Email marketing may not be the sexiest channel in your digital strategy, but it is clearly one of the most productive. According to Convince and Convert, people who buy products marketed through email spend 138% more than people that do not receive email offers.
But putting demand generation theory into practice can be harder than it looks. Still, over the year, I have noticed that many of the top campaigns have a number of critical elements in common.
In my seven years running demand generation campaigns at Eloqua and other top firms, here are the top three elements I have noticed every successful campaign shares.
Have you ever pitched an idea to generate more business to your leadership without a clue of the possible cost? If so, “How did you calculate your actual and budgeted cost of your brilliant demand generation initiatives?”
Don’t have an answer? Don’t worry. I will walk you through the process of answering the most important question “Does my organization have the budget that I will need to fuel my demand generation strategy?”
In order to calculate budgeted cost, you will want to work backward from the final KPI. If it’s a total number of sales qualified leads, think about the cost associated with integrated marketing channels for customer acquisition, partner and alliance initiatives, referral programs, continued marketing campaigns, marketing qualification and sales qualification.
What’s Next? Getting prepared to answer additional questions. How many sales qualified leads does sales leadership need? What’s the cost per lead? This will require planning.
Always make sure to add the extra time to plan. Strategic Planning will assure faster time to market, cost efficiency and improved results of your demand generation strategy. Your leadership may or may not have invested into your vision. You should make sure that your strategic plan ensures success.
Those that adhere to strategic planning understand the value. Strategic Planning allows your marketing team to align campaign objectives to your organization’s business objectives. How many sales qualified leads does sales leadership need? What’s the cost per lead? In addition, it can help answer key questions leverage and/or modify your GTM strategy. The approach will guarantee that you will be able to optimize your use of paid, owned or earned marketing channels given your strategy.
In addition, planning will also your assure your sales team is ready and responsive to the marketing efforts. Your CMO and EVPs of Sales will begin to take notice.
As a final note, don’t forget to assess your current business process. Those involved in your business process could become your strongest advocates (cheerleaders). Not to mention, they could support you’re the efforts upstream and downstream – helping you plan the campaign design, execution, optimization, reporting and analysis.
Areas of Enablement:
At this stage in budget and planning, I would have to be …”Why invest your time into something that won’t give you results?” We individually ask ourselves this question all the time, but it’s different when your management is asking you the same question.
No stress, you need to rely on your demand generation planning to allow you to predict the possible outcome of your next demand generation initiative. Historical data considering similar audience and campaign type is always a great start.
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