Are you even ready for marketing? By Cort Tafoya
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Are You Even Ready for Marketing? What Your Marketing Needs Before Spending $
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At a high level, there is often a failure to realize that marketing is essentially tied to the growth of your company. Why is that? Because when marketing data is accurate and gathered correctly, you can spend X amount of $ and know you're going to get Y dollars in return. This knowledge is critical to you, as a co-founder or CEO, because that Y number determines the excess money you have to invest in new employees, product features, office real estate, more marketing - anything you can think of investing in to further grow your company. If you accept this premise, then you have to ask yourself before you start marketing, "Do I have a handle on my data? Do I know the lifetime value of a customer, profit per sale, conversion and CPC rates?" And once you know that stuff, you have to ask yourself what your marketing goals are going to be: Revenue? Profit? More users? More brand awareness? Targeted client (enterprise) acquisition? Is a round of funding coming up (because that can dictate budget)? Furthermore, you need to know if your product is ready to hit the market or if it can be significantly upgraded quickly to make it more competitive and give your marketing efforts a true pilot before determining their effectiveness. The truth is, there's a ton you need to figure out before you start marketing, because you don't want your marketing campaigns to end poorly without them being executed and analyzed in an environment that's conducive to success. So, if you're one of those people who thinks they're ready to start investing more in marketing, or if your marketing efforts before were not successful check out this slideshow - it will definitely help!
Transcript of Are you even ready for marketing? By Cort Tafoya
Are You Even Ready for Marketing?
What Your Marketing Needs Before Spending $
Catchy Intro Quote“...no organization can continue to spend on marketing without
knowing what's working and what's wasted. Data-driven marketing
improves efficiency and effectiveness of marketing expenditures
across the spectrum of marketing activities from branding and
awareness, trial and loyalty, to new product launch and Internet
marketing.”
- Based on new research from the Kellogg School of Management
Marketing Needs DataBecause data allows us to make projections. What do you know about the following?
- Lifetime Customer Value - Customer Satisfaction- Profit Per Sale - Lead Conversion Rates- CPC Rates - Sales Conversion Rates- Brand Awareness- Churn Rates
Marketing Needs Goals Goals define the purpose of a marketing campaign. What are your goals?
- Do you have an upcoming series of investment?- Do you just need revenue?- Are you trying to move free users to paid users?- Do you need to show a profit?- Do you need more users?- Do you need quality (enterprise?) customers over quantity?
Marketing Needs OrderIs your website ready for more web traffic?
- Have you tested UX?- Do you have A/B testing setup?- Is there a sales funnel? Is it efficient?- Are you goal and event tracking?- Have you really examined your web copy and content?
Marketing Needs OrderIs your product really ready to compete?
- Is the product roadmap focused?- Are there various products in play for marketing?- Is one products growth in customer use more important than
another?- Are there any bugs still not fixed?- Can it be significantly better, fast, before marketing begins?
Marketing Needs AssetsWhen you hire a marketer what assets will they have?
- Video content- Blog content- PR contacts- Marketable partnerships- Website data
- Email lists- Current customer contacts- Testimonials- Social media accounts
Marketing Needs FocusWhat type of marketing is working in your industry?
- Search Engine Optimization- AdWords- Display network marketing- Remarketing / Retargeting- Bing/Yahoo! Ads
- Content marketing (blogs, video)
- Media traction- Mobile ads- Social media
Marketing Needs ToolsWhat software or tools will your marketer work with?
- HubSpot, Act-On or other marketing automation software?- MailChimp, Customer.io?- WordPress, Squarespace, a custom site?- SEO tools like Moz?- AdWords account/budget?- Automated social media posting like Hootsuite?- Salesforce, SugarCRM or other sales platforms?
Marketing Needs Your AttentionAs a high level exec, you’re privy to certain things marketing needs
- Industry insight- Competitors- Budget and revenue data- Product knowledge- Press and other companies will listen to you
Lastly, Marketing Needs...Great ideas!
- News jacking- PR hacking
- Social media contests- Predictive SEO
- Disrupting a competitors space- Growth hacking
