Hello all. Rob DeRobertis checking in for the Technology Marketing Center.
We have a lot of discussion in the TMC about setting marketing strategy. Contained on this site are excellent case studies and audio “podcasts” covering the front end of setting a strategy. But how do we know that a strategy is working?
Marketing strategies are organic. They need to dynamically change, they need to be agile and need to adjust with market conditions. Measurement is key to success. If you do not have measurement built into your marketing strategy then you are just creating marketing fluff. The rubber hits the road as you place the team executing the strategy at task to deliver measurements towards reaching the goals. But more important, the team who internalizes and take action on poorly performing measurements to adjust the strategy, in the long run will be the winners.
So what are you measuring?
Here are five indicators to watch:
1) Is the marketing organization filling the funnel? Are true leads of target customers being delivered. Are messages being delivered resonating? What are the trends of leads generated to closure by the sales force?
2) Is the sales team equipped? How many customer meetings are being held? What are the results? Does the sales team “get” the value proposition? Are the sales people exercising and delivering the value proposition correctly to the customers? If the sales team cannot deliver your value proposition, it may not be because they are stupid. It may be because there is a flaw in your definition of that value proposition.
3) Are customers buying into the value proposition? Are customers asking for features that are “off strategy”. That is customers don’t want your product but something different. If too many customers are asking for products that are “off strategy”, maybe your strategy is off instead.
4) Are your competitors reacting? Which competitors are you monitoring? Are they changing their value proposition?
5) How well are the customer engagements closing? Is the funnel filled with early adopters or are you gaining momentum with the early majority. What are you doing wrong if the customers are not crossing the chasm?
A strategy is a lot like growing a garden. Once you plant the seeds, you need to cultivate the garden, protect the seedlings, remove the weeds, prune the plants and harvest the results. Driving a strategy is a lot of work and without continually questioning progress, your fruits may die on the vine.