How do you measure the contribution of your marketing efforts to the wider business?
In your weekly, monthly or quarterly business reviews do you share media plans, creative execution, traffic volumes, click-throughs and MQLs (marketing qualified leads)? Do you get disheartened when everyone decides they’re experts at marketing and dissects the visuals or messaging? Do they bark at you to just make the phones ring more? Or possibly worst of all do you see people around the table who use your slot in the meeting to ‘discretely’ check their emails?
Change the Perception
Stop talking to business leaders about creatives and KPIs. Instead, outline the conversion rates, pipeline value, win rates and marketing sourced revenue contribution. Identify gaps in the business plan and outline how existing or new marketing programmes can help to close them.
Changing how you talk and report on what you do and the effectiveness of the marketing contribution to the business will immediately alter the tone of the conversation. Here’s how:
Finding the right balance of short-term demand generating activities and longer-term (top of the funnel) brand building activities is important. Continue to optimise your marketing channels and track KPIs over time to determine where adjustments are needed. Business as usual, so far.
Now turn your attention to the middle and bottom of the funnel and review your CRM data over the last 6-12 months. Measure the conversion rate of your marketing leads by source/channel or marketing campaign and the estimated total contract value for each lead type. What’s the win rate of these leads.
Don’t forget to review your existing customer base, churn and renewal rates. What is the value of the upsell and cross-sell opportunity, based on audience profile – and propensity models if you have some smart data analysts on the team!
Overall the objective is to determine if the pipeline value is sufficient to achieve revenue targets at current win rates?
If not, this presents the ideal opportunity to proactively develop a gap plan with the right marketing activities to achieve targets and clear data-informed insight to support you. The tone of the discussion in Trading or Business Reviews has immediately changed.
For further insight or recommendations for your business, please get in touch at firstname.lastname@example.org
Seeblue Marketing is a specialist marketing consultancy for tech sector businesses. We are a team of specialists with over 30 years of direct experience driving growth in world-class blue-chip companies. We now apply our knowledge and deep understanding of B2B marketing to working with SME’s and scaling technology businesses.