Today’s topic is Marketing Strategy and how to avoid fatal pitfalls. Listen to my colleague, Scott Gruher, Partner at SBI, and I discuss how to know if your marketing strategy is broken and what to do to fix it.
Is your marketing strategy a problem? Yes is the most likely answer. Why? The marketing leader is dealing with the rapid pace of change, maybe more so than any other executive. This means existing marketing strategies become obsolete quickly.
We start this podcast by outlining the foundation of a marketing strategy and simple tests to validate effectiveness. Does your marketing strategy provide an operating plan for your marketing department? We’ll describe what is required for a solid operating plan and how to allocate resources.
It’s difficult to grow revenue faster than your industry’s growth rate and faster than your competitors. The Revenue Growth Diagnostic interactive tool will help you determine if you are likely or unlikely to make your number.
To support the marketing strategy, results must be quantified. Listen to Scott introduce the concept of customer acquisition cost (CAC) and customer lifetime value (CLTV), and explain how it applies to your marketing strategy. More importantly we explain why the CEO and the rest of the organization will see value in this quantifiable measures. These may not be new concepts to some b2b marketers, but the depth required to make them meaningful is an emerging best practice that most marketers have not executed.
We’ll wrap up the show by explaining the steps you should take to develop and execute your marketing strategy.
Finally, learn how to leverage CAC and CLTV to make a case for increased marketing budget. With the right marketing strategy and supporting qualification, your marketing team will finally be unleashed to make a greater contribution.
During this episode, we’ll discuss topics such as:
- How the marketing strategy should allocate resources efficiently to drive demand for your products?
- How to develop Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV)?
- Step by step examples to describe how to calculate CAC and CLTV
- How misalignment between marketing and the functional areas of product and sales has a negative impact
- How to leverage a revenue growth methodology to meet objectives
Have expectations gone up and left you wondering if you can make your number? Here is an interactive tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate yourself against SBI’s sales and marketing strategy to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You will keep your job