Digital Marketing Revenue Center Guide
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Digital marketing can be seen as an investment rather than just a cost. As marketing takes on more responsibility for revenue generation, marketing and sales departments must work together. Key performance indicators like brand awareness, cost per click, and return on investment must be tracked to close the loop between marketing activities and revenue results. Pixels can track user behavior across websites and devices to improve targeting of digital ads and personalization. As analytics technologies advance, pixels and other tracking methods will be important for personalized advertising.
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Digital Marketing Revenue Center Guide
- 1. Digital marketing as a revenue center Salim Lakdawala Head – Digital Marketing R Hotels
- 3. Digital marketing as a revenue center “Marketing can . . . be seen as a cost rather than an investment, which is cut when businesses face difficult times.” https://www.chiefmarketer.com/make-your-marketing-team-a-revenue-center-3-tips/ Andy Duncan, CEO of UK national lottery operator Camelot
- 4. Digital marketing as a revenue center Brand Awareness CPM CPC Engagement Reach Impression SOV OR http://www.econtentmag.com/Articles/Column/Marketing-Master-Class/The-Revenue-Driven-Marketer-The-Path-to-Performing-as-A-Profit-Center-124419.htm
- 5. Digital marketing as a revenue center All the above terms matter... www.targetmarketingmag.com/post/how-to-make-marketing-a-revenue-center-and-not-a-cost/
- 6. Digital marketing as a revenue center
- 7. Digital marketing as a revenue centerhttps://www.investopedia.com/terms/r/returnoninvestment.asp ROI = (Current Value of Investment - Cost of Investment) / Cost of Investment
- 8. Digital marketing as a revenue center
- 9. Digital marketing as a revenue center “Eighty-nine percent of CMOs expect to be responsible for customer experience by 2020 according to our research. And with marketing taking on more responsibility for revenue, and a greater, long-term customer focus, marketing and sales are now a marriage.” https://www.conversica.com/blog/marketings-role-is-changing-from-a-cost-center-to-a-revenue-center/ Chris Connell, Marketo APAC Senior Director
- 10. Digital marketing as a revenue center Marketing Revenue management
- 11. Digital marketing as a revenue center Revenue management and digital marketing have now become interdependent business processes that leverage advanced analytic techniques to drive significant revenues http://analytics-magazine.org/revenue-management-a-digital-marketing/
- 12. Digital marketing as a revenue center Changing From a Cost to a Revenue Center: Questions Your Strategic Marketing Plan Needs to Address https://leadg2.thecenterforsalesstrategy.com/blog/making-the-transition-from-marketing-as-a-cost-center-to-a-revenue-center
- 13. Digital marketing as a revenue center 1. What’s our goal for “new/new” revenue? 2. How many new clients, sales qualified leads, marketing qualified leads, leads, and eyeballs do we need to meet our revenue goal? 3. What’s our positioning strategy and message? 4. Who is our target persona? 5. How are we going to get more visibility? 6. What are we going to do to generate and capture leads? 7. How are we going to nurture leads through the sales funnel? 8. How are we going to close more leads faster? 9. What are we going to do to delight and retain our current clients? 10. Who is going to be responsible or accountable for generating leads? For closing sales? For reporting? https://leadg2.thecenterforsalesstrategy.com/blog/making-the-transition-from-marketing-as-a-cost-center-to-a-revenue-center
- 14. Digital marketing as a revenue center The important thing is to close the loop And track the Marketing investment from execution to results
- 15. Digital marketing as a revenue centerhttp://analytics-magazine.org/revenue-management-a-digital-marketing/ Discovery Search Engine, Blog, Social Media, Meta Search Sale Brand Website, OTAs
- 16. Digital marketing as a revenue center A pixel is your best friend
- 17. Digital marketing as a revenue center What is a pixel? Pixels are snippets of code that allow you to gather valuable information about website visitors and what actions they took, so you can send them ads that are most relevant to them. Tracking pixels. Retargeting pixels. Conversion pixels. Regardless of what you call it, a pixel can help you increase sales and better measure your own marketing efforts. https://www.eventbrite.com/blog/whats-a-marketing-pixel-ds00/ https://www.liquidweb.com/blog/what-is-a-tracking-pixel/
- 18. Digital marketing as a revenue center The future of analytics and personalization? As technology gets smarter, performs better and continues to drive integration across multiple platforms and services, tracking technologies such as pixels, beacons, cookies will be part of the next evolution of digital ads: personalized advertising experiences. https://www.digitaland.tv/blog/what-is-tracking-pixel-ht/
- 19. Digital marketing as a revenue centerhttps://leadg2.thecenterforsalesstrategy.com/blog/making-the-transition-from-marketing-as-a-cost-center-to-a-revenue-center
- 20. Digital marketing as a revenue centerhttps://leadg2.thecenterforsalesstrategy.com/blog/making-the-transition-from-marketing-as-a-cost-center-to-a-revenue-center It’s time to stand up and measure results and be held accountable for the good, the bad, and the ugly.
Editor's Notes
- Over 50% of C-suite executives in a recent study didn’t think that the company’s marketing expenditure was even significantly driving top-line revenue, never mind bottom-line profits. In a nutshell, CEOs are concerned with strategy (where to take the company), organization (people, skills, etc.), revenue (the current and future top line), and cost (the other determinant of the bottom line). You should aim to be associated with revenue. What happens if your boss doesn’t associate you with revenue? Well, in that case, you’re just a cost.
- Skip the Vanity Metrics--Marketers cannot operate in the dark and can sometimes rely on buzzwords and vanity metrics that only lead them astray. Identify what will best demonstrate success. Some KPIs aren’t as important as they look—you’ve got to dig deeper and measure the contribution you generate. With advancements in analytics, you can account for budget spend to identify waste and drive performance improvements.
- The Right Metrics As I mentioned before, not just any metrics will do. Process metrics like fans, followers, clicks, etc. are important to us as marketers but not important to those with profit-and-loss responsibility and not important to most businesses as a whole. The metrics you need to seek out are business metrics. These are metrics related to profit, revenue, sales, lead volume, lead quality, and so on. The problem, of course, is that not only are these metrics harder to measure, they are harder to tie to specific marketing actions.
- This is a term I am sure all of us keep hearing and justifying in our commercial meetings. What is Return on Investment (ROI) Return on Investment (ROI) is a performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments.
- "Current Value of Investment” refers to the proceeds obtained from the sale of the investment of interest. Because ROI is measured as a percentage, it can be easily compared with returns from other investments, allowing one to measure a variety of types of investments against one another.
- ROI changes the dynamics of how we perceive Marketing in isolation. Now is the time to change our perspective.
- Marketing and sales teams must be aligned. Your sales funnel is the buying process that customers go through before they buy a product. If there’s a gap (or a leak, as it’s commonly known) in any place in your process, your revenue will be low. The notion of sales and marketing as separate entities is fast becoming a thing of a past. But while there are significant benefits in closer alignment, experts agree it will require a radical shift before businesses have sales and marketing teams that function like a single, well-oiled machine.
- Another important department that marketing needs to work closely with is Revenue
- The conflict, and potential synergy, between digital marketing and revenue management arises because they control two different components of the marketing funnel. Digital marketing generates demand by creating awareness in a prospect population, arguing for consideration and delivering the customer with an effective call-to-action. The customer experience of revenue management comes after all that. Revenue management stimulates or restricts demand at the point of conversion by moving price and availability. It creates optimal pricing strategies that target conversion rates to available inventory.
- If you’re a senior marketing or sales manager, you may be in a position where you need to change the conversation with the C-Suite or Executive Team about the plans (and costs) you have for “moving the needle.” You must be able to move from acting and being perceived as a cost center to acting and then earning a place as a revenue center.
- Understand your audience and track the end-to-end effects of the entire purchase journey. Discover and adapt your methodology and you’ll be running impactful, measurable marketing campaigns that help you connect deeply with your customers. Thanks to digital marketing technology, marketers have access to analytics that tell them that putting X dollars toward Y channel will result in Z revenue. The value of technology to the company has grown exponentially, because there’s clear evidence that the output (marketing collateral) is converting prospects and leads to customers.
- Travel and hospitality providers tend to be less effective at search marketing and have ceded much of their customer base to online travel agencies. In addition to the effort on traditional digital activities like Paid Search, SMM, KOL activations, the new opportunities are with the Meta-searches and OTAs, love them, hate them, they are here to stay and command the largest pile of market share.
- Tracking has become a key component of personalized ads’ success over the past few years. It is at the core of successful retargeting campaigns, enabling brands to carefully monitor clicks, cost per lead and cost per pixel.
- How Much is All of This Going to Cost? This question is typically the very first question CMOs get asked when presenting a marketing plan. Of course, your plan is going to include a budget for the human resources, marketing and sales technology and tools, consulting costs, and various out of pocket expenses necessary for accomplishing your goals.
- But instead of trying to defend an expense, perhaps this is the defining moment where marketers could get the C-suite or Executive Team to stop thinking about marketing expenses as just costs and instead, to think about them as investments. It’s time to start talking the talk and walking the walk about ROI. It’s time to put your budget into the framework of investments that need to be made to grow revenues, and not about the checks that have to be cut.