Complex Equipment Made Simple
Eyelit Asset Management makes configuring complex equipment easy. Create parent/child relationships, corresponding capabilities, and state-transition mappings. Manage every component of the equipment and control its behavior during manufacturing and maintenance. Associate relational “indirect” equipment, such as a facility chiller where a disruption in the “indirect” device may affect the performance of the manufacturing device. Or add a “direct” relationship whereby a child may automatically change the state/status of the parent tool.
Revenue-focused marketing can be particularly effective for businesses that have a clear understanding of their target audience and are able to effectively segment and target their marketing efforts. It can also be useful for businesses that are looking to drive growth and increase their revenue over time.
All of this requires the ability to stitch together disparate marketing channels to derive actionable insights that help take informed decisions.
As expectations from CMOs increase, their reliance on data and analytics to quantify growth and ROI has become top priority. Gartner’s latest CMO spend survey outlines that data and analytics, and marketing technology are the top strategic areas for CMOs.
So where does the road begin for CMOs?
How Should CMOs Approach Revenue-Focused Marketing?
The post-Covid world has thrown its share of complexities. Today’s CMOs face far bigger challenges than their predecessors due to the fragmentation of customer segments and the growing number of touchpoints. In such a scenario, CMOs must embrace an industrious approach to adopt revenue-focused marketing.
- Knowing Customers Is Vital:
- Communicating With C-Suites In Their Language
- Adopting a Center-Brain Mentality
- Focusing on Customer Lifecycle
- Choosing The Right Channels
– For any marketing campaign to succeed, knowledge about customers is vital. Every marketer knows it, but the buck always stops with the CMO when understanding customers’ needs, tastes, preferences, and aspirations. The thrust should be on data and analytics to gather a 360-degree perspective on the customers. CMOs need to use historical business data and data from third-party sources and put them through the latest market research tools to extract deep insights into customers and their buying habits. This knowledge arms CMOs with the information to leverage revenue-focused marketing.
– C-Suites don’t necessarily understand the jargon of CMOs. It is a universal truth that boardrooms love numbers, which is the best way to explain complex marketing concepts. For revenue-focused marketing to work, CMOs must communicate their marketing concepts and insights in a language that other C-Suites understand. They need to dive deep into data and show engagement, conversion, and growth opportunities in stats and figures.
– In the past, marketing was seen only from a creative perspective and perceived as a right-brain function. However, CMOs need to quantify the creative process with data and return on investments which involves the left-brain. Thus in 2023, CMOs will need to strike the right balance between creativity and data-driven intelligence, which calls for embracing a center-brain mentality.
– Marketing isn’t a one-time exercise but a continuous process. CMOs thus need to focus on customers throughout the lifecycle of the relationship. In revenue-focused marketing, CMOs must follow their customers, from activation and nurturing to reactivation. Data and analytics play a key role in understanding their engagement with the brand across different touchpoints.
– Since CMOs need to do more with less, choosing marketing channels becomes crucial. Identifying the best marketing channels and allocating a higher share of the budget toward them is essential. It helps businesses grab the low-hanging fruits and improve ROI.
