He’s a former Microsoft employee who worked on Bing (and other brands), using search to drive the business. However, there was always one big question on his mind: “What impact does my search marketing campaigns have on the bottom line?”
After joining salesforce.com, Mark continued managing paid search campaigns and was able to track each click down the sales pipeline to revenue, just one of the benefits of apps like Bizible.
Today, we have a chance to dig into the mind of a paid search expert and learn more about how to approach B2B search marketing in the most effective way possible, with a hard focus on closed deals and revenue.
Mark presented a slide deck, “Optimizing your SEM funnel”, at Web Analytics Wednesday in Sydney last week. Here are some key takeaways from his presentation:
1. Connect Marketing and Sales Together
One of the most common challenges facing businesses today is the inability to connect marketing and sales together. This disconnect often leads to flawed decision making at high costs to the company. It’s important that marketing knows where actual customers are coming from and sales knows when to grab leads that are hot and ready to go. Connecting the data between these two departments is essential to maximizing growth and revenue.
2. Measure Revenue Instead of Lead Volume
At the heart of many marketing departments is lead generation: doing all they can to get the most leads possible. But more leads doesn’t always mean more revenue, as illustrated in Mark’s slide below. Although the average cost per conversion was lower for Campaign A, Campaign B generated much higher revenue, offsetting this difference quite a bit. We can see that more qualified (higher paying customers) are the ones that should matter to the marketing team; revenue numbers, not lead numbers.
3. Make Business Decisions Based Off Profitability
By connecting marketing and sales data together you can see the complete picture of where your customers are coming from. This gives you the ability to optimize your paid search campaigns based off of closed deals and revenue (not just leads). Having the ROI of your marketing efforts will enable you to make profitable marketing decisions moving forward.
TAKEAWAY: Gathering all the information you can on the efficiency and growth of your sales pipeline is vital to the overall success of your company. It’s important that marketing isn’t just focused on the top of the funnel, but on every stage of the pipeline. This is what we now refer to as pipeline marketing. As stated by Mark Vozzo, “If we improve each step in the funnel by just +1%, we would see a 75% increase in annual pipeline.”