“Revenue Performance Management is a systematic approach to identifying the drivers and impediments to revenue, rigorously measuring them, and then pulling the economic levers that will optimise top line growth.”*
In order to understand how Revenue Performance Management (RPM) can help your organisation, it’s necessary that you first understand your buyer’s journey. In the quote above Eloqua refers to “…identifying the drivers and impediments”.
In the illustration below you see a possible route to market for one buyer, filled with drivers and impediments. While this example starts with a catalogue, the buyer could obviously start at a website, a social property etc.
The point being, the journey is complex, there are many barriers and distractions along the way where your competitors can distract the buyer from your messaging.
Measuring from the beginning to the end
The nirvana for Marketing is to have clear line of sight from the initial prospect stages, through the funnel, into the activity of the sales team and eventually to an opportunity that is either won or lost.
A few years ago, this objective was really just a pipe dream. IT departments struggled to deliver that level of insight and if they got close the data was days, weeks or even months old. Essentially useless except for a historical view into buyer behaviour, great for the analysts.
Pulling the “economic levers”
Once you’re able to identify the “economic levers”, the game gets a lot more serious. With access to live data, data that represents the digital behaviour of the buyer, it’s time to start manipulating the journey.
This means delivering information to the buyer that’s relevant to their journey, best driven by a strategy. Again, without knowledge of their journey, it’s impossible to create an experience that delivers the right outcome.
I’m working with a few clients at the moment, in the B2B and B2C space who are in the process of understanding what Revenue Performance Management means for their organisations. Over the coming weeks and months I’ll share what we learn along the way.