Why Marketing Focus is so important
At this time of year, many organisations are planning their marketing focus, strategy and budget for 2018. Rather than focus initially on budget and activities, companies can instead focus on what goals they want to achieve. Break it down in to marketing KPI's if you please. Once you know what you want to achieve then the actual marketing planning can begin.
Marketing KPI examples
- Get to top 3 in search results on Google
- Receive 20 new inbound enquiries per week
- Launch new service to existing customers resulting in x sales
- Attract x new customers, valued at an average of x per sale
- Reducing bounce rate from x to x
- Increasing time on site from x to x
- Increase organic search percentage by x
To assist in coming up with the marketing focus, take a look at HubSpot’s State of Inbound report 2017 which shows companies top marketing priorities over the next 12 months.
For Australia and New Zealand these marketing priorities are;
- Converting Contracts/leads to customers 73%
- Growing traffic to website 65%
- Increasing Revenue derived from existing customers 43%
- Proving the ROI of our marketing activities 42%
- Sales Enablement 31%
- Reducing the cost of contracts/leads/customer acquisition 20%
If you are using a sophisticated automated marketing system and CRM, then marketing has an important influence on all of these priorities. If you are not using these systems then marketing can directly influence 2, 3, and 4.
Let’s take a look at these priorities.
Growing traffic to Website
This is not as simple as throwing up some ads. Now the focus is on content; creation and distribution. In HubSpot’s same study they found that company’s top inbound marketing priorities are as follows.
Looking at this chart of priorities on its own will not assist you in creating a plan, instead it shows the intention and direction of your competitors and the market. A lot of this can be overwhelming, unless you go back and focus on what marketing (and Sales) KPIs you wish to achieve in 2018.
Increasing Revenue derived from existing customers
Of all the priorities this one can have the highest conversion rate. You are already dealing with people you know, you have their contact details and they know your product. You just need to remind them why it’s so great and what else you have to offer. This needs to form a major part of your marketing KPI’S & Projects. There are many effective projects and strategies you can implement to achieve this.
Proving the ROI of our marketing activities
Don’t spend a cent on marketing unless it can be tracked, and don’t go lumping all of those extra items into the marketing chart of account like business cards or donations. Spending on marketing needs to be measurable and this is achieved through call to actions and tracking to determine what sale came from what source of marketing.
Determining your Marketing Focus for 2018
Ask yourself the following questions.
- What do I want to achieve this year?
- What areas are hurting my business?
- Am I getting enough quality inbound leads from my website, email and telephone?
- How often do I analyze these statistics?
- How many existing/previous customers are buying additional products or services for me
- How much do I make from every dollar spent on marketing?
Asking these questions will help to determine your KPI’s (or begin by using the list from the top of this article). All KPI’s have corresponding strategies and projects to put in place to achieve, I find working backwards this way makes for a clearer, more achievable marketing plan that keeps you on focus to achieving your sales goals.
If you need any assistance with planning or strategy for your 2018 Marketing, please contact me.
The full HubSpot report State of Inbound Can be accessed from here. Graphs courtesy of HubSpot Report.