Children writing lists to Santa aren’t the only ones making wishes this year. We B2B marketers are making many wishes for our marketing to be more effective, less costly, and less work. These are the same old wishes, but, in this volatile economy, the gifts are needed more than ever.
So I went searching for a few B2B marketing Santas that may have left a gift in a blog or magazine article here and there. Here’s what I unwrapped.
Be more effective
Deliver Magazine from the US Postal Service was celebrating its 40th issue with a recap of its greatest moments. One clip included this very sage advice from the “permission marketing” guru Seth Godin. He said, “Happy customers are a company’s worst enemy because they’re unlikely to push you to stay ahead of the competition. Talk with those who are dissatisfied with everything on the market.” Taking this approach is the best way to help B2B companies find out how to improve their products and the effectiveness of their marketing.
Doing more with less has always been important. These days it’s a survival necessity. Although there is danger in spending too little, the worst danger is not knowing how much you should be spending. Thank Santa for a recent post on the Inbound Sales Network. Their “How Much Should you Spend on Lead Generation?” takes B2B marketers through six calculations marketers can use to set the right spending limit for their organization.
Step 1: Set the Target
Say your company has the goal to do $1,000,000 in new sales during the next year. If you currently have a 10% growth rate in current accounts, this leaves $900,000 needed in new revenue generated in the next fiscal year.
Step 2: Pipeline Size
New Revenue Target / Closing Ratio
Step 3: Average Deal Size
Total Revenue / Number of Deals
Step 4: Total Number of New Opportunities Needed
Pipeline Size / Average Deal Size
Step 5: Lead to Opportunity Conversion Ratio
Number of Opportunities Won / Total Number of Opportunities
Step 6: Cost per Sales Qualified Lead
(Expected Revenue – Delivery Costs – Sales Costs – Acceptable Profit Margin) / Total Number of Leads Needed
Read their article to get all the details. This process helps ensure that every dollar spent on lead generation is justified based on the company’s sales goals. It’s the only way to go.
Lighten the workload
Follow the advice of Rachel Foster in the October 2011 Issue of Chief Content Officer (COO) Magazine. She suggests “Reimagining the Tried-and-True White Paper” by turning it into an interactive video. She says, “Unlike traditional videos, designed to play from start to finish, video white papers makes it easy to jump from section to section and focus in on high-interest topics.” Video white papers allow B2B marketers to track how long a viewer watched and what they watched. If some sections appear to be more popular than others, marketers can leverage that insight into a new piece of potentially effective content.