It’s rather obvious that marketing strategies will vary depending on the specific marketing goal, and marketing goals change over time. However, attainment of marketing goals are directly correlated to whether or not an organization will be successful so it is imperative to develop specific marketing goals that align and support the organization’s overall goals.
Examples of a marketing goal include:
- Align marketing qualified leads with sales targets
- Increase the conversion of marketing qualified leads to qualified sales opportunities
- Provide the sales team with the right resources at the right time to conversion
- Synchronize sales and marketing efforts
- Acquire new customers
- Successfully onboard new customers
- Increase customer retention
- Increase share of wallet
- Increase marketing ROI
Marketing Goal – Align Leads With Sales Targets
In order to consistently meet or exceed plan each quarter, it is mandatory for Marketing to provide a consistent and sustainable flow of marketing qualified leads. This outcome-based marketing approach will increase marketing ROI.
Specifically, subscriptions or bookings targets need to be deconstructed to the marketing qualified lead level. At a minimum, this requires reverse engineering the subscription or bookings target to determine the number of deals, qualified sales opportunities and marketing qualified leads. The resulting demand waterfall will provide the clarity and timing of when and how many marketing qualified leads need to be generated.
Marketing Goal – Increasing Conversion
Here the focus is on converting marketing qualified leads to qualified sales opportunities and that will increase sales and marketing productivity and marketing ROI.
Typically this involves the hand-off of marketing qualified leads from the demand creation team so that the demand management team can convert those qualified leads to qualified sales opportunities. Marketing automation is the key to make this a managed, repeatable process which includes lead creation, appendage, updating, scoring, nurturing and routing.
Marketing Goal – Utilizing a Sales Enablement System
Providing the right resources in the right format at the right stage in the sales cycle is critical for the sales team to be efficient and effective. Doing so directly improves sales and marketing productivity, while increasing revenue and marketing ROI.
A sales enablement system will improve sales productivity, sales processes and onboarding as well as ensuring consistency in sales messaging. The system will support everyone involved in the sales process (Marketing, Sales, Partners, Sales Operations, etc.). Additionally, the sales enablement system not only houses all of the assets required to support the sales and marketing process but it captures and routes feedback to creators and users of all of the content. A best-in-class sales enablement system ensures that a sales person has what they need, when they need it and in a format that they desire to drive deals successfully through the sales funnel.
Marketing Goal – Synchronizing Sales and Marketing
In some organizations there is friction between sales and marketing and this usually is due to a weak pipeline (past or current). A healthy working relationship between sales and marketing will increase sales and marketing productivity.
The first step is to identify the sales process, terminology and roles and responsibilities. Typically the front-end of the sales process (identification of the target market through marketing qualified lead) is delegated to the marketing team while qualified sales opportunities through close is the responsibility of the sales team. For Sales and Marketing to be truly synchronized, the process requires accountability, empowerment and clear and consistent bi-directional communication by both parties.
Adding new customer logos is a sign of growth and market penetration which usually translates to increased brand awareness, credibility and better close ratios.
Since organizations typically have more time and talent than disposable resources, acquiring new customers means understanding what makes customers tick. This means investing heavily in inbound marketing strategies such as content, building an email newsletter and utilizing search engine optimization (SEO).
Inbound marketing pulls customers in with value-generating resources (such as the resource one is reading right now!). Sure, it takes time to create great content, but a robust resource center can drive qualified visitors over the life of the business.
On the other hand, outbound marketing requires the writing of checks in order to bring in new visitors. When the checks stop going out, the new visitors stop coming in.
Marketing Goal – Successful Customer Onboarding
Customer onboarding is about nurturing a relationship between the customer and the organization to fulfill the brand promise that was made to the customer during the sales process. Organizations must continue to work to build trust, credibility and respect as they learn how, when and in what format to communicate with their new customer. The focus for the organization should be to build and maintain loyalty and the focus of the customer should be to realize the organization’s brand promise.
In short, making customers successful fulfills the band promise and sets the groundwork to both maximize the long-term value of the customer and turn that customer into an evangelist.
Marketing Goal – Increase Customer Retention
Retaining customers stabilizes revenue in the short-term, increases revenue in the long-term and optimizes marketing spend.
Customer retention is a continuous and proactive process that intelligent organizations embrace in order to increase customer satisfaction and retention. The best-in-class customer retention programs begin with the first contact that a customer has with an organization. Often times an organization is unaware—even with the best social monitoring programs—that this interaction has occurred. And, this relationship continues throughout the entire customer lifecycle, even including when a customer defects.
Marketing Goal – Increase Share of Wallet
Increasing share of wallet is all about selling more to existing customers. The ability to do this decreases marketing expenditures, shortens sales cycles and accelerates new product adoption.
Because the cost to acquire a new customer is expensive in terms of timeframe and dollars, it makes sense for organizations to focus on the long-term value of a customer. This approach requires an organization to model customer scenarios to effectively up-sell and cross-sell existing customers. This should provide maximum value and to customers while it increases an organization’s share of a customer’s spend.
Marketing Goal – Increase Marketing ROI
For most organizations, marketing budgets are always under scrutiny. But a great way to address this scrutiny is to show a direct correlation of the marketing spend to revenue. Marketing should always know how much has been spent (in detail) and what the benefit (primarily quantitative) was. In addition, there should be automated, managed, repeatable processes that produce a predetermined result.
Marketing is expensive, so it is imperative that each dollar invested in various marketing strategies provides the maximum return on investment. Businesses utilizing a holistic and integrated lead follow-up approach, in order to convert each lead to a qualified sales opportunity, enjoy a higher ROI. Specifically, businesses that tightly target a specific set of companies and individuals with a high propensity to purchase enjoy a competitive advantage. As a result, the number of companies and contacts is smaller than if these businesses did not target — so the marketing budget is actually higher on a per-lead or per-contact basis. This allows for a more thorough marketing action plan but more importantly, it enables a detailed and comprehensive lead follow-up process.
Marketing Strategies Vary by Marketing Goal
Effective go-to-market plans are dependent upon setting and attaining goals. Marketing goals should cascade down from organizational goals so that there is focus and alignment for the entire organization. Marketing strategies are created to communicate how the marketing goal will be achieved. Marketing strategies often balance the science and the art of marketing as there is a need to continually reinvent as competitors mimic what has historically been effective. Flawless execution of marketing strategies will require managed, repeatable processes that will yield optimal results.