Large and small companies alike have tightened marketing budgets over the last few years. CMOs are expected to provide more efficiency and greater results with fewer staff and less operating capital. Every dollar of the marketing budget must be capitalized upon.
Showing marketing ROI for SAAS companies presents its own array of unique challenges.
Here are 5 ways CMOs can maximize their technology marketing budgets.
#1: Know your buyer. A marketing team that doesn't know their buyer is like a blindfolded dart player. Understanding where to strategically aim for potential leads, as well as the type of content to employ, will decrease the lead acquisition cost. Identifying the buyer is arguably the single most important action in maximizing marketing ROI for SAAS companies.
#2: Establish clear goals. After you understand your buyer, every member of the marketing team must understand the overall goal. Set clear, measurable metrics on each action in the technology marketing plan. Every project and campaign should possess a clear purpose toward the end goal.
#3: Develop and implement a scoring system. Utilize a marketing automation process such as Marketo or Hubspot to track the relevancy of the acquired B2B leads. It is important to ROI to not waste time and money on unqualified leads. Automation will prove invaluable in scoring leads accurately.
#4: Support the sales team initiatives. Forge a strong relationship with sales, so all the hard work of capturing leads doesn't wither on the vine. Win sales over by sending them quality prospects who will be open to speaking with them. The stronger the relationship with sales, and the more trust between the two teams, the better sales will be at closing leads generated by marketing.
#5: Watch marketing's performance like it's your teenage daughter. Frequently monitor each facet of the marketing strategy. What is working? What needs to be improved? Technology marketing is not 'set it and forget it'. In order to maximize marketing ROI for SAAS, the marketing team must diligently oversee and measure the outcomes, and constantly review and edit as needed.
Integrating these steps into the technology marketing plan in advance will go a long way to ensure every marketing dollar is maximized, and the marketing team will be able to show a consistently strong ROI. Successfully managing the marketing budget will increase revenue, and make the C-suite very happy!
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