Tag Archives: Marketing Effectiveness

Do Your Content Marketing Efforts Compare with the Best?

8 May

Apple and Orange

Find out what the best B2B small business marketers are doing to succeed in content marketing, the major challenges facing them in their content marketing efforts and the tactics and platforms used to deliver content.

The Content Marketing Institute just released an original research report on small business content marketing, “B2B Small Business Content Marketing: 2013 Benchmarks, Budgets, and Trends—North America”.  It’s full of relevant data for the SMB marketing organization, providing an opportunity to compare your content marketing efforts vs. your peers as well as the enterprise business.

The report looks at several trends including the percentage of marketing budget spent today on content and the planned growth in spending over the next year.

You can sign up for your free copy of the research report at Content Marketing Institute.

Solving Real Business Problems and Showing Value – Every Marketers’ Job

19 Jun

For me Marketing has always been about showing customers how a product solves real business problems and creates value.  Recently I became familiar with the term, Solutions Marketing.  Look online and you’ll find Solutions Marketer job titles in Fortune 500 companies and marketing consultants and agencies that provide Solutions Marketing services.

     What is Solutions Marketing?  One of the definitions I found on Google stated, Solutions Marketing addresses a business level problem, aligning products with business value. Good Solutions Marketing speaks directly to business needs. 

     Young Asian BusinessmanAs a career marketer in various roles (communications, product marketing and management), my job has been to show customers how my company’s products solve real business problems.  Whether developing a Marketing Requirements Document for a new product or creating product messaging, each required an understanding of how the product solved a business problem and created value for customers.

     Maybe it’s the sign of the times.  Many marketing functions have become specialized. As marketers, if we cannot show customers how our products solve business problems, we will fail in our efforts. Solutions Marketing is something we all do (or should do) regardless of our marketing job title (or function).

     Wikipedia has this definition of Marketing: B2B marketing is creating value, solutions, and relationships either short-term or long-term with a company or brand. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.

Consider that most companies aren’t large enough to have a specialized Solutions Marketing position or group. Is it the role of all marketing functions to understand and communicate how a product solves a business problem and creates value for customers?  What do you think?

Focus or Fail – Tips to Keep Your Eye on the Target

8 May

Focus: a point upon which attention, activity, etc, is directed or concentrated.

A common challenge we marketers confront is keeping a laser-sharp focus.  We may do this some of the time or even most of the time, but, to maintain focus requires awareness and conscious action. I’m not talking about loosing short-term focus because of office distractions like incoming emails, phone calls, or text messages. Although, those are interruptions we need to address because they break our concentration and ability to get our day-to-day work done. I’m talking about maintaining a long-term focus on our goals.

Hypnotic artworkHere are some useful tips I find helpful to keep my focus.

#1 SET ACHIEVABLE GOALS

It’s better to do a few things well.  Don’t sign up for something you know you cannot possibly accomplish given the resources or timeframe. Break down larger goals into smaller chunks. You will feel less overwhelmed and more in control and able to keep your focus.

#2 MAP IT OUT 

Now that you know where you want to go, determine what you need to do to achieve the goals.  Determine the programs, actions, tasks, owners, contingencies and timelines that map to a specific goal.  Make it Visual. Put this information into a project plan tool or excel spreadsheet.

#3 REVIEW YOUR PROGRESS 

Review your goals to plan often. Are you on track? If you’re not, figure out what you need to get back. Ask yourself often if what you’re doing is contributing to achieving those goals you set.  If it’s not, stop doing it. A quick review of progress at the end of each day and a detailed weekly review process will help you stay focused on your plan and goals.

#4 ENVISION SUCCESS

What will it look like when you achieve your goals?  Visualize your success and the path you’ll take to get there.  Athletes do this all of the time to get them ready for a big competition. This exercise will help to focus your mental energy in the right places.

#5 MIX IT UP

Once in a while, kill the routine.  Doing things differently can be reinvigorating and gets the creative juices flowing. You’ll be better able to focus on your work and goals when you feel energized.

#6 CELEBRATE

Celebrate the small successes as well as the big ones with your team. Talk about what you did that resulted in success and how to keep it going.

Do you have any tips you’d like to share that help you remain focused?

Aligning Marketing Programs with the Sales Cycle – How Great Marketers Measure Their Performance

27 Mar

With the end of a quarter upon us, functional departments are pulling together performance results to present to their CEO and CFO. For marketing, it has long been a struggle to show how marketing programs have resulted in growth of revenues and profits.  When asked how a specific marketing program, activity or campaign affected sales, marketers are quickly put on the defensive. Add to that, many marketers don’t see their role as revenue generating. Marketing programs may not be tied directly to an organization’s objectives and goals and therefore their impact on sales and profits is not measurable.  As a result, leadership views marketing as a cost center. Eventually, this thinking can lead to cuts in marketing’s budget and in personnel when the company needs to make improvements to its bottom line.

Bar chart showing sales growth

How to Be a Great Marketer in the Eyes of the CEO and CFO

It isn’t enough to show charts and graphs of how many more visitors viewed a website in a month, or downloaded a new white paper or dropped their card in a bowl at a trade show. A better way to measure marketing performance is to measure its impact on buying behavior during the sales cycle. When measuring performance, marketing must determine whether their activities resulted in moving a prospective customer closer to becoming a buying customer.

B2B sales cycles are typically more complex than B2C cycles. More decision makers are involved in the buying process and from initial contact to actual purchase the cycle itself is longer.  Different marketing programs touch customers at various stages during the sales cycle, making it difficult and even inaccurate to credit a single marketing activity as being responsible for the buyer’s decision to purchase. For this reason, marketing needs to look at its programs, activities and campaigns holistically and measure the impact each has on moving the prospect into the next stage of the sales cycle.

Where Do You Start?

Begin by understanding your company’s sales cycle and gain a clear understanding of what your prospective buyer needs at each stage. Look at your current marketing programs and activities. These should map to the prospective buyers’ needs at each of the stages in the sales cycle. If they don’t, consider whether these activities are contributing to your organization’s objectives. If not,  drop them from your marketing plan. You may need to consider new activities that better align with your company’s objectives, sales cycle and prospective buyers’ needs.

Next, assign values to each program based on the importance of the desired outcome along the sales cycle. Certain activities are tied to more critical outcomes and therefore should be given a higher value. You now have metrics to measure and can evaluate how effective a marketing program or activity was at eliciting the desired outcome in the sales cycle and if they contributed to generating additional sales.

Is the Marketing Program Profitable? 

Once you have measured and quantified how these activities contributed to generating revenues you must determine if they did so profitably.  Calculate the ROI.  Start with a simple P/L statement.

  1. On the Revenue side, include the dollar contributions that the program made to sales and multiply this number by your average gross margin to calculate the gross profit from marketing’s contributions to sales.
  2. On the expense side, total all marketing program expenses and include staff time and any other resources that contributed directly to the program.
  3. Subtract the total program expenses from the gross profit to determine the ROI of the program.

For more details, download the ebook, Definitive Guide to Marketing Metrics and Analytics, by Marketo which provides excellent real business examples for calculating Marketing ROI.

Be a Revenue and Profit Generator

With the start of a new quarter, now is a good time to review your marketing programs and goals.  Consider if these line up with your organization’s overall objectives.  Determine if you have the right metrics in place to measure effectiveness and impact during the sales cycle. Choose the tools to measure results. Decide how often to measure and adjust your activities.

When marketers develop programs that align with prospective buyers’ needs during the sales cycle, measure program effectiveness (incremental sales contribution) and calculate program profitability (ROI), it demonstrates to leadership that marketing is a contributor to the growth of the organization and not just another cost center.

Resources:

Definitive Guide to Marketing Metrics and Analytics, Marketo (ebook)
Digital Body Language, Chapter 9, Can you Finally Measure Marketing Effectiveness? by Steven Woods, eloqua ebook 


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