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Streamlining Sales Process Doubles Growth Rate

Streamlining Sales Process Doubles Growth Rate

Streamlining Sales Process Doubles Growth Rate

B2B Companies that streamline their sales process enjoy a dramatic competitive advantage: 2X revenue growth rate, 3X profitability growth rate, 10X average deal size growth, and 8% shorter sales cycle.  How? They 1/ tightly align their sales process to the entire buyer’s journey, 2/ utilize social media and website interactions for 31% of their sales communications with buyers, and 3/make savvy SalesTech choices that enshrine the CRM as their system of record.  How to accelerate sales and productivity.         

 

Why Should Sales Pursue A Strong Alignment with Marketing?

Strongly aligned organizations demonstrate 97% greater annual growth in team sales quota attainment, 64% greater YoY growth in company revenue growth, and 3.4x faster-moving sales cycle.

Sales Acceleration With Better Alignment

If Sales wants to achieve its ever-increasing quota goals, they need to figure out how to better align and collaborate with Marketing to accelerate sales & productivity. How to accelerate your Marketing & Sales revenue alignment, collaboration and execution.

 

Chief Revenue Officer or Chief Marketing Officer?

The CEO needs one person accountable for the company’s revenue generation, and maybe the CMO or CRO will emerge as that one person who can help bridge the gap between Marketing, Sales and others.  The emerging role of the CRO focuses more on cross-functional collaboration to drive sustained growth while the “VP Sales” is laser-focused on execution to achieve this year’s number. 

VP Sales vs. Chief Revenue Officer image

Similarly, the modern CMO is being asked to focus more on cross-functional collaboration to drive sustained growth while the “VP Marketing” remains focused on achieving KPI’s for customer engagement and lead generation. An effective CMO or CRO would definitely help accelerate revenue growth from Sales Enablement, Account-based Marketing and Marketing/Sales automation.  How to accelerate cross-functional collaboration and revenue growth

 

What Traits Makes a CMO Most Effective?

The modern CMO needs to be a strategic business leader who can drive cross-functional initiatives via collaboration.

Effective Chief Marketing Officer Traits - Marketing Outfield

Effective Chief Marketing Officer Traits

The top 3 traits identified by US Marketers reflect the C-suite’s increasing pressure to have the CMO role assume greater ownership of the customer experience, provide more enterprise-wide strategic leadership, and prove Marketing’s worth in terms of revenue contribution and ROI. It certainly helps to have a growth mindset, direct sales experience and an understanding of technology! How to accelerate cross-functional collaboration and revenue growth

 

The State Of Sales Acceleration

How Can Marketing Help Accelerate Sales?  76% B2B Sales professionals optimistically think that the leads they get from Marketing are of high quality, yet, only 17% of those leads actually turn into revenue.The State of Sales Acceleration - Marketing Outfield

Those 83% leads are dragging down Sales productivity.  How can we accurately predict that a top-of-funnel prospect, who downloads some interesting content today, will actually buy something in 6, 9, 12 months? We can’t!  However, we can use our content and automation to continue educating a prospect until they do identify themselves as a potential middle-of-funnel buyer. How do B2B Buyers determine the right products or services that they need to buy? 22% B2B Buyers rely on recommendations from colleagues and industry influencers, 21% attend in-person events and online webinars, 16% research brands and solutions that they have been contacted about via sales calls, 14% browse the internet for new products/services and customer reviews 13% respond to sales or marketing content they have been sent via email, 13% click on relevant ads they see on websites that they visit.  How to accelerate your Marketing & Sales revenue alignment, collaboration and execution.

 

Why Do B2B Buyers Buy?

Why B2B Buyers Buy - Marketing Outfield

Why B2B Buyers Buy

What are winning Marketing and Sales teams doing to convert more buyers into customers? B2B Buyers continue to self-educate throughout the entire buying journey and only engage vendors AFTER they have determined their vendor short list. Within the final 3 months of their buying journey, 63% buyers accept vendor outreach, 72% buyers engage sales reps, and 64% of the competitive bids are issued. What are the winning vendors doing to win these deals? 1/ The winning vendor’s website speaks directly to the needs of buyer’s industry and expertise, and, its content speaks directly to the buyer’s company. 2/ The winning vendor’s marketing/sales content makes it easy to show buyer ROI and/or build a buyer business case for the purchase. 3/ The winning vendor’s sales team showed stronger knowledge of the business landscape and the solution area, and, the sales team has more insights about the company and their needs. Unless Marketing and Sales aligned with a deep understanding of the buyer’s business needs, their purchase process, and their buyer team members, it will be challenging to accelerate revenue.  How to accelerate your Marketing & Sales revenue alignment, collaboration and execution.

 

Accelerating Sales With Marketing Automation

Accelerating Sales With Marketing Automation - Marketing Outfield

Accelerating Sales With Marketing Automation

Why is Marketing Automation not accelerating B2B sales? It’s because we are not deploying automation technology effectively across the entire buyer lifecycle.  LEADS: The sales force has their definition of a qualified lead, which is based upon criteria such as company, industry, location, size, etc.  In contrast, Marketing uses a qualified lead definition that is primarily based upon prospect engagement: Less than 16% Marketers are using progressive profiling or account-based lead identification to deliver better quality leads to Sales.  WINS: The sales force has a sales process they follow to move a qualified lead to an opportunity, then to a forecasted deal, then to a win/loss. In contrast, Marketing’s direct involvement in pipeline conversion activities is minimal. In fact, only 45% Marketers MAP systems are integrated into the Sales CRM, only 24% Marketers have the capability to target individual buyer team members with dynamic content, and only 15% recycle leads until the sales force is ready to re-engage the prospect.  CUSTOMERS: Buyer advocacy? Up-sells? Cross-sells? We have the technology, but for Marketing Automation to accelerate sales, both Marketing and Sales must effectively collaborate throughout the entire buyer’s purchasing process/lifecycle to turn prospects into repeat customers. How to accelerate your Marketing & Sales revenue collaboration.

 

Accelerating Sales With Sales Technology

Why is Sales Technology not accelerating sales?  71% Companies reported that their Sales Technology investments were ineffective or somewhat effective at impacting Sales results.

Accelerating Sales With Sales Technology - Marketing Outfield

Lack of management leadership, Marketing Sales alignment, systems integration and data quality were top obstacles to success. (SalesTech includes CRM, Webinar/Demo, contact management, sales email automation, configure/price/quote, and account intelligence.) How to accelerate sales and productivity.

 

Achieving World Class Sales Performance

Achieving World Class Sales Performance

Achieving World Class Sales Performance

How many Sales reps are achieving quota at your company?Performance at most companies continues to go in the wrong direction.  Fewer companies are achieving their revenue plan (89.2% in 2012 but only 85.5% in 2016).  Fewer Salespeople are achieving their quota (63% in 2012 but only 53% in 2016). However, 6.9% companies are bucking this trend and delivering world class sales performance!  What are they doing different?  They adhere to a dynamic, formal sales process.  They strive to achieve trusted partner or strategic contributor relationships with their customers. They maintain superior alignment with their customer: they communicate value messages that are aligned to the customer’s needs; they articulate a solution that is aligned to the customer’s needs; they deliver CX that is aligned to their brand promise; they deliver consistent CX across all channels.  To deliver the right messages and consistent multi-channel CX, there had to be effective alignment and empowered collaboration between Sales, Marketing, Service and Product Management.  When Marketing and Sales are tightly aligned with their customer, great things happen.   How to accelerate your Marketing & Sales revenue collaboration.

 

Maximizing Paid Media ROI With Account-Based Marketing

Increased Paid Media ROI With Account-Based Marketing - Marketing Outfield

Increase Paid Media ROI With Account-Based Marketing

Does your B2B Marketing have real-time technology to  focus more on targeted accounts and their buyer team members, and less on individual leads? Learn how B2B Marketing can re-deploy a portion of their Paid Media Budget into Account-Based Marketing display ads to increase media impact, ROI and revenue. How to accelerate your Marketing & Sales revenue collaboration.

 

Accelerating Sales With an Updated Sales Process

Accelerating Sales With Updated Sales Process - Marketing Outfield

Accelerating Sales With Updated Sales Process

What is your sales win rate?  Sales organizations could win 15% more deals by tightly aligning their Sales process to the Buyer’s purchasing process.  Even “average” Sales organizations could win 15% more deals by improving alignment. How to accelerate sales and productivity.

 

Increasing Marketing’s Revenue Contribution

Increasing Marketing Revenue Contribution with Marketing Outfield

Increasing Marketing Revenue Contribution

Is your B2B Marketing organization focusing more on generating revenue and less on generating sales leads of uncertain quality? By improving Marketing & Sales Alignment, and by focusing on converting leads to customers, they will be able to more clearly demonstrate real revenue contribution. How to accelerate your revenue contribution and ROI.

    

Accelerating Revenue With Account-Based Marketing

Accelerating Revenue With Account-Based Marketing ABM - Marketing Outfield

Accelerating Revenue With Account-Based Marketing ABM

Why is Account Based Marketing (ABM) NOT delivering accelerated revenue? 81% B2B Marketing have adopted ABM. 57% B2B Marketers claim that Sales and Marketing are fully aligned (Flipmyfunnel Study). 85%-97% B2B Marketers achieve higher ROI than other marketing activities (Altera, ITSMA studies). So where is the revenue growth? Our modern marketing strategy seems to be grounded in 1997! Most of the measures of ROI are focused on the number of account leads generated per additional Marketing dollar spent, not the amount of revenue dollars generated per additional Marketing dollar spent. In fact, 62% B2BMarketing do not measure marketing activities taking place in the middle of the funnel and 80% B2BMarketing do not have dedicated tools to track multi-touch attribution. Passing leads between internal functions is not the kind of Marketing and Sales “alignment” that will accelerate revenue from buyers. To accelerate revenue, Sales and Marketing leadership must align their functional sales/marketing strategies to accelerate buyer action throughout the buyer’s entire purchasing journey/life-cycle. 

 

Accelerating Sales With Sales Enablement

Accelerating Sales With Sales Enablement

Accelerating Sales With Sales Enablement

Why is Sales Enablement NOT accelerating sales? Numerous studies show that better aligned Sales organizations deliver increased revenue, and more companies are adopting sales force enablement as a discipline, yet quota attainment continues to decline (55.8% in 2016). Sales Enablement is supposed to be a strategic, cross-functional discipline designed to increase sales results and productivity, but is that what we’re really implementing today? It appears we are currently focused more on improving Sales processes WITHIN the Sales organization, rather than improving revenue growth processes BETWEEN Sales and others. The top priority for Sales Enablement groups in 2016 was to increase revenue, however, enabling collaboration was a priority for only 16.5% of Sales Enablement groups and only 21% of Sales Enablement had a formal process for collaboration. To achieve consistent sales acceleration, Sales and Marketing leadership must align their functional sales/marketing strategies into an integrated revenue strategy, enabling Sales and Marketing specialists to collaborate on joint execution of these common strategies throughout the entire buyer journey.   

Why Didn’t They Buy?

Selling To B2B Buyer Team image

Selling To B2B Buyer Team

How can we accelerate  B2B Sales? Win Rates We need to sell and market to every member of the buyer team, but in the end, the project will or will not get approved depending upon who is pushing it, and that person is NOT necessarily the highest ranking member on the team. In 90% of the deals there is just one dominant buyer team member involved in the decision, and, in 89% of the decisions the recommendation of that dominant member prevails.  We have a 90%+ chance of winning the deal if, as an integral part of our updated sales process, we identify this person, win them over, and collaborate with them to ensure the buyer team reaches a consensus to proceed.  

 

Product/Market Fit and Go-to-Market

Getting Product/Market Fit Right image

Getting Product/Market Fit Right

How can we accelerate Product Revenue and Profit? Product Market Fit Unfortunately, 40%-75% of new products fail to achieve their financial projections. It requires a team effort, and if we …. Sales, Marketing, Product Management … do not get the product/market fit right, then we can not get the Go-to-Market Plan right either. Ask the hard questions WELL BEFORE any product launch: Do we understand the Ideal Customer Profile, their compelling business problem, and how they make decisions. Do we understand the Ideal Partner Profile that will help us reach those customers. Do we have a Compelling Value Proposition for our ideal customer. If we can’t figure out how to win an ideal customer, then we will struggle to accelerate product revenue and profit.

 

Social Media Marketing ROI

Social Media Marketing Success Criteria image

Social Media Marketing Success Criteria

How can we demonstrate Marketing ROI to the C-suite for  Social Media Marketing?  How much additional revenue and margin dollars could the company generate for every additional dollar of Marketing budget? When it comes to social media marketing, most marketing departments struggle to answer that question. Only 21% Marketers measure social media success based on conversion to revenue. 79% Marketers continue to measure social success in terms of likes, shares, re-tweets, impression, and reach. We need to partner with Sales throughout the buyer journey to drive incremental revenue and margin dollars, and a great place to start is to align social media marketing actions with social selling actions.

 

The High-Impact Sales Manager

High-Impact Sales Manager image

High-Impact Sales Manager

How can we accelerate B2B Sales? Sales Management. One option is to turn the sales manager into a sales multiplier. The top 20% of Sales organizations have more than 75% of their Sales reps achieving quota, 65% of their Sales managers spending more than 20% of their time coaching, and spend much more in sales manager training than everyone else. 

 

The Customer in Context

Customer Preferred Engagement Channels data image

Customer Preferred Engagement Channels

How can Marketing accelerate B2B Sales? Customers-Preferred Communication Channels. Customers don’t expect a fancy omni-channel experience, BUT, they do expect us to respond on the channels that are important to them at different stages of their buying journey. For B2B Marketing & Sales, it’s no longer good enough to simply send 100 potential customers a whitepaper or webinar invite. “If they say they need a phone number, they’re saying they also need someone who answers that phone, who knows a bit about me, knows about my experiences and my engagement and doesn’t treat me like a stranger.”

The Sales Challenge of Team Selling image

The Sales Challenge of Team Selling image

 

Understanding Selling Challenges

How can we accelerate B2B Sales? Team Selling. Team selling is a critical ingredient in winning over B2B Buyer Teams, yet, a top challenge cited by sellers is knowledge about how to team-sell effectively and helping buyer teams combat their status quo. “The challenges involve alignment of message, breaking down silos, and forming an effective partnership.”

 

 

Four Marketing Strategies That Can Accelerate Sales

 Marketing Strategies To Accelerate Sales image

4 Marketing Strategies To Accelerate Sales image

How can Marketing accelerate B2B Sales? Performance Marketing.  85% Marketers could increase the conversion rate of Marketing Qualified Leads Into B2B Sales By Up To 25% they implemented best practices for all four of these techniques: rigorous journey mapping; sophisticated lead scoring; standardized lead hand-off; and coordinated up-sell efforts.

The Need For Better Collaboration

Importance of Collaboration in Sales image

Importance of Collaboration in Sales

How can we accelerate B2B Sales? Sales  Collaboration.  Sales Teams are ready for better alignment and collaboration between Marketing, Service and Sales. “Collaboration is crucial to streamlining the sales process and ensuring customer success.” However, effective alignment/collaboration will not happen until the Marketing leader AND the Sales leader agree it’s crucial enough to their success that they start collaborating.

 

The Emerging Importance of Personas

Target Market Buyer Personas

Target Market Buyer Personas

How can we accelerate B2B Sales? Target Buyer Personas. Target markets are for Strategic Planning. Target market buyers are for Revenue Generation Strategy.   This infographic clarifies personas. If your Sales, Marketing and Product launch revenue activities are still focused on just target markets, and not target market buyer personas, then you are not maximizing your revenues.

Digital Transformation: How B2B Leaders Are Aligning Marketing To The New Buyer

The Digital Transformation process for B2B leaders starts with getting the Go-To-Market strategy right, then enhancing or building out core marketing capabilities.  How to accelerate Marketing reenue contribution and ROI.

How Evolving Buyer Behavior Changes B2B Marketing Strategy