Look before you leap - Two essential steps to predict the marketing outcomes before you start

  • neil_portrait.jpgTake a look at most crowdfunding campaigns and there is likely to be a line for 'marketing' in the section on how the money is to be used. If you're lucky, it will be broken down into 'website development' and 'advertising and promotion', but that will be it.

    Even Venture Capitalists, who you would expect to be much more demanding of detail when it comes to deploying their money, accept not much more than a skeleton marketing budget. The fact is, everybody seems to take on trust that there is a black hole you need to throw money towards and, if you're lucky, it will all work out alright in the end.

    The crazy thing is, there is absolutely no need for this to be the case. A far more rigorous assessment process at the outset can allow any Venture Capitalist or Business Angel to determine the state of readiness of their investee business to enter a rapid growth phase and, moreover, to calculate a realistic set of expectations against which progress can be measured - from day 1, not month 12 when the first round of funding has run out.

    1. The Readiness Check

    At The Marketing Eye, we undertake a full readiness check for new clients so that we understand the achievability of the expectations that are going to be placed upon us. Questions include:

    • Can you provide data on your current sales funnel e.g website vistors to enquiries, enquiries to sales?
    • Have you broken your sales targets down into monthly and weekly requirements?
    • Do sales and marketing meetings take place around an agreed dashboard of lead and lag performance indicators?
    • Do you understand your average cost of acquisition, customer life time value and return on sales and marketing investment?
    • Can you provide a detailed description of the demographic profile of your target audience
    • Have you defined your key marketing messages?
    • Do you have processes in place to track competitors' performance?
    • Have you selected the marketing systems and technologies for your business e.g CRM and marketing automation?
    • Have you worked out your marketing operating model e.g. in-house vs. out-sourced resources

    And there are many more besides to help evaluate the current strategy and tactics.

    Of course, most businesses answer 'no' to a lot of the questions. This is not in itself a problem, it just serves to focus the mind on what needs to be in place before full value can be gained from an implementation programme. Skip them at your peril!

    2. Predictive modelling

    The next essential phase is predictive modelling, which helps everybody understand what is required to achieve the forecasts.

    roi_calculation.pngThere is so much data around nowadays, and when you combine it with the knowledge of experienced marketers, it is possible to model the likely impact of any given set of activities on critical measures such as: website traffic, marketing qualified leads, sales qualified leads and ultimately the amount of business that gets written. By combining this data with an understanding of the revenue model, it is possible to forecast the ROI.

    An exercise of this nature allows different scenarios to be modelled and performance to be monitored against those expectations from day 1. A continuous process of test, measure and improve can then take place to meet or exceed the benchmark.

    If you are a Venture Capitalist or Business Angel and feel you are running blind when assessing how much money should be allocated to marketing, and how you are going to remain in control of it post investment, give us a call. We will be pleased to run through our readiness check and predictive modelling tools.

Related articles

  • Read More

    SharpSpring launches visual workflow builder to enhance lead generation and sales

    SharpSpring recently announced the launch of their Visual Workflow builder. The new feature intends to make the process for creating workflows easier and brings it in line with the likes of Pardot...

  • Read More

    Why can’t we make faster business decisions?

    Malcolm Gladwell, in his book Blink, argues that the lengthy procrastination that often takes place in decision-making is ‘post self-justification’, because we actually make up our minds pretty...

  • Read More

    Marketing activity so bad it’s quite literally criminal

    A news article came out through the Bangkok Post (we found it through The Verge) last week about the arrest of three Chinese nationals. The trio had been paid over £10,000 a month to run a...

  • Read More

    Jason Dilworth joins The Marketing Eye to develop technical capability

    Financial services marketing agency, The Marketing Eye, has appointed Jason Dilworth to the new role of Technical Director in a move designed to expand and develop the company’s data-driven...

  • Read More

    A third of B2B marketers are tracking sales through social

    For an industry whose origins and continuing existence rely heavily on the accurate analysis of statistics, the insurance sector would do well to note the seismic shift taking place in modern...

  • Read More

    Repeat, Repeat, Repeat – 4 reasons to keep contacting the same prospect list

    Asking someone to buy your product or sign up to your service after only one mail-shot or email is unrealistic. We can’t expect that one email, no matter how carefully crafted, will be enough to...

  • Read More

    Promoting video content on social media

    So, your business has splashed out on a big, beautiful high quality piece of video content, you are going to want to stretch it as far as it will go, right? Then don’t do what everyone else does...

  • Read More

    Four Facebook ad campaigns you should be running to attract and retain investors

    With around one-fifth of the world’s population on Facebook, you would think generating brand awareness and leads from it would be a piece of cake. The reality is less straight forward. With a...

  • Read More

    6 quick wins when you first sign up to marketing automation

    Marketing automation systems are powerful, intelligent and the bedrock of many businesses' marketing strategies, but getting to learn and understand them takes time and dedication. Not becoming...

  • Read More

    7 characteristics of social media implementation in B2B marketing

    If you look for evidence of the potential benefits to B2B organisations of social media, you will see both lead generation, as well as brand reinforcement are being addressed to great advantage....

Take the first step

To find out more about how we can help you grow faster, please get in touch. We'd like to hear from you.  Or try our instant marketing healthcheck, it's free!

Quick Contact

Quick contact

Close

Contact us

T 01825 765617

E hello@themarketingeye.com

Our offices

Full details of our offices in London and Uckfield more

Request a call

Close