How do you define Revenue Performance Management? Here's an article summary that gives some options:
The marketing function changed radically during the last decade, especially with regard to the use of technology to generate demand. Here are three definitions for Revenue Performance Management (RPM), depending on the need:
A) Marketing automation is the mechanism that binds the two organizations and yields increased revenues by requiring a definition of an end-to-end lead qualification process without regard for organization boundaries, ensuring that only highly qualified leads are passed from marketing to sales, and keeping sales focused on opportunities that are most likely to close.
B) Another RPM definition focuses on optimizing investments in marketing campaigns to make sales teams more productive and improve the accuracy of sales forecasts. The cornerstone of this approach is the understanding that 50-70% of the purchasing journey has been completed before a sales rep engages a prospect. In other words, marketing builds trust and presents relevant offers before passing leads to sales.
C) A third definition is customer-centric and looks primarily at the end-to-end purchase lifecycle. The goal is to optimize and track all marketing and sales contacts with the prospect. This perspective recognizes that buyers – not vendors – control the flow of information pertaining to their purchase. Marketing always manages these channels. As such, marketing’s contribution to revenue generation must be highlighted and acknowledged.
The author’s working definition of RPM is a combination of strategy, technologies and processes to enhance revenue generation:
- Sales and marketing alignment for nurturing leads and closing deals.
- Real-time access to skills, processes and training.
- Deal-specific playbooks and portals to improve win rates.
- Revenue-rich quotations and proposals to maximize deal sizes.
Excellent and thoughtful piece and graphic.
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