The Modern Marketer

4 Ways a Leader Can Drive Transformative Revenue Growth
October 19, 2023
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4 Ways a Leader Can Drive Transformative Revenue Growth

The onus of revenue generation has always fallen on the lot of the sales and marketing function. Marketing does the groundwork in identifying target markets, crafting the narrative, conveying the message, and eventually distilling qualified leads for sales. Meanwhile, sales is out on the field, pursuing these MQLs to capture and close deals.

The entire process involves multiple stages and the buyer journey consumes significant time.  Given the complexity, predicting the outcome of the MQLs is not easy. Sales might dismiss some leads as disqualified, while others are lost (lose interest after some time). Still others are not in-market and may need further nurturing. And a few convert. Often the final conversion rate from lead to customer is disappointing in spite of best efforts.

For business leaders, the challenge is to put into place processes, culture, and initiatives that enable higher conversions to fuel revenue growth.

What can you, as a leader, do to make the buyer cycle time shorter, and improve conversion rates? How do you improve collaboration and communication? How can a business leader influence sales and marketing to generate higher revenue? Which are the areas where you can bring about change to influence better outcomes?

Here are some things that you can do -

1.       Embrace the power of technology.

With the rapid strides in technology, new platforms, apps, and process automation tools are hitting the marketplace ever so frequently – promising to revolutionize the way we work.

Assess, evaluate and don’t hesitate to adopt these.

Leverage emerging workflow automation tools to accelerate speed and accuracy of repetitive tasks. Use marketing automation tools to take over routine tasks such as scheduling email campaigns, sorting and qualifying responses, and gathering analytics. Explore the use of Generative AI to brainstorm, create first drafts, images and ideas. Exploit the processing capabilities of tech to gather, sort and analyze large swathes of data to distill prospects and arrive at high potential-to-convert, qualified leads.

Of course, do not blindly rely on technology solutions. Use your own judgment, experience and knowledge. Run your own checks. Add your own viewpoints. Always remember technology is only a tool and a facilitator.

2.       Empower your team.

Your team is a treasure house of diverse set of skills and talents. A leader’s responsibility is to exploit it. Mentor and guide your team. Provide tools that will enhance their output. Create a culture of learning, and innovation. Encourage them to use their creativity and experience to solve challenging situations. Promote autonomy by training them to use their judgment – no AI can do this. Foster collaboration by keeping the channels of communication open. This is especially important while managing remote teams.

Encourage skill development. Provide resources in the form of training, mentorship, tools and other resources to ensure they perform at their peak productivity levels. Incentivise positive performance and continuous learning and keep the team motivated.

3.       Keep everybody’s effort aligned.

Too often teams work in silos. The lack of communication can be disastrous and detrimental to performance. Convey the vision, mission and goal to every team member. Ensure alignment on where the business is headed. A roadmap with specific roles and responsibilities   tagged to each individual will provide direction and clarity. The gap between sales and marketing has often been a stumbling block to success. Set up regular meetings to discuss targets, progress and performance. Weed out issues and resolve problems at the earliest. All efforts must converge to realize the organizational goals.

4.       Maintain a long-term view.

Have a clear vision of what you want to achieve. A long-term strategy with SMART targets will get you there. Build scalability into your processes.Stay committed to your long term goals even in the face of setbacks. Stay patient since sustainable growth takes time. Establish a consistent approach that aligns with your vision. At the same time be adaptable when situations change. Flexibility and adaptation are necessary when circumstances demand course corrections. Another important aspect is continuous tracking of metrics to evaluate progress to ensure you are moving in the right direction.

Conclusion

The judicious use of a combination of tech and human efforts has the potential to put a business at the lead of the pack. All workplaces today are an amalgam of people and technology.  In the ever changing landscape that exists today,  leaders who are open to learning, unlearning and relearning are better placed to lead teams.  The chances of experiencing positive results and higher revenues becomes more when adapting to the environment, seamlessly adopting new approaches, effective communication and collaboration practices become a part of the culture.

And it is none other than the business leader who has the power to drive this change and grow revenue.

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