Yesterday I attended Good to Great: A Marketing Virtual Event, which was sponsored by the company Marketo. I really wasn’t sure what to expect; it was the first time I was going to attend a “virtual” conference, and I didn’t know how much I would actually get out of it.
I think that the most information I received was actually in the keynote address, which was presented by Principal Analyst at Forrester Research, Lori Wizdo, and Marketo’s CMO, Sanjay Dholakia.
The key points they made were the following:
- Buyers are in Control
- Time and Resources are Tighter
- There are A LOT of Marketing Channels
So, what does this mean? To start, buyers now control the access to information, they can go online and do research themselves. Studies show that they engage in at least 3-5 channels before they decide to make a purchasing system. That means, as marketers, we need to be in all the channels they are going to, providing them the information they are looking for, so when the time comes for them to purchase, we are who they are thinking about, and want to purchase.
The challenge is how to do that when our marketing budgets are tighter? Most companies’ budgets are around 2% of their revenue. We need to be efficient and effective in what we put out there. We need to spend about 22% of our total marketing budget on Lead Origination and Lead Nurturing.
Meeting leads where they are, and providing them the information they are looking for.
We need to stop doing things that aren’t showing a return on revenue, and start doing things that are. We need to make sure we are managing leads to revenue, so we can show that what we are doing is effective. But what is most effective?
Studies have shown that Email Marketing, Sponsored In-Person Events, Content Marketing, and Webinars top the list as the most effective ways to nurture leads, based on the feedback from all respondents, and the respondents who were top performers in generating revenue. As you can see by looking at this chart, after those 4 tactics, most of the others rank pretty much at the same level, so a lot of it will most likely have to do with what your company does on where you are most effective.
All of these changes have generated a new buying funnel, where marketing truly plays a part in the Awareness, Interest, and Consideration of buyers. We need to provide them with the appropriate content to help them make an informed decision and lead them to a sale.
Overall these are the key points that Lori and Sanjay shared with us yesterday.
If you’re curious and want to find out more, you can view their full presentation on Slideshare here. I’ll be sharing more from this conference in the coming days.
Let me know if you have any questions or thoughts on where Marketing is heading.
Frequently Asked Questions
How can I handle tighter marketing budgets while still being effective?
With marketing budgets shrinking to as low as 2% of a company’s revenue, it’s crucial to be more efficient in your approach. Focus on lead origination and nurturing—allocating around 22% of your marketing budget towards these efforts. This ensures you’re reaching your audience at the right time, in the right places, without overspending.
What marketing channels should I focus on to nurture leads effectively?
Based on feedback from top-performing marketers, email marketing, company-sponsored in-person events, content marketing, and webinars are the most effective methods for lead nurturing. These tactics provide value and keep your leads engaged throughout their journey.
What is the “new buying funnel,” and why is it important?
The new buying funnel involves marketers being more involved in the early stages of a buyer’s journey, including awareness, interest, and consideration. By providing the right content at these stages, marketers can help buyers make more informed decisions and lead them towards a purchase.
How do I measure the effectiveness of my marketing efforts?
To ensure that your marketing strategies are working, focus on tracking leads to revenue. If a particular strategy isn’t showing a return on investment, it might be time to reassess and focus on tactics that are yielding results. Understanding what works and what doesn’t will help you maximize your marketing budget and improve effectiveness.
How should I prioritize my marketing efforts with limited resources?
Since many marketing tactics rank similarly in effectiveness, it’s important to tailor your strategy to your company’s unique needs. Focusing on lead nurturing, content that educates, and using channels where your target audience is active will ensure your resources are spent effectively.
