Join Heinz Marketing and Bizible on June 6th for a webinar that provides practical guidance on a mid-year marketing performance management checkup. Register here
How crazy is it that we are now in June? As we hit the halfway point of 2018, it’s time to rigorously review your marketing efforts to ensure your performance aligns with your pipeline and revenue goals. But where should you start?
It all starts with the annual plan. Review the objectives, goals, budgets, and timelines to determine exactly how well the over sales and marketing effort is performing. Hopefully, your marketing organization has shared goals with sales. Overall health and performance can be measured with important KPI’s.
A dashboard with revenue performance KPI’s is invaluable. The right KPI’s can show historical sales and marketing performance and also help indicate future projections. Here are a few KPI’s we often recommend:
- Sales Pipeline Velocity (download our Sales Pipeline Velocity Calculator here)
- Marketing Sourced Revenue
- Marketing Influenced Revenue
- Opportunity Creation
- Channel Attribution with Marketing Budget ROI
Note: We will cover these KPI’s and several others in our webinar.
Next, what are specific data points to review to make decisions on increasing or decreasing resource and budget investments? Budget allocation cuts across campaigns and channels and each should have goals for pipeline contribution. This is where marketing can identify campaigns that have performed as expected, exceeded expectations, or underperformed. Opportunities to increase spend and double-down may emerge because some channels are performing way better than expected. This is the heart and soul of marketing performance management.
Finally, what does the overall funnel look like? Full-funnel marketing analysis can show how well leads are coming into the funnel, opportunity creation, sales duration, and win rates. These details can inform the types of adjustments to make. For example, top-funnel lead generation might be strong, but mid-funnel opportunity creation is lagging behind the plan, and sales are taking too long to close. These details could indicate a need for deeper funnel programs, content and sales enablement. The details are in the data you should be capturing.
Mid-year is an excellent time for a marketing performance management review. Join me and Bizible’s Jenn Steele for our webinar on June 6th. We will cover this information in greater detail to help you drive toward a successful year.