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In this episode of What’s Wrong With Revenue? we uncovered why there are no systems for revenue generation when so many other systems and processes exist across companies. We talked extensively about what a Revenue Generation System might look like, why you must have one and how it impacts results.
First, we unpacked the necessary elements of a Revenue Generation System. We reviewed the requirements around strategy, tactics, campaigns and then technology. These four pillars are key to any solid revenue generation effort but they’re essential components of a Revenue Generation System.
Within each of those components, we reviewed what strategy looks like and how it needs to be done before you start executing any tactics or campaigns – even before you start adding technology to your effort.
Without a solid and agreed-on strategy, you simply end up with random acts of marketing, which we see too frequently today.
You then have to select the right set of tactics that are aligned with your strategy, revenue goals and budget.
Those tactics have to be woven into a set of omnichannel and well-orchestrated personalized campaigns.
And you’ll need technology in both the sales and marketing areas to help you automate, analyze and ultimately optimize your entire revenue cycle if you want to create a system that delivers repeatable, scalable and predictable revenue growth.
We had a lively debate on who inside the company should be responsible for creating the Revenue Generation System, who maintains it and who is ultimately accountable for its performance.
Ultimately, that came down to leadership at the highest level, but one of the requirements for the system is having someone inside the company accountable for everything associated with the new system. Typically, that person is a CRO, CMO or sales leader.
And before we wrapped up, we talked in detail about whether it makes sense to build this from scratch or work with an existing system that can be installed.
For instance, consider EOS for running your company. They offer an existing system, the tools and the processes you need to help your company get better traction. A Revenue Generation System would offer the tools, processes and coaching you need to help your company grow revenue.
Whether you go the in-house or external route, this is something you should be considering if growing top-line revenue is an important metric for you in 2023.
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