Marketing for Business Leaders-Three Steps to Increase Marketing Effectiveness

Companies focus too much on tactics when they are trying to increase their marketing results. It’s all about making the marketing campaign more effective, updating the website and creating a better brochure. Sometimes, the best ways to improve your marketing effectiveness are to look at how everything ties together. For business Brandon Long Marketing Consultant who want to improve their marketing efficiency, here are three ways they can do it.

1. Know exactly what you need.

The primary job of marketing is to bring in warm leads. To be successful in marketing, you must first understand what food your prospects need.

The question of “how much?” can be answered with basic math. Starting with your sales goals is the best place to start. Then work backwards. Answer the following questions.

* What is our annual target for new business revenues?
* How many customers is this bringing in?
* What percent of qualified opportunities are we actually able to close?
* How much of the leads actually turn into qualified opportunities

This information allows you to determine how many new inquires your marketing has to generate in order for your sales team achieve their goals. If you have a $10M annual goal for new business revenues, your average deal size might be $100,000. Your sales team closes 50% of qualified opportunities that are presented to them. Only 5% get qualified opportunities. Our calculator will tell you that your marketing efforts must generate 4000 leads to support the sales team.

This information makes marketing planning easier. Every activity in your plan should be able to generate leads or inquiries. If you cannot trace a program/activity to this result, don’t spend the money.

2. It is important to match your marketing strategy with the buying experience.

Unless you are selling an immediate item, the decision about whether or not to purchase your product/service is made based upon a series small decisions. Marketing is a way to speed up and possibly facilitate the decision process. It provides the prospect with the right information, at the right place and time, to help them make a decision.

It is important to fully understand how your customers make decisions about buying your product or services. Most companies have a basic understanding of what happens after an opportunity has been identified. But few spend the time to get to the heart of the process.

An example of a typical buying transaction could look like this. The prospect

1) Becomes conscious that he or her has a requirement
b. Identifies options, often a list or vendors that offer a solution
c. Explores the possible solutions
d. Establishes a list of potential suppliers and issues an RFP
e Creates a “shortlist”.
f) Invites vendors for demos
g. Checks references
h. Negotiates
i) Purchases

Information needs vary from one stage to the next. A marketing program that meets these needs is successful. It allows the company reach the targeted prospects and creates awareness by engaging them in a stream of communication that aids them through the buying process. It is impossible to get qualified leads if your marketing program fails to meet each buyer’s requirements at every step.

3. Get your sales and marketing people to get on the exact same page

It’s incredible to see the number of companies that suffer from a disconnection between marketing and sales. This is an indicator that your company may have a problem. Ask the question, “What marketing strategies result in revenue?” Most likely, you’ll hear sales people complaining about how the team doesn’t follow-up with leads and don’t track them. Marketing people will often say that leads from marketing are useless. Because nobody knows the answer, it is impossible to get a definitive answer.

Marketing and sales efforts can be disconnected and result in wasted time, burnt leads, slow sales cycles and low revenues. It is worthwhile to establish a cross functional team.

The easiest and most efficient place to start is to create a common definition for the word “lead”. Gather your sales and market teams together, and ask them for their definition. It’s likely that the sales team will have a very different view of lead than your marketing department. It is not unusual for sales and marketing personnel to give different answers. Now, come together and create a common understanding. This definition can be used by marketing to help develop leads before handing them over to sales.

These steps can help make your marketing campaigns more effective. Although there are many ways to improve your marketing results, you can take these three steps and you will be on your way.

 

Leave a Reply

Your email address will not be published. Required fields are marked *