Whether the “Predictive Revenue Model is Dead” shouts are right, I don’t know.
I do know that overfunded startups are struggling a lot, cuz adding capacity and “buying market” doesn’t work anymore.
Hence, the gurus claim we have a broken model.
The problem is, that model only works when the conditions are right: flush with money & a bull market.
The reality is, 99% of SMB and tech startups are not funded, are not flush with money, and are actually helping to balance the economy. They don’t need ideal conditions.
My conversation with Nemanja, founder of Funky Marketing last week reconfirmed it.
Today we have an opportunity to focus on things that worked and amplify them.
These are the 5 steps you can do today to get your revenue strategy right for 2024:
1. Quality over Quantity: Ditch the Lead Gen Trap
Everybody needs leads.
Everybody is looking for more sales.
So, what do we all do? We target more contacts, attempt more outreaches.
Just as with my conversation with Mika from amplemarket, we should focus on Quality-over-Quantity.
Heck, I’ll make some QoQ stickers for their laptops… who wants them?
In other words, stop spamming, start connecting.
Focus on high-value leads who convert.
This means you’ll still spend the same amount of time on prospecting, but it will more targeted, more personalised and multilayered.
2. Align all revenue departments Sales & Marketing: Collaborate, Don’t Silo
Break down the walls!
There are still too many siloes, conflicting objectives.
Align sales & marketing & CS and all revenue related departments.
This means:
- common goals,
- well aligned KPIs and
- accountability.
I worked in several companies where MQLs where the responsibilities of marketing, and countless fights erupted between sales and marketing off who owned the lead, who got the commission.
Things got so silly that in 1 specific situation, marketing claimed an account as “their lead” after some intern of a company downloaded a white paper, before an account account executive started engaging the CFO of that prospect.
3. Speak Their Language: Personalize Content Across Channels
Your audience isn’t a monolith.
Besides a multichannel strategy, the biggest impact comes of tailoring your content to the person you talk.
In other words:
- C-level is looking long term, company (or department) wide initiatives with long term, strategic impact → I create a revenue strategy to give you a predictable growth path to reach your 3 – 5 year objectives
- Mid managers and individual contributors are looking to get solutions that fix their current problems and pains → I give you better leads
While personalisation is key to engagement and conversion, in my opinion the multilayered approach is far more powerful than stalking potential contacts on Facebook trying to see where they go skiing or dining.
It is all connected with the following:
4. Build Your Brand, Lead with Thought Leadership
Don’t just sell, become a trusted resource.
You might know where they ski or dine, but if you cannot anything valuable to the conversation, then you won’t sell.
Be a thought leader, or subject matter expert, and you can start doing this on channels like LinkedIn, and definitely in your conversations with your prospects.
This will help you building your brand, reputation and create trust.
5. Guide Your Prospects: From Unaware to Loyal Advocate
This is my Revenue Operating Model in a nutshell.
It is almost useless focusing on the 3 – 5% of companies that are ready to buy today.
Long term. Quality.
In order to get there, you need to start from the unaware segment.
Create a client experience journey, combining the steps 1 – 4.
This means:
Make sure sales, marketing, CS know their responsibility across following stages
- Demand creation
- Demand capture
- Revenue creation
- Champion creation
This is probably the most important matrix you will ever make as a founder or revenue leader!
These 5 steps will help you.
I am curious to know how you are doing with this!
