John Wanamaker famously said “I know 50% of my advertising works, just not which 50%”.
As you approach Christmas and the end of the year, can you answer the question: What Marketing works for your business? If you’re going to make a great start to next year, you need to know. In the world of B2B marketing it’s very easy to answer that question and know what marketing is working for you:
- Ask your prospects
- Write it down
- Add them up
Asking the question is easy, right?
There lies a complication if you want there to be one. With today’s integrated marketing programmes, a single prospect could have seen your marketing, or been touched, multiple times, so how do you allocate that lead to a marketing channel? Marketing attribution is complex and, if you are selling large numbers of products through multiple channels, is important. If you sell a small range of products or services using a relatively small marketing budget, it is less important.
Personally I prefer the simple route: which one do they mention when asked? That is likely to be the one that made them react; to pick up the phone or complete the contact request form. That was the most powerful touch and therefore the most important.
Write it down.
Knowing the answer to the question is all very well, but it’s no good in your head. Thoughts race through your head all the time, all of which can distract you and make you forget something. When was the last time you thought “what was I about to do?” or you went to check a client’s twitter account, only to see you’ve got Notifications. Besides you’ll never remember the answer in three months’ time, along with all the other leads.
You’ll want to know what marketing is generating leads over the short, medium and long term, so having a record is absolutely vital.
Add them up.
This really is the easy bit, assuming you’ve done the other two. How many leads were generated by each marketing channel mentioned? This tells you what marketing is working and that is the answer to John Wanamaker’s question.