Out of the Box Reporting not Enough for Revenue Marketers
- AUTHOR Jay Jennison
- February 12, 2014
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I like that the once colloquial phrase “revenue marketing” is finally getting some formal treatment and gaining relevance in the marketing conversation. It’s a long overdue arrival to the B2B marketing space and a topic that serves as a reaffirmation to the trend and rising popularity in marketing analytics that parallels it. The Pedowitz Group frames “revenue marketing” by defining a “revenue marketer” as anyone who has taken “revenue or revenue-related accountability through the kinds of campaigns, communications and digital interactions they set up and measure across the entire client life cycle.”
And as more and more marketers are being asked to commit to a specific revenue number, they do so without protecting themselves. What I mean is that marketers are committing to accountability over revenue without a clear, normalized reporting methodology that fits their business processes. Therefore, there is no mechanism that can appropriately measure their quota attainment, nor are they able to report on the effectiveness of their different programs in order derive strategic insight into how to be more effective in achieving that number. In my last blog post I challenged everyone out there to investigate this reporting methodology. If there is ever any question amongst your organization over whether the numbers are accurate then its time to open the books and really dig in to understand this methodology.
I attended The Pedowitz Group’s REVTalks event last month in San Francisco and was impressed by the speakers and subject matter as it directly addressed revenue marketers out there and offered good direction in ways to begin to understand your data and effectively measure your performance. And while it offered great thought leadership, it is important to remember not paint broad strokes in a universal solution as reporting is closely tied to business process.
It is therefore important to thoroughly investigate platforms and reporting tools to ensure that you are not subject to an out of the box methodology that will not necessarily accommodate your underlying business process or reporting requirements. Furthermore, are your programs being measured in the same place (CRM, marketing automation, BI tool?) and with the same methodology as other demand generation programs that are contributing to the overall revenue goal? If not, there will never be alignment amongst departments and therefore no accountability. If there is disagreement over data due to a lack of normalization in reporting then there will never be a definitive way to prove your personal contribution to revenue.