If you’re a Marketing or Sales professional, chances are that your new year is already awash with activity – here’s wishing you a great year ahead! Also, if you are such a professional, you have probably heard of ‘Revenue Performance Management’ (RPM), a term that was in vogue a few years ago.
While there are different meanings attributed to RPM, the point is that if you’re part of a forward-thinking team, there’s no getting away from the fact that your efforts need to directly impact revenue and the impact of your efforts needs to be quantifiable.
In that context, we have started offering a process called ‘Revenue Forensics’.
You can find more details here but in short:
Revenue Forensics enables an organization to tie together the various marketing programs, sales tactics, and customer success initiatives to understand the impact on revenue across the entire customer facing value chain.
In order to do this, it’s first important that you understand the current state of your data and processes. That’s where the ‘Forensics’ part of the term comes in.
Why is ‘Revenue Forensics’ important for you?
1) You cannot escape from Revenue
Until as recently as 2013, only about 50% of marketers were held accountable for revenue.
That number is significantly changing and unless you are living in the dark ages, you are already responsible (or soon will be) for your impact on the company’s revenues. You need to understand how your actions make a difference to the top line.
2) You cannot sprint before you crawl
Due to the constant hype from technology vendors, almost every marketing and sales team wants to have the most advanced analytics solutions (including predictive analytics and others) in place.
More often than not, they are disappointed with the results. This is not because the technology solutions are useless but in most cases, the data is incomplete and/or unclean.
You need to understand the state of your data and clean it (and keep the cleaning process going as an ongoing process) before you can start using advanced techniques.
3) You need to understand what is working and what is not
In order to have the maximum impact possible on revenue, you need to clearly measure the effectiveness of the various campaigns, channels and content that you are using today.
It’s therefore important that, like Sherlock Holmes, you clear your mind of junk that is not useful and focus on what matters.
So what does this all mean for you?
To take a leaf out of medical detectives’ books – when a crime is committed, they don’t immediately try to solve it. They need to first understand what happened and only then can they start looking for the ‘perp’.
Similarly, for you to be able to truly maximize the impact of your hard work, you need to be able to understand what the current ‘state of your nation’ is. This is where the Revenue Forensics approach can help.
Here’s what we do:
- Understand what your main business goals and objectives are (from a Sales and Marketing perspective)
- Formulate the metrics that will most effectively help you measure your progress against your targets
- Diagnose the current state of your data and find out the hidden ‘perps’ in terms of redundancies and gaps
- Prescribe the steps needed to ferret out these ‘perps’. If you wish, we can implement these steps for you
- Finally, we hook up our solution to your source systems in order to provide you the metrics from step 2 on an ongoing basis.
If you are interested in learning more, give us a shout.
We would be more than happy to share our experiences with you and see how we could help make 2016 an even more successful year for you!