Revenue Generation: Critical to Your Business's Success

There are many factors that can contribute to the success or failure of a business. A crucial one is revenue generation. Last month we touched on Five Business Dangers. The two that affect a business’s revenue are marketing and sales. We will dedicate this month’s topic to making distinctions between your Marketing and Sales efforts. It’s especially important that your company defines the role that its marketing and sales efforts need to play. For most companies, a mix of marketing and sales will be important. Depending on the product (or service) a company offers, a well-written product information or description may be all that is needed to generate a sale/transaction – think about the first iPhone and the long lines of willing buyers waiting to get their hands on one.

It is also important to think about KPIs (key performance indicators) for your marketing and sales efforts. People and positions also play a significant role and clarity for these is critical in driving success with your KPIs. Here are a few thoughts to help you define your marketing and/or sales:

1. How are leads or opportunities created and by who or which department?
2. How much support is needed to sell what you offer? Think Customer Service or Sales, or even something like Sales Engineer (a salesperson with engineering expertise)
3. Is what you offer acquired transactionally (no or little help needed)?
4. Is what you offer best supported through establishing a relationship? Think recurring revenue, professional service, repeat customer, referrals, etc.
5. For either marketing and/or sales, what processes (steps) have you put into place?

Are the answers to the above questions unclear? If so, your team will be challenged to enhance your revenue performance.

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