Setting and Achieving Ambitious Marketing Goals
[New Year’s Resolutions Webinar Review]
2023 is coming to a close and as we approach 2024, it’s time for marketers to think about their 2024 marketing goals and create a plan to hit them. In the Full Circle Insights New Year’s Resolutions: Setting and Achieving Ambitious Marketing Goals webinar, we broke down three big marketing goals resolutions and gave tips, tricks, and tactics on how to reach your goals.
Resolution 1: Gather Accurate Funnel Metrics
Gathering historical funnel data around pipeline, specifically what has been driven by marketing and consolidating that data into what your conversion rates from beginning of pipeline to end are and how long it takes to move those deals from beginning of pipeline to end.
If you currently do not track this data or conversion and velocity of your pipeline, make a goal to collect this data and keep accurate funnels to understand marketing’s impact on the business.
Resolution 2: Understand Revenue Goal
The elephant in the room: your revenue target.
The largest part of any marketing team’s focus is revenue target and getting there.
To help make your resolution less daunting, break revenue target into manageable pieces by splitting it based on deal size. This makes the road ahead all the more visible.
Resolution 3: Build Plans to Hit Revenue Goals
With any revenue target, you need to drive new business. This means bringing in qualified leads for the sales team and knowing how many need to be brought in to hit that revenue goal.
Marketing campaigns drive these qualified leads. Focus on what you know works and focus on strategy to fill the top of the funnel. Get people over the threshold into pipeline and stay top-of-mind with prospects to keep them engaged.
Identify not just what has been working, but where we need to improve to hit our target.
Ask yourself the following questions to get started:
- How Many Qualified Leads Do We Need?
- What Campaigns and Strategy Help Achieve This?
- Where Does Marketing Need to Focus it’s Goals?
How Do I Achieve These Resolutions?
Align Your Funnel Stages
Align funnel stages is key in achieving your 2024 marketing goals. Work backwards to get started. Use historical data and take your revenue goal divided by average deal size to determine the number of new business deals needed to reach your revenue goal.
Identify the following campaigns:
- Top Performing
- High Impact
- Most Engaged
Summarize Campaign Attribution
Proper campaign attribution empowers you to know what is performing well and what isn’t. Leverage this information and shift advertising dollars to where they have the most impact.
Monitor Pipeline and Attribution
It’s important to note these plans and projections are not set in stone, but they are a solid foundation for marketing teams to hit their revenue goals and find success. Continue to monitor and adjust as time goes on and track trends in your funnel.
If you begin to notice that your pipeline is starting to drag out and impact velocity or conversion rates, work with the sales team and get their feedback. This is an indefinitely evolving process and should be treated as such to constantly improve.
Learn more by watching the New Year’s Resolutions: Setting and Achieving Ambitious Marketing Goals webinar.