Can marketing actually be tied to revenue goals based on the delivery channel? Why Not!
First, you must make a commitment to content.
Without a commitment to active and consistent content you can’t expect any channel to be tied to a measurable revenue number. However, if you can commit to ongoing, highly-relevant content for each channel you actually set goals by channel and build out trackable measurements based on channel:s:
What kind of traffic will you drive to each channel per month?
How do you capture leads in this channel?
What is the average of ratio from traffic to lead capture?
What is the cost to produce and distribute content in the is channel (for now just look at hard costs not including salaries)?
What are your lead to close ratios?
See Marketing KPIs Blog for more information on measurements.
Note, some companies are more transactional in nature and the content itself might directly result in a sale of a product, service or subscription.
Second, someone has to take true ownership of the channel.
You must find a marketer who can is comfortable taking ownership of one or more of your content channels and is able to view that channel success based on measurements and data. This person must own the strategy by which content is not only created but delivered. They also must work with other channels to cross-promote and create replicatable content that can be used by a number of channels. For example, if you have a webinar recording you can use on your blog, Facebook, Linkedin and Youtube each channel owner will need to understand the best way to position and promote this content on their channel to make the most of the content based on how the target audience interacts with the channel.
Third, you must define the qualification by which you will measure the channel.
Some companies will only measure marketing revenue contributions when a transaction occurs directly from that marketing activity within the same interaction. Other companies will cookie or log the original interaction and allow marketing to claim it against the channel if the completed sale occurs in a certain time frame. In the B2B world however, where you have a sales cycle involved, you will want to go back and look at the original lead channel at the close of the sale. In CRM, this is often when the opportunity is moved to “won.”
Last, you must be able to measure effectively.
If you have a sales process involved you must be able to track where the channel the lead came from along at the time they make a purchase. This means the channel source has to be able to follow the lead through the entire sales journey. You may also need a way to tie other channel contributions to the sale If the lead interacted with a number of channels before making a purchase you would want to give the original source a certain attribution however those that
contributed to the sale should also get some of the credit. If you are using a marketing automation system or a CRM to track interactions and activities you will want to create a master lead source or campaign along with lead source tags or child campaigns that will allow you to see the entire flow of activity for each completed sale.
While content is king when you want to leverage your marketing channels you have to be able to understand the value of the content as it pertains to that channel so you can continue to produce content for the purpose of growing the business not just content for content sake.
Seems a bit funny to give a single year such an important title. As a matter of fact, if you look back over time, we probably knew more about our customers 100 years ago before technology became a part of our shopping experience. If we go back 100 years ago the store owner knew his/her customers by name. He/She probably knew what his/her customer bought the last time they were in the store and probably had a good idea what he/she will buy this time. The store owner knew the kids names, the profession of the customer and maybe even his/her birthday. So when you think about history, small businesses had the first Chief Customer Officers and relied on customer experience feedback before technology ever played a part.
Now on to reality, while there are a few small town shops today where everyone knows your name, it is not how most of us conduct business. So who in a business owns the customer experience? The truth is, for decades this question has gone virtually unanswered. Most organizations believed everyone should own the customer experience but as we all know when you have two many cooks in the kitchen, something or someone gets burned.
In a small business where C-level executives do everything from unlock the doors in the morning to making payroll at the end of the day, who should own the customer experience? And, what does this mean?
It doesn't mean that each role in the organization is off the hook. In fact, it means that every role in the organization should be accountable for their part. In the end it doesn't really matter which department head or person in the organization is named the CCO or given the responsability but one person should be driving and monitoring the overall strategy, even in a smaller company, even if it is the CEO/President. Here is what this person should be responsible for:
Defining the customer journey
Defining the customer experience from the customer's point of view
Communicating the customer voice to decision makers
Making sure each person in the organization is communicating customer feedback to a central source
Looking at how each company decision impacts the customer experience
Monitoring and share customer loyalty stats and how it impacts the company's bottom line
Acting as an advocate for customers if something in the organization needs to change
Breaking-down silos in the organization that have a negative imapct on customer experience
Putting programs into place that improve the overall customer experience
Businesses need to rely on customer retention more than larger organizations. A positive customer experience for just one customer can mean the difference between growth and shutting the doors. If everyone in the organization is doing their part to make sure customers are happy but no one is responsible for making sure of it, you will end up reacting to bad experiences vs. proactively trying to create good ones.
2014 was the year of customer centricity. The year of omnichannel. The year of mobile marketing. The year of marketing automation. The year of app marketing. The year of video marketing. The year of big data. The year of ENGAGED CONTENT! For me, 2014 has been the year of content overload. Now that everyone is a publisher of content I am struggling to manage my own content intake. Not only do I enjoy staying on top of the latest marketing trends, I also love to dabble in emerging trends. It is natural to read as much as you can to absorb what it hot and what is not in the business world.
For the first time, I have found myself completely unable to stay on top of all the content. Like most marketers, I am on Twitter, I am Linkedin to a number of topical groups, of course I am signed-up to receive emails from industry mags. and I receive a number of blog feeds a day. How do you manage all of this so you can filter through the content you want/need to read most? Here are some resources that might help you manage the content you want to read:
Evernote - Save and organize your content and reference it later on any device.
Feedly - find content in different categories and save it in categories that make sense for you.
Pinterest - Not only can you save gift and menu ideas on Pinterest, you can create boards for business ideas and can categorize them by project.
Siftlinks is a service that monitors your friend stream on Twitter, pulls out the links and creates an RSS feed for you to peruse at your leisure.
Google Alerts allow you to define the content you want and how often you want it. Define key terms as narrow as possible in order to get the most relevant content.
Circa makes your content bite-sized and easier to skim.
Other helpful tips:
My name is KC DeKorte-Cox and I am a demand generation marketing expert with over 15 years of experience focused primarily on helping businesses with marketing and sales alignment strategies aimed at driving growth. I help design marketing and sales programs that scale by leveraging the power of technology, specifically CRM and Marketing Automation.