Perfecting Your Lead to Revenue Model
The goal of every business is the same: to generate leads and increase revenue. A lead to revenue model helps to ensure you’re building revenue through customer lifecycle marketing. By evaluating how much money a customer brings in at each stage of their journey, you can determine the best way to optimize the acquisition and retention of your customers. This helps you maximize your organization’s income.
Lead to revenue management is essential to the overall success of your company. After all, lead generation has a direct correlation to sales growth, which is why 53% of marketers spend half their budget on it. Carefully strategized sales and marketing methods can generate quality leads that convert to customers and drive sales growth for your organization. An effective lead to revenue model can help you achieve this goal.
Why You Should Assess Your Current Lead to Revenue Model
You may already have a lead to revenue model in place that you feel is working well. But are you sure you’re marketing automation platforms, business intelligence frameworks, and customer relationship management systems are well-integrated? Are your sales and marketing departments aligned, sharing data and working together to convert more leads? The only way to know for sure is to take a closer look and evaluate the processes you’ve implemented.
Lead to revenue management is an essential part of your business strategy. It outlines and applies technologies and processes to solidify procedures your business is following. When executed properly, a successful lead to revenue assessment will reveal areas that need improvement and provide insight into new strategies that could yield even better results.
5 Ways to Improve Your Lead to Revenue Model
With an optimized lead to revenue model, you can increase the influx of demand generation and help drive sales for your company. Here are five ways to perfect your lead to revenue model.
1. Build a Strong Interdepartmental Relationship
An effective lead to revenue model depends on the collaboration of marketing, sales, and service departments.
Each has a critical role in guiding customers through the sales funnel:
- Marketing: Creates brand awareness, generates interest, and nurtures leads into the buying stage.
- Sales: Converts nurtured leads to customers.
- Service: Maintains contact with customers, develops deep relationships, and keeps them coming back for more.
It’s essential that these teams work together to provide a positive experience for prospects and convert interest into profit. Unfortunately, only 33% of sales teams feel understood by marketing departments. This kind of disconnect will only impede progress and keep a business from reaching its full revenue potential.
Work to create a transparent relationship between these departments so that everyone is working together for the greater good of the company. Marketing teams should create materials that help salespeople close the deal. Sales teams should communicate their needs so marketing knows how best to support their efforts. Service teams should be kept in the loop to maintain communication channels that help with customer retention.
An interdepartmental relationship that thrives on open communication, transparency, and teamwork is key to perfecting an effective lead to revenue model.
2. Map Out Your Lead to Revenue Process
Sometimes we think we know the steps of a process, but due to breakdown in communication or simple misunderstanding, the workflow isn’t happening quite the way we thought. That’s why it can be helpful to create a visual map to actually see the steps being taken throughout the system. This can save you time and money wasted on oversights made with inaccurate or missing data.
A process map is an effective tool that allows your company to identify each step of your lead to revenue process. From the moment a prospect makes contact with your company to the ultimate win (or loss) of the sale, you’ll be able to see at what point your revenue process is working or where a breakdown may be occurring. Either way, this allows you to make necessary adjustments and optimize your process for effective, efficient results.
3. Consider the Buyer’s Journey
A process map can also help you better understand your buyer’s path. By recognizing the funnels and intersections a prospect encounters along their customer journey, you can shape your lead to revenue model to align with their needs and experiences. This provides a more tailored journey and helps increase conversions.
4. Incorporate Sales Enablement
As you develop your lead to revenue model, remember that sales enablement is crucial to generating income. By arming salespeople with an arsenal of training and integrated content, you empower them to excel at their job.
Ways to incorporate sales enablement include:
- Maintaining current database of shared demographic and response information.
- Keeping a watchful eye on prospect engagement and modifying collateral as needed.
- Sharing timely updates about new products and special offers.
- Developing highly-targeted campaigns to boost conversion rates.
Sales enablement can help ensure you’re giving your sales force information that helps them without overwhelming them with too many details. Providing sales teams with the tools they need to effectively complete their jobs is a critical step in your lead to revenue model.
5. Value Your Leads
It doesn’t do any good to generate leads if nobody follows up with them. Quality leads are among your most valuable assets. If your marketing or sales teams are ignoring the leads they’re given, there must be a reason. If they feel the leads aren’t qualified, there needs to be more training, either about how to gain qualified leads or how to turn those leads into qualified leads. If the teams are too busy, re-evaluate workload and see how to streamline the process so prospects aren’t overlooked.
An effective lead to revenue model operates under a feeling of respect for leads and their importance in the process. This might mean marketing, sales, and service teams also need to reassess the respect they have for each other and their roles within the model. Unanswered leads equates to lost money, and that’s not an option if your goal is to generate revenue.
Televerde Helps You Achieve Your Revenue Goals
An effective lead to revenue model can help secure quality leads that generate sales growth and drive revenue. Televerde is a global sales and marketing services company that helps businesses like yours qualify leads and close deals for overall company success.
The Televerde Resource Library offers a wealth of tools to help you reach your goals.