So, you want to bulletproof your marketing budget? Then it’s time to build an ROI model for your organization’s marketing spend.
Feeling overwhelmed? Don’t be! Considering just three key factors to help you get started.
#1 Understand how marketing affects the sales pipeline.
For the other two factors, check out Arketi pricipal Sami Jajeh’s video below:
Want to learn more about how to bulletproof your marketing budget? Click here.
If you want to bulletproof your marketing budget, the key is to build a Return on Marketing Investment model for your organization’s marketing spend. Three factors to consider are your sales pipeline, spend saturation and program attribution. Here’s a quick look at each:
First, understand how marketing has affected the sales pipeline. Start with what revenue has been generated in the past year, and determine how many of these sales, in dollar value, resulted from marketing’s lead generation activities. Then, look at the current active pipeline and determine how much of what’s in there is due to marketing efforts.
Second, understand when a specific program has reached its saturation point. This is the point at which additional investment will have no additional impact on revenue. Make sure you know what that point is and build your budget accordingly.
Third, correctly attribute where a lead came from. A prospect may read about you in a trade pub, or see you at a tradeshow, and later does a Google search to find you. SEO gets the credit, rather than your successful PR and tradeshow programs. Your model must try to attribute these inquiries and leads across all your marketing programs.
By letting metrics drive the conversation, you can build a ROI model that will not only protect your marketing budget, but even increase it. And that’s a marketing budget that’s bulletproofed.