If there’s a marketing organization indifferent to the idea of a bigger budget, we haven’t met them yet. Your budget is intrinsically tied to what you’re able to accomplish. A bigger budget can mean better technology, new hires, higher salaries, and more resource to put into your marketing campaigns. Every bit of that makes for a happier, more successful team.
Unfortunately, high hopes may not be enough to convince your CFO you deserve more resource. The gatekeepers to budget need more than a request alone. They need evidence that the work your team does pays off in the way that matters most: revenue.
Luckily, your marketing department has the means to demonstrate the evidence of ROI that long felt elusive. Marketing analytics enable the kind of analysis you need to both impress your CFO (hopefully leading to YOY budget growth) and to make better use of what you have already.
If you have the right solution in place for deep analysis of your marketing plan, you can answer important questions, such as:
Which marketing personas are the most valuable?
Not all clients are created equal. Your data can help you better understand:
- which types of leads are most likely to convert?
- which of those leads are most likely to become the highest grossing over the long term?
When you’re determining which campaigns to invest the most in and which leads to put the most effort toward nurturing, having insights into the relative value of your different personas will ensure you put budget toward the ones most likely to pay off.
What marketing paths most routinely lead to sales?
You can see how many views each blog post has received and how many prospects signed up for your last webinar, but are you correlating those touchpoints to sales? What about the series of activities that occurred to achieve that end?
In an increasingly complex B2B environment where customers routinely have over ten touch points with a company before making a purchasing decision, both the activities you track and their sequence is key. Your data can help you to see the larger journey your customers took, which informs the next best message for each lead to increase the likelihood that they’ll become a customer.
What marketing paths lead to the quickest close?
Ushering leads through the highest revenue-influencing path is important, but you may find a particular type of customer closes at a faster rate than your typical sales cycle. This could be based on their buying authority, for example, or perhaps the coordination of several prospects at an account engaging the company simultaneously due to a need.
If this occurs, you may wish to divert from a pre-planned activity path to support an accelerated close. Understanding the myriad factors that lead to an accelerated cycle will be key to support the quick wins of ideal prospects.
Which marketing activities and campaigns provide the greatest ROI?
Revenue attribution isn’t easy, but good data and the right solution can help you finally start to draw a line between specific marketing activities and campaigns and the money they helped bring in. That gives you the means to show the C-suite in specific terms what your work is worth to the company.
And just as importantly, it shows you which marketing activities and campaigns you should keep investing in, and which ones aren’t providing the returns required to justify repeating them.
By determining how much particular marketing efforts and activities are worth in revenue terms, businesses that deploy Hive9 have yielded 27% of their budget back in savings and efficiency.
You can do the same. Get in touch and let us show you how Hive9 can help you do the kind of analysis that gives you more of your budget back, and enables you to make the case for an even bigger budget next year.Icon made by Freepik from www.flaticon.com is licensed under CC BY 3.0