10 Necessary Marketing Transformations to Drive Revenue in 2024 and Beyond

Growth heavily depends on the role of marketing within an organization. As we move into 2024, it's essential to transform your marketing strategies to drive revenue effectively. Here are 10 critical marketing transformations you need to implement.

1. Evolving the Marketing Role

From: Arts & crafts and sales order-takers.

To: A strategic role that defines the go-to-market (GTM) strategy and collaborates with sales on revenue generation.

Marketing should no longer be a supporting function that only creates content and designs. It must take a leadership role in shaping the company's strategic direction and driving growth.

2. Refining GTM Strategy

From:

• Broad ICP and universal positioning.
• Lead gen and demand capturing.

To:

• Prioritized markets, segments, and clusters.
• Narrow ICP with tailored value propositions and marketing messages.
• Full-funnel marketing based on the buyer journey.

A well-defined GTM strategy prioritizes specific markets and tailors messages to resonate deeply with the intended audience, ensuring that marketing efforts are efficient and effective.

3. Improving Demand Generation Strategy

From: Paid ads, mediocre keyword-focused articles, and social press releases.

To: Expert content created by Subject Matter Experts (SMEs) focused on jobs to be done.

Creating high-quality, expert content that addresses the specific needs and challenges of your audience is essential for building credibility and driving engagement.

4. Enhancing Marketing and Sales Alignment

From: Siloed teams that handle outbound and lead generation separately.

To: Aligned teams that collaboratively plan, execute, and review revenue-driving programs.

Bringing marketing and sales teams together fosters a more cohesive approach to revenue generation, ensuring both departments work towards common goals.

5. Transforming Lead Nurturing

From: A five-email automated sequence and retargeting that begs prospects to book a demo.

To: A multichannel nurturing program aligned with buyer intent and journey stages.

Lead nurturing should be personalized and strategic, engaging prospects across multiple channels based on their journey stage and intent.

6. Revolutionizing Demand Capturing

From: Retargeting and sales cadence pitching a demo.

To: Intent and engagement data tracking to identify engaged accounts and source them to ABM or GTM teams for further nurturing and activation.

Using data to track engagement and intent allows for more targeted and effective demand capturing, ensuring that the right prospects are nurtured and activated.

7. Setting Realistic Revenue Targets

From:

• Revenue targets based on investors' expectations and available budget.
• Budget spread around lead generation activities and ads based on funnel calculations.

To:

• Sales pipeline velocity and historical growth for realistic forecasting.
• Revenue goal decomposition by four motions: expansion, acceleration, net new, and renewal.

Setting realistic revenue targets based on data and historical performance helps in making achievable forecasts and allocating budgets effectively.

8. Optimizing Marketing Planning

From:

• Random acts of marketing and short-term experiments.
• Trying to be everywhere and running 50 tactics in parallel.

To:

• 80/20 approach: 80% of resources to regular operations and 20% for innovation.
• Excelling at 5–7 programs in channels where buyers seek education and research.

Focusing on a few key programs and channels ensures that marketing efforts are impactful and resources are used efficiently.

9. Redefining KPIs & Metrics

From:

• Leads for sales and MQLs for marketing.
• Last-click attribution.

To:

• Revenue, sales pipeline velocity, and leading indicators.
• Blended attribution including self-attribution, digital analytics, and customer research.

Measuring the right metrics and using comprehensive attribution models provide better insights into the effectiveness of marketing efforts and their impact on revenue.

10. Expanding the CMO Role

From: Boardroom warriors and dashboard heroes who delegate and control only.

To: Change agents who lead by example and actively execute programs with the GTM team.

CMOs should be actively involved in the execution of marketing strategies, working closely with their teams to drive growth and innovation.

Conclusion: The Strategic Role of B2B Marketing

Many companies see declining outbound and demand capturing pipelines and try to cure the symptoms without addressing the root cause. B2B marketing is not just about sales and lead generation; it's a strategic function executed across the full funnel to:

• Generate awareness and demand in your target market, sourcing a pipeline with inbound opportunities.
• Assist sales in demand capturing, supplying engaged accounts for further prospecting, nurturing, and activation.

Embracing these 10 transformations will position your marketing team as a strategic driver of revenue growth, ensuring sustainable success in 2024 and beyond.

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