Why it is more important then ever to accurately measure your marketing
- AUTHOR Josh Rosenberg
- April 16, 2014
- No Comments
Scott Brinker wrote a great piece called Digital Marketing is Now Reappropriating the Sales Budget, about a recent Gartner study discussing how digital marketing spending continues to rapidly grow. The thing that stood out the most to Scott (and me) was that according to Gartner “22% of the participants said they reduced the sales budget because digital marketing activities have changed buyer’s paths to purchase.”
As a marketer it is very exciting to hear Gartner confirming what many of us already believed – the buying cycle has vastly changed. Digital marketing touches account for a very large part of the customer decision making process. Often times prospective customers have already done research on several company websites, narrowed down the solutions they are interested in, then downloaded a white paper or watched an on demand webinar, and maybe then they fill out a contact us form. The point is the multi-touch sales and marketing environment of today is not only complex, but also much of the “selling” has already been done before a sales rep even speaks to a potential customer.
That is why it is crucial for any organization’s success to have the right systems in place to track and measure their marketing efforts. Companies should have one source of truth for all of their marketing metrics, and that the best place to do that is inside a CRM system (such as Salesforce). All of the customer and prospect information is stored in CRM databases to begin with, plus the sales and executive teams are already checking them to see the status of various quotas, pipeline, revenue, etc. Imagine if marketing is able to track integrated demand generation funnels (across sales and marketing), the influence each campaign has on revenue and pipeline, and the complete lead lifecycle in the same place sales is tracking all of their information.
The marketing department may be reappropriating some sales budget but at the end of the day we are all on the same team, trying to generate as much revenue for our companies as possible. The thing that has changed is that it is more important then ever to have multiple, effective campaign touches from marketing to get leads ready for sales and the only way to do this effectively is if you have the ability to understand exactly how every single marketing campaign performs across all your market segments.