07th Sep, 2018
, , Designation
Over the past couple of years, there has been a drastic change in customers’ buying patterns and mindsets in the B2B industry. The contributing factors to this change range from evolving technology to changing consumer behavior and expectations.
Today, a B2B buyer is no longer like a customer who understands the product or service and simply negotiates pricing through one-on-one sales meetings. He has several tools to research and assess the product or service that best meets his organization’s requirements.
Moreover, many studies back up the fact that B2B buyers are well down the sales funnel before they even get in touch with a sales professional.
So how are B2B organizations adapting to this change?
The answer is simple- by building revenue teams!
For a long time, B2B has typically been a sales-driven space. This used to leave less space for marketing. But as we now know, today’s B2B buyers don’t sign contracts based on a brilliant pitch given to them. The sales team’s role has transformed into a one responsible for bringing a human connection and sealing the promise made by marketing that has bought the prospect to them.
But what is a revenue team?
Quite in line with its literal meaning, it is a team which is compositely responsible for bringing in revenue. As the B2B marketing landscape becomes an increasingly complex, omni-channel environment, there is a need to align and nurture collaboration between both sales and marketing team.
Organisations should think of the objective of marketing and sales as “revenue” and both departments should work together on the revenue funnel. Marketing owns the top half of this funnel by creating awareness and engagement.
And when prospective buyers appear on the radar, sales steps in to consult, nurture, and close. The next logical progression for this alignment of sales and marketing is a unified entity, i.e. a revenue team.
What all it takes to build a revenue team?
The revenue team can enable visibility across the funnel, faster time-to-value from marketing & sales, and the ability to use data to drive better decisions across the funnel. Here are few things you have to take care of if you are to build an effective Revenue Team for your business:
Building an efficient marketing department that has the capability of both lead generation as well as sales enablement.
Think of a hybrid sales and marketing team that, instead of working in silos, is working to create an ecosystem or pipeline that drives sales.
Marketing technology that enables smooth transition of leads through the funnel and gives insights on how sales and marketing departments are driving revenue.
MarTech has evolved by leaps and bounds, more so, after AI was introduced. Leveraging marketing technology and merging it within the sales process will enable the revenue team to get an insight into their targeted audience and position the product/service accordingly to convert the leads into solid sales.
An executive or officer who understands and fosters the alignment of sales and marketing, and oversees the strategy necessary for this system to be successful.
Revenue team need to align themselves with what the target audience wants to know before buying a product and leverage that information to formulate a sales/marketing strategy that converts customers without force feeding.
A sales department that is well-versed with the importance of the role of a modern marketing department.
Often, sales and marketing departments work in silos, never really understanding how the other works. When building a revenue team, this must change. Make your revenue team undergo targeted training to understand how marketing and sales can work in tandem to create an effective revenue building strategy.
Here are some of the core benefits you can hope to derive by building a dedicated revenue team:
Better Lead Generation
There is nothing more frustrating than a bad lead. It not only wastes times but valuable resources that ultimately leads to nothing. A revenue team will allow you to generate better leads by aligning sales and marketing more closely. For example, a lead that does not pan out can be sent to the marketing team for retargeting and influencing the lead to come on board.
Rise in Revenue
Aligning your sales and marketing team into a revenue team leads to a significant rise in revenue. Sales and marketing working in tandem are able to generate great leads and convert them using a targeted approach.
A revenue team is instrumental in creating a buyer persona, a profile of people who are most likely to buy your product/service. Based on that persona, the revenue team is able to create specific marketing and sales strategies for each persona, offering a personalized experience to customers and increasing the chances of conversion.
The revenue team is instrumental in defining a stellar communication strategy that is used by the sales arm of the revenue team to inform, educate and convert customers. This is done by a careful study of the target audience and figuring out what type of content communication they are most likely to respond to.
Staying Ahead of the Competition
A revenue team conducts careful study of the kind of content marketing strategies that are being applied by the competition, giving them an insight into a competitor’s thought process in terms of making a sales proposition. It further enables the team to position their own product content marketing in a way that leverages the gaps existent in competition’s offering.
Seamless Customer Experience
The revenue team, in which sales and marketing are working in consensus, ensures that the customers have a seamless experience while interacting with the product/service. They are able to chart out a customer’s journey from proposition to closure and ensure that the customer emerges happy at the end of it.
The importance of setting up a revenue team can’t be stressed enough. In this digital day and age, streamlining sales and marketing in to single department can help you revamp your revenue generation strategy for the better and achieve phenomenal results in the process.
What do you think about this concept of unison between the sales and marketing team? What are the steps that you have taken in your organization to minimize the great divide between sales and marketing? We’d love to hear your actions in the comment section below.