Working in professional services as a modern marketer is, without doubt, a tough but hugely rewarding experience. But the holy grail for all marketer’s is a campaign that can easily point to revenue generation as return on investment (ROI).
So, to get us ‘in the mood’, consider this scenario…
You have a marketing campaign topic and a keen partner. Your campaign strategy is to, not just ‘do’ another profiling approach. You want the campaign ROI to really pack a punch and deliver commercial outcomes.
- You know the job titles for whom the campaign is aimed at
- You’ve researched to ensure the report point of view is differentiated from your competition
- You will be ‘digital’ in your campaign and (amongst other digital elements) include social media ‘paid for’ to generate leads
It took months, but the campaign elements are nearly ready. The launch event is in 6 weeks and you’re still chasing for the target list…
Wind forward 6 months and your boss asks for the campaign ROI. You’ve got heaps of really good digital click through stats. But as for leads and even direct revenue linked to the campaign, it’s a bit thin on the ground.
I see this all too often: right intentions, wrong execution. So where to start really driving commercial ROI? Here’s my top 10 steps to consider, when in pursuit of ROI heaven:
What are you selling and where?
1. How much of an impact does this campaign have on the market and how long will it last? Is it a ‘flash in the pan’ topic or is it a significant market disruption theme where you need to build a multi-year/ multi-channeled campaign? What other campaigns does this connect to (and is there too much ‘investment’ in this theme)?
2. Is the related client solution interesting, differentiated, value driven and cross line of service (xLoS) or does it support cross-selling?
3. How will you get xLoS teams to collaborate and be well versed in positioning the solution correctly? How many experts do you have that can sell the solution?
4. What are the sales channels you need to consider eg direct and/ or indirect? How will you balance push versus pull sales and marketing activity?
5. Is your leadership clear on the marketing budget investment, compared to the desired revenue outcome in years 1, 2 etc? How will campaign progress be demonstrated to the leadership in commercial terms, not just by you but the experts in the business as well?
To whom and how are you selling it?
6. Are there current ‘trophy-client’ examples of what a good solution looks like for this campaign? How many credentials of this nature exist, is it 1 or 100? Are there any particular sectors your credentials are strongest in? Do you understand the typical revenue/ profitability profile these trophy-clients generate and do you understand the ‘value’ each client has gained as a result?
7. Have you clearly defined the ideal client profile, eg size, location, specialism, sector, stage of business life-cycle? Do you need to tailor the campaign to different job titles, sectors and locations? Who will you test your sales materials on before taking more widely? What will the sales micro commitments be, that accompany your marketing campaign elements?
8. Have you mapped out your target list up front, defining existing clients (and even prospective)? Is your target list in CRM and have the missing job titles/ contacts/ target companies been added? Do you have enough targets for the campaign elements, or should you change the client facing activities to reflect a larger/smaller target audience?
9. Is the xLoS pricing model clearly thought out? How much ‘investment’ is the firm prepared to make with new clients? Do you need example proposal materials and do you need to run pitch rehearsals?
10. Have you agreed how pipeline will be managed and the different sales tools that people need (both internal and external)? What are the client specific, even team on team, activities that will help progress hot opportunities? How will CRM record meetings, leads, opportunities, sales etc?
Does this all sound familiar? Probably, it’s more of a ‘go to market strategy’, but I’m a firm believer in being thorough when it’s needed.
If it’s just a profiling campaign, that’s ok, there’s certainly a place for it in all marketing strategies. You just need to make sure you’ve got the right balance between profiling, and genuine revenue generating marketing campaigns.
After all, effort certainly does equal reward, if you have the right solution, campaign and team to make it work – it has every opportunity to generate significant revenue driven ROI.
See my blog for further reading on campaigns that start with sales ROI
Want to find out more on how this can help your business grow? Contact Edler Consulting for an initial chat about what’s holding your marketing campaigns back from real ROI. I’m available for one to one coaching, team development and management consultancy across sales and marketing disciplines.
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