2 min read
An Introduction to Lead to Revenue Management
In the pre-internet era, buyers controlled their journey. From discovering a product and learning more about it, to purchasing, and then engaging, the buyer was in control. The unfortunate aspect of the traditional buyers' journey was that buyers had to discover your product on their own and decide whether or not to follow up with a certain product.
Since online marketing has been a major influence, there have been new strategies coming to fruition to aid marketers in the process of finding and retaining customers. One such strategy that is gaining traction is the L2RM strategy, also known as Lead to Revenue Management strategy.
Taking an L2RM approach means utilizing marketing automation to easily offer a more complex buying process that appeals to your individual buyers all while maintaining engagement throughout the customer lifecycle – not just at the beginning of the cycle.
Essentially, through implementing an L2RM strategy, you would be attracting and nurturing leads instead of the traditional "discovering" step that buyers have typically gone through. After you have nurtured your leads, you would then sell to them, generating revenue for your company and taking a customer on board. Perhaps this is where the biggest difference between L2RM and the traditional buyers' journey is. Traditionally, buyers would purchase your product, use it, and then ask questions about it to become engaged. With L2RM, you would automatically provide new buyers with an onboarding process to learn about your product before they come back with questions. Doing this boosts your customer retention, builds advocacy, and provides you with the opportunity to cross-sell — all of which could potentially generate more revenue for you.
Creating an L2RM for your company means taking advantage of new technologies to improve the lifecycle for all of your customers. An all-in-one marketing automation platform would be ideal for this process because it allows you to automate and personalize your communications easily and effectively. Coupled with a powerful CRM, your marketing automation platform can be used to power your L2RM strategy by supporting different campaigns and storing the individual information of each campaign in the CRM.
An all-in-one platform affords you the power to run long-lasting campaigns without taking a toll on your existing staff members. Imagine having a nurturing flow for everyone who signs up on your website. This nurturing flow could last for days, weeks, or months without having a person at the other end sending the communications for you. Instead, your campaigns would be pre-created and could run automatically as soon as someone fills out a signup form.
These campaigns can also handle higher volumes of messages while tracking and recording the results of each buyer or lead you are contacting. This information is then stored in the CRM in personalized profiles for each individual and can be used to tailor future communications.
In essence, the L2RM strategy aims to offer your leads and buyers more as they consider and purchase your product or service. By using a marketing automation platform, you can implement an L2RM strategy that offers your leads more while creating less work for your team.
If you're interested in trying L2RM, sign up for a 14-day free trial of SimplyCast's marketing automation platform to get started!