3 Questions To Ask For More Efficient Marketing
The world is very different today. In an uncertain economy, companies are moving away from last summer's "grow at all costs" mentality, where a 70% growth rate and a 30% burn rate were acceptable (and even preferable) to more ambitious goals. Conservative, 40% growth and 0% burn. Call it a transition to “sustainable growth”.
For B2B marketers, this means a greater focus on targeting and effectiveness. Even before the economic downturn, there was growing pressure to demonstrate how marketing contributes to sales goals. Today, with rising customer acquisition costs, increasingly competitive channels and tighter budgets, revenue-based marketing is even more important.
B2B marketers need to think about effectiveness instead of just focusing on growth. By creating a sustainable Marketing Engine (GTM) that generates high-performance growth, marketers can demonstrate how marketing programs increase revenue, strengthen partnerships between marketing and sales teams, and transform marketing into profit and cost drivers. center
The path to more effective and profit-oriented marketing begins with these three questions.
1. Who are our ideal customers?
Defining a consistent Ideal Customer Profile (ICP) across sales and marketing is an important step in adopting a revenue-centric marketing approach. While a lead-centric marketing model emphasizes activity-based metrics like events, conferences, or email opens with the goal of generating as many leads as possible, a KPI-centric marketing model focuses on those most likely to become leads. Customers who create long-term business value. KPIs are fine when the business changes (they should!), but all functions need to agree on what defines their KPIs and create a common language and lens through which to look at each aspect.
The most relevant leads for an organization's KPI are those that marketers have to expend the most effort to reach, engage, and close. From email and ad campaigns to their website, revenue-focused marketers can provide KPI prospects with personalized experiences, especially when they indicate purchase intent. At Clearbeat, we call this KPI activation – and it's key to aligning marketing with sales.2. How to better communicate with sales reps and the C-suite?
As B2B marketers, we often speak our own language, which makes it difficult to communicate what we do to companies. To a non-marketer, all of those acronyms and jargon can make marketing seem like a black box, and the lack of a common language between marketing and sales creates silos that stand in the way of revenue generation.
Creating a common definition of KPIs is a start, and it's important that marketers use business metrics that revenue managers know and care about. This includes Customer Acquisition Cost (CAC), Lifetime Value (LTV), and Annual and Monthly Recurring Revenue (ARR and MRR). These metrics are widely known and understood by CEOs and CFOs and should be the focus when companies track and measure their marketing efforts.
Not only does this keep purchasing costs down, but it also shows that marketing is engaged and accountable for generating revenue. The result? Better alignment between marketing and sales as they work together toward the same revenue goal.
3. How do we best use our information?
He fell into the simple trap of "gathering as much information as possible and then figuring out what to do next." While B2B marketers have more information at their fingertips than ever before, they struggle to implement it due to a lack of choice or technology. Today's marketers need automatic, timely, accurate, and consistent access to data across devices and capabilities to measure revenue growth.
From pharmacology to engineering, this information helps organizations optimize their KPIs and streamline targeting, messaging, positioning, content, scoring, targeting and all other processes. With additional interest signals, marketers can target campaigns and content to priority buyers in the market for more effective marketing.
While the current economic climate makes the outlook more uncertain, marketers still have reason to be optimistic -- and proactive -- about growth. It not only lives in today's environment, but thrives in it. It's possible for companies to sustain growth during an economic downturn, but long-term revenue growth often requires engine building.
Kevin Tate is CMO of Clearbit, a B2B data enablement platform that helps Clearbeat reach B2B companies trying to better understand their customers and optimize their digital funnel. He has over 20 years of sales, marketing and product management experience and deep expertise in enterprise SaaS, e-commerce, digital marketing, social media and the Internet of Things. Before joining Clearbeat, Kevin held leadership positions at SurveyMonkey, Chirpify and ShopIgniter.
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