Marketo‘s Revenue Cycle Modeler (RCM) is a powerful tool that lets you visualize and analyze the revenue cycle of your business. To set it up, you’ll need to define your revenue stages, transition rules, and success paths.
Understanding the Marketo Revenue Modeler
The Marketo Revenue Modeler provides a visual representation of your company’s sales and marketing processes, showing the journey a potential customer takes from first touch to eventual sale. It allows you to understand where leads are in the buying process, how long they stay in each stage, and how they transition from one stage to another.
Defining Revenue Stages
The first step in setting up the Marketo Revenue Modeler is defining your revenue stages. These represent the key milestones in your customer’s journey.
- From the Marketo dashboard, navigate to the Modeler page.
- Click on “New Stage” to define a new stage in your revenue cycle.
- Provide a name for the stage, and describe what it represents in your revenue cycle.
Remember, the stages should reflect your unique sales and marketing processes. For example, you might have stages like ‘Lead’, ‘Marketing Qualified Lead (MQL)’, ‘Sales Accepted Lead (SAL)’, and ‘Customer’.
Setting Transition Rules
Transition rules define how a lead moves from one stage to the next in your revenue cycle.
- Click on the arrow between two stages to set a transition rule.
- Define the criteria that a lead must meet to move from one stage to the next.
The criteria could be anything from a lead score threshold to a specific action like filling out a form or clicking on a link.
Specifying the Success Path
The success path represents the ideal path you want leads to take through your revenue cycle.
- Click on “Set Success Path” in the Modeler page.
- Select the stages that form part of your success path.
Typically, the success path starts with the initial stage where a lead enters your system and ends with the final stage where they become a customer.
Benefiting from the Marketo Revenue Modeler
Setting up the Marketo Revenue Modeler can offer several benefits:
- Better Understanding of Your Revenue Cycle: The visual representation of your revenue cycle can give you a clearer understanding of your sales and marketing processes.
- Improved Forecasting: By analyzing how leads move through your revenue cycle, you can better predict future sales and revenue.
- Enhanced Marketing and Sales Alignment: By defining clear stages and transitions, you can ensure that both your marketing and sales teams are on the same page when it comes to lead management.
In conclusion, setting up the Marketo Revenue Modeler involves defining your revenue stages, setting transition rules, and specifying your success path. Once set up, it can provide valuable insights to optimize your sales and marketing efforts.
