Marketing Plan. Most marketers I talk to do not have a formal, written marketing plan or a demand generation plan. They have a budget, but there is usually not an overall plan to follow. A good marketing plan outlines the objectives and goals the team needs to follow that align with the corporate strategic direction. Things will change throughout the year, but just because you change direction doesn't mean you throw out the map. To drive sustainable revenue growth, your team needs to develop an annual plan with objectives, goals and tactics and then develop key performance indicators and controls to measure your performance. Your plan should be reviewed on a monthly basis with your team. It is too easy to get caught up in the daily grind and forget about all the other things you need to be doing. Sustainable revenue growth companies operate consistently from a plan.
Measurement. How do you measure your marketing performance? Hint: It is not the creative awards, # of impressions, or clicks you get. It is all in financial terms. Your CFO and board only want to know a few things: 1) What is your Revenue per Marketing Spend? For every dollar they give you to spend in marketing, how many dollars in revenue are you returning against that dollar? 2) Lead to Customer Conversion Ratio - How many leads does it take to generate one customer 3) Lifetime value of a customer - how much revenue and referral revenue will a customer produce over its lifetime, and have you stratified these customers into tiers based upon that return? 4) Lead Portfolio - what is the average rate of return per given lead and how much does it cost to take one lead through to a sale. By concentrating on these financial drivers and looking at how much revenue marketing is producing, not the number of leads, you will align your team much better with sales and endear yourself to the Board.
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