Drive Revenue Growth in 2014 With Marketing Scientists
- AUTHOR Josh Rosenberg
- January 9, 2014
- No Comments
Earlier this week I read an interesting blog in the Harvard Business Review called How to Find, Assess, and Hire the Modern Marketer by Adele Sweetwood. The crux of this piece is essentially that today’s modern marketers need to be both scientists and artists. The ideal modern marketer is proficient in advanced analytics and is able to leverage the marketing technologies being used to determine actionable insights that enable marketing departments to prove their contribution to revenue and maximize the return from their budget.
Many companies now realize that in today’s complex, multi-touch buying cycle it is critical to track and measure the results of your marketing (and sales) efforts accurately to find tangible ways to improve processes and drive more revenue. As such more and more companies are adopting positions like marketing operations to help parse through all the campaign data generated and find the key trends and information that assist with this process. However, there are two issues preventing companies from getting this critical data: the tools they use just aren’t set up properly (or able) to capture the data needed and there is not one source of truth for everyone to view these findings.
Most large companies use a CRM system (salesforce.com, etc.) and also have at least one other marketing technology (probably Marketing Automation like Marketo, Eloqua, etc.). Marketing looks at the numbers in the Marketing Automation systems and sales looks at the numbers in the CRM systems. Often times the executives and finance teams only look in CRM systems as well. So it is critical as a modern marketer to track and measure your key analytics such as campaign influence and integrated sales and marketing funnel volume, conversion rates, and velocity in the system that the rest of your company is actually looking in.
The second step is making sure your CRM system is set up to properly capture and report on the critical marketing data that is being synced from the other marketing technologies. You need a solution that can time stamp each response and doesn’t overwrite previous responses from the same Leads or Contacts to accurately track all your funnel metrics and view your historical records so you can have accurate trends over time. Plus if you can show in salesforce.com how much each marketing campaign influences the revenue that your sales team is closing it not only helps you maximize the return on your marketing budget, but it also tangibly shows what marketing is contributing to revenue.
Having data driven marketers who understand how to build revenue models, know the ins and outs of analytics, and are technologically savvy is key for any company looking to grow its revenue in 2014. Just make sure that when you hire these marketing scientists that you have the right technology in place to enable them to do what they were hired for: leveraging all the data that comes back from your marketing efforts to find actionable insights that enable your company to generate more revenue.