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Earlier today, Forrester published its first Wave report on an established software category called real-time revenue execution platforms. Since I’m writing a post about it, you won’t be shocked to learn that Invoca is positioned as a leader in this new Wave. (CMOs rarely seem to write much about the Waves in which we are positioned as “challengers''.) But I’m not writing this just as an excuse to shout “yay for us”. Seth Marrs and the Forrester team have identified a true gap in the market — one that is not covered in the many Wave reports, Magic Quadrants, and other analyst reports out there. And like all meaningful and enduring categories, this one starts with a clear and present business challenge.
I’ve been in B2B marketing for many years. One of the most gratifying points in my career was helping to create the Account Based Marketing category. Part of what made ABM so important was how it pulled go-to-market teams together. Now, ten years on, sales and marketing alignment is expected in B2B.
When I joined Invoca, which sells primarily to B2C companies, the biggest surprise was the realisation that these marketing and sales teams are still completely disconnected. In an Invoca study, we found that 9 in 10 leaders across sales, marketing, and the contact centre believe that marketing and sales alignment is important for driving revenue growth. However, only 1 in 10 say their teams are very strongly aligned. So, everyone thinks it’s important. But nobody’s doing it.
This lack of alignment creates a disconnected buying journey, particularly when prospects and customers transition from digital as they research their options, to the phone where they set appointments, get quotes, and ultimately make a purchase..
With a disconnected buying journey the “buying” often doesn’t happen. Even when it does, marketing teams don’t have the ability to attribute the revenue to their investments or use the data to improve their programs, costing companies millions of pounds in revenue.
The reality is that while “digital transformation” continues to lumber along as a board-level initiative for many executives, there are thousands of companies that include human engagement as the last step in a buyer journey.
This is especially true when we’re talking about industries like healthcare, financial services, telecom, and home services. The stakes are high, the purchases are complex, and the consumer’s investment is substantial. Most consumers are uncomfortable clicking their way through these kinds of purchases, and speaking to an expert gives them the confidence that they’re making the right decisions. And for companies, this is critical, because some of these are once-in-a-decade purchases. Blow it, and that customer won’t be in-market for another 5-10 years. Think about how often it sounds like a fun idea to switch wireless carriers, refinance your mortgage, or remodel your kitchen.
Comprehensive revenue execution platforms help companies solve this by connecting the buyer journey from first touch to final sale. By understanding how online channels like paid media, social, and websites convert customers, marketing teams can optimise their spend, allocate budget more effectively, and drive more quality leads. And, this same data is used to inform contact centres and sales teams as the buyer journey shifts to offline. By understanding what callers were up to online, contact centres can direct calls to the right agent and start the conversation with an understanding of what the customer needs. Now the agent can focus on helping the caller get exactly what they want, without wasting their time with 20 questions about why they’re calling. This improves the buying experience and leads to more revenue.
We’re just at the beginning of the journey for revenue execution platforms as a declared category. But the trend by B2C companies to align marketing and sales teams and to repair the broken buyer journey is already gaining traction among forward-thinking revenue teams. At Invoca, we are thrilled to partner with these teams to make this a reality.
Get The Forrester Wave™: Real-Time Revenue Execution Platforms, Q2 2024 report to learn more and see why Invoca was named a Leader in revenue execution.
