Revenue Science, a four-part harmony

Managers, marketers and IT pros have told us that the mere word “science” led them to decide it was a matter best left to PhDs. But in doing so, these otherwise motivated people were missing out on a powerful tool to boost their company’s bottom line. 

Revenue Science isn’t rocket science. In essence, it involves putting four components into play to turn a business into a well-oiled revenue-generating machine. Whether the company is selling B2B, B2C or C2C, these components are the same: process, data, system and organization.

We delve into the details of these components on Nortal’s Revenue Science page, but here’s a brief rundown:

• Process is the list of concrete steps you take by interacting with customers throughout their buying journey.
• Data is using every bit of information you collect to create a 360-degree view of the customer.
• System is the combination of technology used to support and accelerate your processes, be it e-commerce platforms, marketing automation or AI-driven data management platforms.
• Organization is the people who make all of the above work.

The road to success

A common difficulty for Revenue Science newcomers is understanding how these four components interrelate. The key is to view them holistically, as parts of a single system.

It is essential not only that each one is in place and working well individually, but also that they are optimized to work well together. Think of it as a precision automobile, where all the parts function together to get things moving. If one is missing or doesn’t fit, you’ll go nowhere.

Also, as with a car, each part must be designed or chosen taking the other parts into account. For instance:

The ideal process perfectly meets customer expectations, creating a personalized and seamless experience. But an accurate understanding of those customer expectations comes through analysis of your data, combined with other research.

Systems must be picked and customized based on how they match your process and your organization’s abilities. The management and staff who make up your organization, in turn, must be able to take control of the process, a change that may require training and breaking down the traditional silos between marketing and sales.

This, of course, is just a snapshot of the interplay among process, data, system and organization, but it illustrates the most fundamental lesson of Revenue Science: Having the right components tuned up, polished and – most important – working in sync is the way to win the race. Now that didn’t take a PhD to understand, did it?

Interested in how Revenue Science has helped real companies? Read how we helped a heavy industry client get well ahead of their competitors with their online marketing and marketing automation efforts.