“If the wheel ain’t broke, don’t fix it,” right? It’s a saying we tend to fall back on - applying it to areas of work and life where maintaining what we know to be just fine is easier and safer than an alternative, but in many aspects of work and life, sometimes “just fine” and “safe” are the enemy of “great.” IMPACT most recently had this realization regarding our own sales process in the early summer.
With greater adoption and execution of inbound marketing programs, organizations are supplementing their sales funnels with more and more inbound leads. By definition, inbound leads are typically better educated on your product or service when the sales process begins. Before having raised their hand, asking to speak with your sales team, they most likely completed some form of research on how you can solve their most pertinent challenges. One of the most frequent concerns I hear from marketers (and even sales folks, for that matter) is their deal progression or close rates are not stellar. Marketing expects more of these warm leads to close, and sales expects these leads to be more qualified so they can be closed. When boiling down the many variables contributing to poor deal progression or close rates, the roots of the issue almost always are sales team members treating inbound leads the same way as outbound leads.
Customer service is arguably the most important thing for your business to get right. Great customer service can overcome poor marketing, but it's incredibly difficult (and expensive) to replace poor customer service with even the most exceptional, "delightful" marketing. Inbound marketing is customer-focused and inherently aids customer service, but that doesn't mean companies who use it can't still be guilty of bad servic experiences.
3 weeks ago, myself and a few other IMPACTers attended CXL Live 2017, a 3-Day Growth & Conversion Conference, put on by Peep Laja, one of the world’s most recognized conversion optimizers, and his team at ConversionXL. As inbound marketing and sales folks, we found ourselves in a new, strange, and mysterious world. Instead of being surrounded mainly by Directors of Marketing / Sales, Marketing Coordinators, or Social Media Managers, we were amongst statisticians, quants, CROs (conversion rate optimizers), data analysts, growth hackers, experimenters, and people with the term “scientist” in their job titles. WTF... BUT, this is precisely why we chose to attend.
Let’s take a quick “journey” together. Pun intended… Ha! Imagine for a second that you’re a part of the project management team at a mid-market, consulting and advisory firm. You’ve just been tasked with the HUGE responsibility of finding a replacement software platform that will help you better manage your client data and project information.
Four score and 4,000 words ago, we began our in-depth series on the necessary elements that should be considered as part of any business’ digital or inbound marketing budget. Ok, maybe it wasn’t that long ago, but before we wrap up, here’s a quick refresher course of how far we’ve come:
In Part 1 of our series, we explored the tactical philosophy of how to approach building a marketing budget for a small to medium-sized business and what to include in that budget. We learned that a top-down-top approach helps us to build a marketing budget in a more strategic way, which is in contrast to the traditional “allocate 3% of total revenue for status quo, and 5% to grow.”
I’m an HGTV geek. Anytime there’s a home renovation show on… I’m glued. For me, it’s about seeing the dramatic change from the dated, sometimes dilapidated and low- value house to the modern, efficient, and high-value home. One of the most fascinating elements of these shows is the return on investment (ROI) they see from each renovation (albeit a little inflated for TV), but the question that’s consistently in my mind is “how did they do it?” What tools, services, and or outside help did they need to achieve that result and at what cost? Having worked in the contracting space for a number of years I’m able to draw some comparisons to life in the marketing and sales world.