Chapter 1: Achieving revenue goals through Predictive B2B marketing
The average marketing budget of a technology company is close to 4.3% of its total revenue. For example, a SaaS company with $25m annual revenue is spending close to $50,000 per month on marketing. And with most companies hitting close to 17% qualifications at the marketing layer on a good month. This leads to sinkage of more than 2/3rd’s of the assigned marketing budget, making it one of the least productive functions within the organization.
Key barriers to marketing success:
Some of the easily rectifiable problems leading to inefficiencies are:
- Lack of understanding of your target buyer
- Lack of channels and campaign insights
- Tool level inefficiencies
- Identifying your target buyer
- Obtain channel and campaign insights
- Overcoming marketing automation challenges
Marketing automation has continued to rise in popularity over the last year. It’s no longer a fun tool for the big dogs. It’s become widely integrated and companies that have successfully seized the marketing automation reigns have pulled way ahead of the pack. Marketing automation platforms have become increasingly complicated as well as feature rich since they exploded on the scene in 2014. Today a full-service market automation platform is a process engineering effort on its own.
According to the Ascend2 Report, The most significant barrier to marketing automation success is the lack of an effective strategy, followed closely by the complexity of the system and lack of employee skills.
- Here is a full list of the most significant barriers to marketing automation success:
- Lack of an effective strategy (52%)
- Complexity of the system (42%)
- Inadequate contact data quality (38%)
- Lack of employee skills (32%)
- Lack of relevant content (31%)
- Marketing and sales alignment (30%)
- Budget constraints (27%)
Best ways to overcome these barriers:
Do not invest in marketing automation without a strategy that is fully in line with your marketing and business goals.
What are your current marketing and business goals, and how can the functionality within the platform help you achieve those goals? How will you measure the successful use of your marketing automation platform? Purchasing marketing automation software without a strong strategy is putting the cart before the horse. You won’t be getting anywhere in your pursuit for demonstrable ROI.
Make sure you have resources and talent dedicated to your marketing automation platform.
As you assign talent to your marketing automation platform, keep in mind that virtually every package out there includes support lines and collaborative online communities in your purchase. Don’t be afraid to use these resources when implementing the more complex functionality.
There are also frequent training and certification opportunities provided by marketing automation providers.
Get both marketing and sales invested in your marketing automation platform.
Try to encourage marketing and sales work together with marketing automation platforms. Create a culture of rewards and excitement to track ROI within divisions. Companies need to find common goals between marketing and sales because the ROI picture will never be complete if they’re working in silos.