Bizible is excited to announce the release of a first-of-its-kind product to enable high fidelity revenue planning for B2B marketing organizations through machine learning.
This new revenue planning solution enables B2B CMOs to not only develop better, more accurate marketing revenue plans and forecasts, but exceed goals by enabling modeling of “what if” scenarios such as budget shifts or increases across various marketing channels.
"Over the past few months of testing, we've seen Bizible give us a new avenue to incorporate more predictability into our planning process and add the flexibility to scenario plan against changes in budgets, the market and buyer behavior." said Thomas Been, Chief Marketing Officer at TIBCO.
He continued, "The cornerstone of our transformation to a ‘digital first’ marketing organization has been in our ability to make data-driven decisions in how to allocate TIBCO marketing spend and identify the impact of those decisions on revenue. These new opportunities further increase marketing's ability to impact the bottom line."
Most B2B marketing organizations plan in Excel by taking averages of conversion rates, velocity, and deal size for major channels and forecasting those results out into future months. This low fidelity way of doing planning is terribly inaccurate and puts marketing at a big disadvantage for making changes and showing future impact on revenue.
The right way to do planning is to take channel, subchannel and even campaign level data for every single contact, lead, and opportunity and individually forecast conversion rates, velocity, and deal size. To do this, you need to deeply understand the past at a granular level. Bizible’s foundation as the leader in B2B marketing attribution enables us to use this historical information, with machine learning, to accurately predict the future and help you understand what to adjust to increase performance or get back on track.
You’ll immediately notice a familiar spreadsheet-style interface, however there’s a lot of machine learning behind the scenes. We’re leveraging the proprietary algorithms built by our data science team to dynamically and iteratively forecast across terabytes of data. Every single contact, lead, and opportunity is given a predicted revenue value based on historical factors like deal velocity, conversion path, deal size, and seasonality to create an extremely accurate forecast. From here, you’re easily able to predict and plan the downstream impact on revenue for different “what if” scenarios of changes, such as spending more in a digital channel or deciding to do (or cut) a tradeshow.
Every other member of the C-Suite has a great system-of-record technology to help with management and planning. I’m excited for CMOs to move out of Excel and into something that’ll help them make much better decisions and plans.
Being able to speak in terms of revenue to the rest of the company is critically important to the modern marketing organization and CMO. Bizible’s revenue planning product helps you not only exceed goals; it enables you to set clear objectives and plans for the team, manage up to CEO and the Board, and show finance exactly how marketing is contributing to revenue during that next budget request—all of which helps increase the impact and influence of marketing in the organization.
Today’s announcement brings us closer to Bizible's larger vision to support the entire B2B enterprise marketing org, drive better results and ultimately get the revenue credibility it deserves.
To learn more about Bizible’s marketing attribution and revenue planning products, please request a demo.