As a CEO, you need to know how your marketing programs are contributing to your business’s growth. If you're uncertain how your marketing strategies and programs are impacting your organization, you're not alone.
To make sure your business is maximizing the impact of marketing, start by asking your marketer these five questions to evaluate if their activities are contributing to your company's success:
1. How is our company currently perceived in the market?
This is a deep look at what your customers and prospects are thinking and saying about your company. This is essential to knowing where to start with your marketing - if you aren't realistic about the level of your company's reputation and awareness in the market, you'll waste a lot of money pursuing activities that won't be effective.
This is all about gaining clarity on the marketing tools and tactics that deliver the best leads. This is an area where your sales team can provide input and feedback on what they see as proving to be successful in connecting with prospects and customers.
2. What are the best ways to generate new leads for our business?
3. What marketing tools help close opportunities in the pipeline?
One of the most immediate ways that marketing can impact a company's bottom line is by improving the conversion rate - the ratio by which opportunities convert to new business. Find out what those immediate materials and tools are, and get marketing to produce them asap. This will help you get faster ROI on your marketing.
4. What is our competitive advantage?
At the heart of your marketing strategy is your company's competitive advantage. Too many businesses don't actually know what their competitive advantage is, or they do a poor job of articulating it and promoting it. This is an area that B2B companies have an incredible opportunity to shine.
5. How are we measuring the results of marketing?
That old adage about 'What gets measured, gets done' is just as true in marketing as anything else in business. While it can be tricky to set up the right marketing scorecard, make a start on this to ensure your business is making regular monthly progress towards the goal of having a marketing function that is reliable, predictable and consistent.
And the next question...
For each of the questions above, a fantastic secondary question is: How do you know?
Your marketing professionals are responsible for demonstrating ROI and key learnings on every tactic, giving you confidence that your company’s marketing is as effective as possible.
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