For years, marketing positions were filled by "creative types" whose contribution to the bottom line was difficult to measure. But a lean economy and a competitive marketplace have mandated that marketers take a more engineering-based approach to their roles: That is, marketers need to quantify their value to the organization.
Though sales reps triumphantly declare how many deals they close, marketers face three challenges: determining what to measure, how to measure it, and how to improve results so Marketing is recognized as a revenue engine.
What Marketers Should Measure
Sales leads are the most obvious candidate for what marketers should measure.
The relatively low cost of email marketing programs has made it easy for companies to blast messages to prospects. Unfortunately, the low barrier to entry (i.e., low cost) means every business-to-business company takes the same approach. As a result, it has become harder and harder for Marketing to produce enough leads to satisfy the sales team. Moreover, marketers are beginning to get pushback from Sales for sending poor-quality leads.
Nevertheless, Marketing can and should focus on the identification, and subsequent qualification, of leads. It's the easiest and most predictable marketing result, and it's the one deliverable that can be tracked through to revenue.
Measuring Sales Leads
Take the first step (it's free).
You may also like:
- How to Grow Your Company Fast: 'Scale or Fail' Author Allison Maslan on Marketing Smarts [Podcast]
- How to Put the 'Function' in Cross-Functional Teams [Infographic]
- Seven Challenges Plaguing the Modern Workplace [Infographic]
- Five Ways to Use Video in Your Hiring Process
- How to Use an Agile Marketing Strategy to Improve Your Marketing Campaigns