Do you ever feel like something is rotting in the state of your company's marketing? Oftentimes, untangling the role of marketing in a company and offering metrics that demonstrate real value can turn into a Shakespearean drama.
What happens when you decide to untangle parts and players and begin to understand the numbers in front of you? Allie Butters, head of marketing and sales at BrightFunnel join to help explain how to increase your marketing math.
Is marketing a must or a must?
Measurement is the key of marketing and subjectivity is the villain of your production. It's like going to a Michael Bay movie. There's a lot of flash and noise, and it looks pretty cool, but without solid stats, there's no plot or clarity.
In 2017, 77 percent of global B2B marketing decision makers said that the inability to measure results was one of their top concerns . Without objective measurement, different parts of the company would not see the value added by the marketing team. because they don't understand exactly what you do.
Worse still, some executives don't see marketing as an important component of your company strategy—and you don't want to be labeled a bit player. When surveyed, there were still companies that answered "It doesn't matter at all" when asked about the importance of marketing to their success. from "beautiful-have" to "must have".
So if people are still confused about the measurement. . . So why are people so upset about measurement? Isn't everyone on the same page?
Not so fast. You have a number of challenges to overcome to get people to script and organize your marketing math.
Measures in shallow trenches and achieves transparency
Take a look at your marketing funnel. You know that you want to raise awareness to care, then decision, and finally action or commitment.
What you may not realize is that you're not reaching all of your audience and you won't reach them until you dig deep. A deep and transparent understanding of your company's data collection processes and other areas, are the first steps to getting out of that shallow trench.
For example, look at the lead point. When marketing collects data, but sales pick leads to pursue based on their motivations, it's like handing over a Shakespearean actor and asking them to do a little word of it. Friend. It's completely unexpected and it suits some tastes, but it has nothing to do with the audience you intend to reach.
data waste time and effort. Without transparency, you won't be able to correct it, of course, before the data is misused. Collaboration is required so everyone in the company can see the entire marketing funnel — from start to finish.
Measure by function and target your audience within the company. Sales, CEOs and all different marketing establishments should get the right reports to help them know why your data is needed.
Here's the math you can use right away: When marketing and sales come together, both can see 400 percent annual revenue growth. Sales and marketing should be a collaborative team, not separate entities. Once you work together, you get to have some real fun: You can start killing your marketing lead losers to start getting a real, quick response.
Why you need to kill your loser
Who doesn't love cutting unproductive projects out of the lineup? After you've gotten past the lead insight and measurement for deeper insights, you can start tackling marketing math challenge number two: You must stop measuring without attribution.
Measurement without attribution is useless, but we see it all the time. This is especially problematic in social media marketing, where you're running concurrent campaigns and feeling as though you're spinning in circles faster than the Olympic ice dancers. Quantity yes, but where is the quality?
The trick is to test your awareness at the door and welcome to attribution.
Have you ever heard the story of the blind man and the elephant? When touching the elephant, each man identified the elephant as a different object (rope, tree, leaf) based on the part they touched. Assumptions mean nothing without metrics to back them up. We all know the line about what happens when you "assume," but there's a second part that we don't discuss much.
Tom Webster from Edison Research says, “The plural of anecdotes is not data. When you say no to “attribution,” you are saying yes to your own bias. It's all too easy to explain poor performance by the very attitudes and filters that influence your judgment. So don't do it! Find what doesn't work using real, hard data and eliminate the losers of your squad. Knowing how to allocate shows you the difference between Shakespeare and Friend .
Finally, let's look at attribution models
There are several known attribution models so you can accurately measure your marketing. Converting a lead into a sale is great, but you really need to know what action to take on the path to change.
You'll see in the webinar how Allie and I rate our favorites so you can figure out which tactics or tactics are best for your company. You can choose what makes the most sense for you, and you'll understand the value of each model at each point in lead conversion.
Move Up and Measure Better!
When you watch the webinar, you'll see how big names like Invoca and Cloudera have used shallow measurement-based scripting and solid attribution to achieve incredible growth. Allie's insights from BrightFunnel's targeted B2B marketing experience will help you align your marketing and sales to help turn them into a powerful performing team.
If you're ready to tweak your math to make it work for your B2B marketing, check out this section. What's wrong with your marketing math? webinar to understand how to measure the value of your marketing, move forward, and measure better!