is the Senior Director of Customer Success & Strategy at marketing automation specialist, Eloqua.
The online retail world has blown up in the last five years. Businesses of all sizes are selling direct from their website – allowing products to be purchased from customers all around the world.
For many people, clicking a button just isn’t the same as the experience that comes with going shopping in a store.
Finlay Clark talks about “fulfilment” (or lack thereof) in relation to online shopping. Coming up to Christmas – do you feel additional pressure selling products online? How do you ensure customer satisfaction is always achieved especially at this time of the year?
You may have heard or read that a cash machine in the East end of London is to offer those making hole in the wall cash withdrawals the opportunity to select between the English language and Cockney English. This regional dialect cash machine has caused quite the stir in PR terms-the company who license the machine and service etc will stand to not only raise their own company profile, but see an increased use of the machine through the sheer novelty of being able to take out a 'Lady Godiva' from the 'Sausage & Mash' machine. But what more could it offer for small firms?
The added benefit of increased use of the cash machine could also be converted into serious revenue generation for companies who advertise on the back of the ATM receipts and advice slips which are issued. A simple idea which can be adopted by many small firms be they offering products or services. If it isn’t an affordable option for a solitary business, it could be useful for a small number of businesses to join together in a coordinated campaign within a town.
More recently, ATM tie-in campaigns have seen special offers appearing on advice slips close to payday - the thinking being that it is the time of the month when you are more likely to monitor finances at cash points and therefore there is an increased potential for exposure to customers who are examining their balances and printed mini-statements.
Do you think the three month trial of the London cash machine will prove a success or is it purely a gimmick that sustains slow news day column inches, pub chatter and the like? I think it highlights perfectly the local level creative ideas that can be adopted by small businesses. Advertising campaigns where your business name appears on the back of another local shop’s receipts or car park ‘Pay & Display’ tickets is a great way of bringing your message to the attention of potential customers.
Working for SellerDeck, we have a pretty diverse set of customers selling some truly weird and wonderful products. However, regardless of the product or service being sold I always come up against the question of online marketing and best practice.
Looking back at the last few conversations I have had on the subject, most merchants I speak to use online marketing for one thing: sales. While this may be fairly obvious and there is certainly nothing wrong with it, I believe a lot of people are missing a great opportunity -- why not try communicating something other than cold hard sell? Let me explain a little further.
Most retailers sell things they have some type of connection with. I have a relative, Andy who has a very successful sportswear business; he’s a former tennis coach. In his bricks and mortar store people often come in just to chat about the latest advances in running shoes or tips to beat the boss at next week’s golf tournament. While this may sound like a waste of time, Andy values building a relationship with customers as the most essential thing to his business. Customers come in for his advice and may end up walking away with a new pair of Nikes, and how to get the most out of them.
But often this product knowledge fails to come across online.
With your next marketing campaign why not use your product and industry knowledge to help inform and educate your customers? If you want to keep it product-focused detail the interesting features and benefits instead of focusing just on that sale. Or why not try emails with some useful tips or a follow up to check to see how recent customers are getting on with their purchase?
No matter how diverse your products are I bet you’re the expert on them, helping to educate and inform is the best type of marketing there is.
The art of selling can be looked at in two ways. Either it’s persuading someone to buy something that they neither need nor want – “selling coal to Newcastle” – or it’s about discovering customer needs and finding the most appropriate way to meet them. Newcastle no longer mines any coal and frankly, the ram-it-down-your-throat sales approach is about as up-to-date as the expression. That said Newcastle in Australia, named after the UK one, is actually the biggest coal exporter in the world.
In contrast to the US, the UK doesn’t see sales as a profession, and popular culture places all sales people into the cowboy pen. This can be seen from the euphemisms used for sales roles here in the UK. Sales people are called account managers, business development executives, consultants, customer service representatives - anything except sales.
In fact, if a prospect ever tells someone they are good at sales, it probably means they’re not. People need to feel that they have a choice in order to buy. If they feel pressured, they react badly.
Selling the right thing means fewer returns. It also means happy customers who buy again, and tell their friends. Alternatively, selling the wrong thing gums up your phone lines with complaints, increases your cost of doing business, and leads to you being denounced on social networks right across the internet.
I don’t know how many people have consciences, and how much they apply them to business. Whatever the answer, it’s good to know that honest sales lead to better profits, even while letting you sleep at night.
Recent articles in the media and marketing trade press, are hotly debating the question of whether outdoor advertising has had its day.
For the record, we say the answer's 'no'; but I wanted to explain why we know this is the case. A quiet revolution is going on in out-of-home advertising. Small businesses are really starting to tune in to the medium's benefits, and we are seeing ever-increasing numbers – around 250 per week, in fact - signing up to Signposter.com to run out-of-home campaigns in their local area.
I believe that if small businesses are prepared to invest hard-won capital into an outdoor campaign on an ongoing basis like this, it’s because of hard evidence - such as sales increases or increased footfall to their business - of the medium's effectiveness. When every pound counts, they won't do any promotion without the confidence it will work.
This says to me that 'on the streets', where it counts, outdoor is working; it’s picking up more converts to its impact and effectiveness. And if it works like this for small businesses and local campaigns, I'm confident it'll continue to deliver for the big players as well.