Fixing Your Marketing Won’t Help You Drive Revenue Growth If You Can’t Close The Leads Generated
About eight years ago, a client called us into his office to talk about our engagement. We weren’t worried because we took their 30 leads a month up to 300 leads a month in just couple of months. They were one of our favorite clients. But after the niceties, the CEO said, “We have to fire you; revenue just isn’t increasing.” What? Wait a minute. How is that possible? With 10x the leads, how can you not be increasing revenue?
After some more discussion and review, we all agreed that he’d let us look at what they were doing from a sales perspective. After all, 300 leads have to be going somewhere. This was our first sales enablement engagement and it was eye opening. After a week of analysis and a week of recommendations, it was clear where the real problems were, and it wasn’t with the leads or the marketing. It was with the sales team and everything related to sales.
Generating leads is not the end game. Generating revenue for your company is the end game. Building a sustainable, scalable, repeatable and predictable machine that produces revenue requires a revenue generation agency, not a digital marketing company.
Here are some other reasons why anyone considering a digital marketing agency might want to reconsider and start looking for a strategic revenue generation firm.
You Need Someone Experienced In Full Click To Close
One thing I can tell you for sure is that your prospects don’t know the difference between sales and marketing. To them, it’s one seamless flowing experience, and that’s how you should be thinking about it too. They visit your website, download an infographic, watch a video and then ask to speak with a sales rep. They don’t know or care that marketing just generated a lead and handed it off to sales. They only know that when they’re talking to someone, they want the same experience they had when they were visiting your website.
By thinking about the new customer acquisition process like a click-to-close experience, it changes what you need from an agency. Now it’s not only about the top of the funnel and leads; it’s just as much about what happens after the lead is generated. How do you prioritize the lead so sales can follow up on the best leads? How do you nurture the leads so sales can focus all of their attention on the leads that are ready to close? How do you move the person from lead to sales opportunity, and then how do you deliver such a great experience that they want to hire you? Finally, how do you close that sales opportunity, getting the contracts signed and onboarding a new client? You want an agency that is equipped to help you with all of this.
The ROI Challenge
It’s one of the most common and most challenging questions: How do we calculate ROI on all of this marketing work? I don’t know. How do you value a website visitor, or what’s the value derived from creating a new corporate asset like an e-book?
While you’ll find value there, it’s not always easy to calculate. What about when marketing generates lots of leads but sales can’t close them? What’s the value of all those leads? Again, not sure.
But what I can easily tell you is that if you spent $100,000 and then closed $5,000,000 in new revenue from work that came from that $100,000 investment, you’d be looking at a crystal clear ROI calculation. You’d also be 100% sure that the investment paid off and that you’d want to continue doing similar investments. Maybe you’d even want to invest $200,000 to see if you can get $10,000,000 in new revenue.
Agencies that make an impact on revenue because they provide services to help with the back end of the funnel have a much easier time justifying the ROI, the investment in their services and continuing the engagement because the investment is paying off.
The Opportunity To Dramatically Impact A Client’s Business
But there is one more reason to consider an agency that focuses on revenue and not leads. Most of us are not in business to do what we do every single day. Most of us are in business because we have personal goals that we want to achieve.
Those could be bigger homes, more vacations, fancier cars, more travel, or taking care of our families and putting our kids through college. These are the things that really matter to most of us. By consistently improving the revenue generation effort at your company, you can help a lot of people and achieve your own personal goals and objectives.
As I wrote about last week, revenue has to be earned. It’s not easy. It takes hard work, focus, patience and investment of both time and money. Make sure you have an agency that shares your perspective on revenue and is aligned with your goals and objectives.
A dramatic shift is going on in the world of marketing and sales. What clients expected from their agencies is strategically different this year than it was even a few years ago. Clients are expecting much more from agencies than fancy creative work or stuff like websites and whitepapers. They are expecting agencies to help put butts in seats, move inventory and ultimately drive consistent revenue growth. The more innovative and progressive agencies have realized this and adjusted accordingly.
But a lot have not. They continue to highlight their ability to produce stuff. It’s easy to write and publish two blog articles a week, send out one email a month, add two landing pages a month, report on visitors and keep the trains running with solid project management.
If that’s what you want, a lot of solid agencies excel at delivering stuff. But if you want to see your company grow month over month, then you’re going to need an agency with an entirely different set of skills.
It’s not easy for creative shops to make this change, so the responsibility falls on you to structure your search, ask the right questions and look at capabilities through a different lens — the lens of revenue. Can this agency help us generate leads, turn those leads into sales opportunities and then help us close those sales opportunities to produce revenue so we exceed our goals? Agencies like this are out there and they’re ready to help. You just have to adjust your expectations and what you’re asking agencies for help with going forward.
Square 2 Marketing – Innovating Marketing And Sales To Match Today’s Buyer Behavior!