4 Marketing Strategies that Actually Impact Revenue
Revenue marketing has become one of the most popular approaches to marketing in the last few years. Whereas traditional approaches focus on generating more traffic, revenue marketing aims to increase an organization’s revenue through key strategic marketing initiatives that create measurable outcomes. Typically, revenue marketing initiatives focus on creating alignment between marketing and sales teams and strategically nurturing leads throughout each funnel stage.
While these initiatives are incredibly important, there’s more to revenue marketing than meets the eye. Here are four additional marketing strategies companies should implement to increase revenue, improve ROI, and support their revenue marketing efforts.
1. Lead with Authenticity
In a world where 90% of consumers report that authenticity is important when deciding which brands to support, companies must make authenticity marketing a priority. But how exactly can brands do this? The answer lies in establishing brand identity and purpose.
Authentic brands have a clear identity and a compelling purpose that guides everything they do. Authentic companies leverage their unique identities by keeping their purpose at the center to create marketing campaigns with substance, direction, and authenticity. Simply put, authentic brands have more impactful revenue marketing.
Simon Sinek’s Golden Circle is a helpful framework for establishing a clear brand identity. Through this model, brands define three key concepts:
- Why – Why they do what they do (i.e., purpose, values, beliefs, core tenets, etc.)
- What – What they do (i.e., core products or services)
- How – How they do it (i.e., what makes them stand out from the competition)
The most important aspect of this framework is that brands lead with their Why. In other words, they must place their purpose as their highest priority and let that guide everything else. When brands take this approach, they experience increased internal clarity and commitment and are more effective at building authentic customer connections that generate revenue.
2. Develop Valuable Content
In addition to leading authentically, brands must develop valuable content that resonates with their target audiences. Brands could have the best mission and product, but if they don’t communicate value through engaging content, they will fight an uphill battle in revenue marketing.
To create valuable content, brands must place themselves in customers’ shoes. They need to ask themselves questions like, “What do our customers want to know?” and “What do they want to engage with?” From here, brands should build their social media profiles, establish blogs, create emails, and create other necessary marketing content. When doing this, brands should also consider integrating user-generated content (USG) into their strategies and content that helps customers gain knowledge or solve problems.
3. Identify and Test Key Channels
A significant aspect of revenue marketing involves prioritizing key channels based on ROI, audience engagement, and market reach. To do this, brands must identify and test key channels for their marketing initiatives. This approach often involves leveraging earned and owned channels to conduct A/B testing, which enables brands to see which content and channels produce the best results.
Common channels for distributing content include websites, social media profiles, emails, and online advertisements. Each channel will have different costs and will cater to specific audiences. Therefore, companies must identify which channels align best with their budgets and target audiences. They must also keep in mind that channels evolve and change over time, so they will need to keep a regular pulse on channel effectiveness to maximize ROI and revenue.
4. Focus on Customer Relationships
One of the most impactful ways to improve revenue marketing efforts is to focus on building customer relationships. While customer relationships are typically associated with customer success departments, the reality is that both marketing efforts have immense potential to build valuable connections with consumers.
According to a 2023 report, 81% of customers want to build a relationship with a brand, and on average, 65% of brand purchases come from repeat customers. These trends have huge implications for marketing departments, which are often responsible for creating customers’ first impressions of a brand. Customer referrals and opinions have the power to make or break marketing efforts, and messaging around customer satisfaction and positive brand interactions can significantly impact future consumer behavior. In fact, not only do 93% of customers read online reviews before making a purchase, but 47% will tell others about a positive brand interaction, and 95% will share about a negative experience.
Simply put, developing strong customer relationships increases brand loyalty and reduces customer acquisition costs and churn, which enables companies to save money while expanding market opportunities. Therefore, by cultivating strong customer relationships, brands can reduce costs, improve revenue marketing, and increase their bottom line.
Making Revenue Marketing a Success
When it comes to revenue marketing, the strategic possibilities are endless. Whether it’s newsletters, events, ad campaigns, or even social media influencers, companies everywhere have numerous options to choose from. However, in a competitive business environment where every dollar counts, organizations must understand that there’s more to revenue marketing than meets the eye. By leveraging authenticity, developing valuable content, testing key channels, and focusing on customer relationships, brands can boost their marketing ROI and make their revenue marketing a success.
For more resources on how to get the most out of your revenue marketing efforts, check out Madison Taylor Marketing’s Resource Library.