Is Revenue Marketing the Same as Lead Generation?
You’ve seen sales funnels hundreds of times and have probably created several of your own, so you already know that they start with brand building and awareness and move on to lead generation.
But when compared to revenue generation strategies, is lead generation an effective use of your time? Or would that time and effort be better spent focusing on ways to grow your bottom line?
Lead Generation is an Integral Part of Revenue Generation
Rather than pitting the two strategies head-to-head in a face-off, you should look at them as two parts of the whole: an integral part of the funnel. One can’t thrive without the other. Here’s why:
Once you’ve got a firm foundation of name and product recognition and people are aware of your brand, you then move on to high-value leads that are the most likely to convert. What you need to generate here is demand: you want people to want your product or service, and you want them to seek out your company in order to get it.
This is where revenue generation comes in.
Traditionally, the sales and marketing teams in a company can be at odds with each other. The marketing team builds and launches the campaigns, then hands off the leads to the sales team in one fell “not our problem anymore” swoop.
Revenue generation forces both parties to work together more cohesively: scaling up both lead and demand generation by attaching them to specific metrics that are measurable and repeatable.
Revenue Marketing Asks the Questions that Lead Generation Doesn’t
Rather than trying to increase demand purely by making the product or service more attractive, unique or engaging in some way, revenue generation strategies focus purely on what the customer wants.
How do we make them want this product, or want more of it? What other factors can influence how quickly we can produce and ship this product? How can we make it easier for them to buy? What role do all of our channels play in facilitating this exchange?
Instead of looking at things from a product-based point of view, revenue generation is customer-centric.
This also has the dual benefit of attracting and retaining more customers since there’s a greater focus on “how can we help customers using our product or service” versus “how can we make our product or service stand out more?”
Plus, with key metrics tied to the customers’ actions, there’s less predicting what could happen as a result of this or that change or decision, and more actionable metrics taken directly from real-time changes. You can instantly see what’s working and make course-corrections and adjustments accordingly.
Making the Switch
It can be a challenge to switch from a product or service-based mentality to one focused more on growing and scaling your bottom line. However, doing so has a ripple-effect on your business and branding. And at Workdom, concentrating on growing and scaling your revenue using proven content marketing strategies is precisely what we do.
To learn more and get your own personalized plan, reach out to our experts today and let’s talk about your marketing strategies, growth ideas and next steps!