The B2B revenue process is under siege. Changing buying behaviors are making traditional ways of marketing irrelevant. The buyer journey is now complex and focuses a lot on self-research. The overreliance on lead generation metrics is obscuring the bigger picture of revenue impact. With marketers still focusing primarily on driving new logo pipeline and acquisition, they are missing the other 61% of revenue opportunities made up by their customer base. It’s time for CMOs to step up, change up and take ownership of the entire revenue cycle before it’s too late.
The CMO’s Expanded Remit
To navigate these challenges, CMOs must broaden their scope. It’s time to move beyond lead generation and focus on revenue contribution. This expanded remit includes being:
- A Leader of Change: Driving change across the entire customer lifecycle, from awareness to advocacy.
- An Engineer of Alignment: Ensuring cross departmental shared goals that focuses on the customers to drive exceptional customer outcomes with revenue benefits
- A Harnesser of Capabilities: Leveraging capabilities and competencies across the organization to find new and improved ways to deliver increased customer value.
The CMO’s Mandate in Revenue Process Transformation (RPT)
RPT is more than a buzzword; it’s a strategic imperative. The revenue processes as we know them today are collapsing due to changing buyer behaviors. Buyers are increasingly self-servicing in the education and awareness stage of the buyer’s journey. They don’t respond to call to actions until very late in their buyers journey. Because of this, a transformation needs to happen in the revenue process today to shift our mindset to the way we look at what constitutes ‘leads’. CMOs need to embrace their expanded remit and apply them across the revenue process transformation. By changing their focus from leads to opportunities, harnessing buying signals and looking at intent data, and expanding focus from new logo acquisitions to the full revenue opportunity, CMOs can start to shift the needle in the right direction.
Understand what CMOs need to do today to lead the change in revenue process transformation; Decipher how to translate the CMO’s expanded remit into practical steps to take in transforming the current revenue process of the organization to meet the rapid changes of the buyers and maximize revenue opportunities.
Join me at the Forrester B2B Summit APAC on October 1 in Singapore as I explore why CMOs are imperative to prevent the collapse of the B2B revenue process.
