From Account-Based Marketing to Revenue-Based Marketing
Even as Account-Based Marketing (ABM) is more readily adopted by organizations, this strategy may always help achieve desirable results. Not everything always goes according to plan, and organizations might have trouble adopting ABM throughout all their marketing efforts. Yes, your data might tell you things are happening at the bottom of the sales funnel – where leads seem warm and ready-to-convert – but your campaign results might not always always align. This is where the shift to Revenue-Based-Marketing (RBM) can help.
What is Revenue-based marketing?
A holistic, result-based approach to marketing and sales which helps companies drive revenue growth predictably. This is where your campaign objectives and results start to align.
Why transition from ABM To RBM?
The first stage of revenue-based marketing involves developing an in-depth understanding of your buyer. Intent-driven ABM offers access to buyer behavioral patterns and characteristics, such as event attendance, content consumption or times a webpage was visited. However, this information might be generated in silos and collating this data in a unified manner could be a challenge for your marketing department.
When it comes to launching the campaigns with ABM, sometimes marketers simply shoot at blind targets with:
- No adequate data on prospects
- No proper tools to bifurcate prospects’ behaviors
- No analytics to gauge the impact of these strategies
Revenue-Based Marketing helps you create a more collective, personalized approach to understand your prospects and segment them into criteria based on the timeline required for conversion. RBM also takes a personalized approach to solve for pain points and prioritizes outreach to prospects based on their challenges, so no one is left out.
Personalization is a prime component of Revenue-Based Marketing. While personalization exists in Account-Based Marketing, RBM helps you outperform. With all metrics and data available at their fingertips, it’s easier for marketers to produce content that resonates with the target audience and focuses on the revenue at the same time.
Adapting to Change with RBM
Each business has its own set of goals to achieve its revenue target. Marketers cannot develop efficient marketing strategies, unless they have a revenue-based approach in place. Revenue-Based Marketing work in tandem with various elements and dependants of the campaign, thereby bringing value to everyone involved:
- Sales teams know which prospects are sales-ready
- Marketing teams know which campaigns will deliver revenue
- Customers receive the most relevant communication
Marketers best succeed when they engage their prospects around key pain points, clearly outline how to overcome challenges, and achieve revenue-based objectives.
“Change is constant,” and goals may change. The focus that RBM brings helps marketers constantly adapt to a changing landscape and maintain consistency throughout different stages of the funnel, thereby tackling the revenue goal with a personalized approach and cherishing true success.
The approach of Revenue-Based Marketing is to bring a higher degree of personalization for each specific account, without hampering the core values of ABM. Revenue-Based Marketing gives us the flexibility to focus on revenue along with creating a more personalized experience for prospects.
RBM strategies will help sales and marketing teams focus on defining their client’s revenue goals and leverage AI-based data and analytics (through the lens of an ABM list) to create balanced, personalized messages across all the channels and reach the right targeted audience. That’s when we’ll be able to truly implement a revenue-based approach.
How to start implementing Revenue-Based Marketing
There are many approaches to keep your people and processes in sync. Here are three prime takeaways that can help:
- Understand pain points: Listen to your clients and prospects in order to understand their challenges. You never know when clients themselves can give you the answers you’ve been looking for all over if you give them a chance to talk. Train your teams to be constantly in touch with their clients and have regular interaction with a customized message. Build a strong bond with your clients and prospects.
- Don’t get overwhelmed by data overflow: Determine the metrics that matter and implement an effective engagement and estimation solution. Put your first- and third-party data sources in sync, organize by account and media channels for easy monitoring. Start small! A little improvement to your process can go a long way!
- Ratify a revenue-based model of thinking: Identify and understand different aspects that impact your revenue goals to constantly optimize and influence bottom lines and increase ROI.
Remember- don’t overthink it. The key is to build an aligned, revenue-driven marketing team that keeps sales and marketing in sync focused around your objectives.