Revenue generation is one of the most important activities any business can engage in. It is defined as a process by which a company plans how to market and sell its products or services, in order to generate income.
It may involve some or all of the following tasks:
- Establishing the business goals for the financial year, e.g., monthly or annual revenue targets.
- Aligning the B2B sales and marketing strategy to match the revenue targets.
- Creating an organizational structure that ensures the revenue generation strategy can be implemented successfully.
- Reviewing all sales and marketing procedures and making sure that best practice is being applied in all areas of the business.
- Using metrics to measure the progress of revenue generation and adjusting the strategy as necessary.
- Providing training and education for staff, so that all colleagues are working to maximize revenue generation.
For business leaders, one thing that can frustrate revenue generation is B2B data. If the data you are using for B2B lead generation, for building contact lists for sales reps or creating marketing messages is not of sufficient quality, it leads to a broken sales funnel. This makes it harder for your sales team to:
- Identify new opportunities in the market.
- Operate a sales process that turns leads into customers.
- Close deals.
This in turn can lead to a sharp drop in revenue. How best to prevent this nightmare scenario from occurring?