The two factors that were trending in the wrong direction: cost per lead, and the time to close. The cost per lead metric had nothing to do with marketing costs increasing, and everything to do with fewer leads from the budget. Yes: Marketing’s role to assist Sales in its efforts to hit numbers worked last year, but the Q2Q view over the past two years was not good. The other metric, time to close, was even direr as it extended slowly but surely by 6-8 weeks, and Sam fully expected it to go another month by year end.
Damning stats for sure, and those were the key indicators to start to craft a different plan. So with that as a basis, the questions for 2014 were: (1) how many additional opportunities were needed, (2) when were they needed, and (3) how can the sales cycle be reduced?
It was fairly easy to quantify the additional opportunities needed to come through the door: that was just a matter of math. The qualitative discussions with Sales led Sam to conclude that Sales spent too much time qualifying leads, wasting valuable days pursuing and identifying opportunities from inquiries coming through the door. And they added headcount in the form of Inside Sales to qualify opportunities.
With this information, Sam concluded that the justification for the budget could be found in two areas: an increase in the inbound marketing efforts to drive more opportunities back into the organization, and holding onto inquiries longer. With comfort level rising a bit, Sam started to build a plan to address both issues and quantify the benefits (from increased sales, decreased costs, increased efficiency) from an overhaul of Marketing.
And as Sam start to vet components of the plan to IT and Sales, the pushback began.
Today’s curated articles summarized for your quick review:
-- > How To Go From CMO To CEO In 6 (Not Entirely) Easy Steps - Fast Company http://sco.lt/6QTlqr
-- > Trends and Predictions On The Future of Content Marketing [Slides] - B2B Marketing Insider http://sco.lt/8g9Ezh
-- > Content Curation: Key Tips and Ideas for Brands - CMI http://sco.lt/4vjtCL
-- > Persuading Senior Executives With Data - ClickZ http://sco.lt/9HKPz7
-- > Why Do Big Companies Crowdfund? | Web Strategy by Jeremiah Owyang http://sco.lt/89ztSr
-- > Infographic: Video Support in Email is Growing - and Working - Marketing Technology Blog http://sco.lt/6wUarh
-- > Adaptive Web Design vs. Responsive Web Design | Skyrkt http://sco.lt/585RM9
-- > The Complete Checklist for Creating Compelling Calls-to-Action - HubSpot http://sco.lt/7UuSO1
-- > LinkedIn Hits 38% Of Unique Visits From Mobile, Up From 8% In Q1 2011 | TechCrunch http://sco.lt/5CPGzZ
-- > How B2B companies talk past their customers | McKinsey & Company http://sco.lt/81pvTV
-- > Adobe Digital Marketing Blog | The Cautious Road of Dynamic Insertion http://sco.lt/4lRvjV
-- > Triggered email open rates are four times higher than newsletters - Econsultancy http://sco.lt/8FxkFF
-- > MailChimp Enters Simple Marketing Automation Market - CMS Wire http://sco.lt/5kLABN
-- > Social Marketing Automation - Marketo Acquires Crowd Factory http://sco.lt/5URctl
See ALL Top Curated Marketing Technology Articles here.
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