What is L2RM?
Lead to revenue management (L2RM) is a revenue-focused lead managementapproach closes the traditional marketing-to-sales process gap. Building a closed-loop L2RM model involves a variety of activities, including:
- Demand generation
- Lead generation & nurturing
- Defining sales qualified lead criteria
- Streamlining lead distribution processes
- Identifying customer personas & mapping the buyer journey
- Analyzing multi-channel touch point data
- Evaluating buyer lifetime value & retention
In the closed-loop L2RM system, the entire process, from captured lead to closed sale, is mapped back to concrete revenue goals. Then, data is used to adjust the L2RM strategy to drive growth.
Are You Ready for L2RM?
How do you know if your marketing team is ready to adopt a B2B L2RM model? According to Forrester Analyst Lori Wizdo, you’re ready to take the next step if you meet the following criteria:
- Your business has experienced success or is ready to grow rapidly
- You are focused on improving the customer experience in a contextually relevant way
- Becoming a better lead management partner to your business’ sales team is a priority
Be Prepared for L2RM Challenges
So you’re ready to change the way you engage with your clients and implement L2RM? Be sure not to make these common mistakes:
- Underestimating the time it takes to implement L2RM strategies: Think training, hiring, new technology integration and new process adoption.
- Neglecting relentless promotion of organizational buy-in and advocating for collaboration between previously segmented departments or teams
- Not creating a plan for “quick win” strategies
- Adopting a “campaign mentality” that can distract from goals
Start Your L2RM Transformation in 3 Steps
If you’re ready to deploy an L2RM model, follow these tips to create a road map that will ensure your program is successful. The key to this type of lead management is a goals-based, phased approach:
- Don’t attack your entire portfolio at once. Prioritize it and focus on the greatest revenue opportunities first
- Select one product from your portfolio that offers a high probability for wins to pilot your L2RM model
- Set result targets for your pilot and draft rules for scaling your L2RM system
For more information on how your B2B organization can make a smooth transition into L2RM, contact Crafted today to learn more about our services.