How to have an accountable marketing department
By Jim Thompson
If you’re the owner or a partner of a firm with an in-house marketing department you probably get frustrated by the inability to measure its true effect on new business generation.
For example do you know in terms of new business;
- What works and what doesn’t?
- How much difference your brand makes?
- What impact your website has and its role?
- The return from your promotional and sponsorship activities?
- What action is taken from your printed collateral and advertising?
What is the real return on your marketing investment, I imagine that you probably don’t actually know because it’s too hard to measure?
If it can’t be measured then no one can say that it doesn’t work which is a fundamental problem with most traditional marketing techniques and channels. For example will a rebrand or a new website actually make any tangible positive difference to your bottom line at the end of the day and how would you know?
Of course the marketers, branding agencies and web developers will say yes and gladly take your money while remaining largely unaccountable.
A leap of faith is required but if it looks great then everyone seems to think it was a great idea and no one can say it wasn’t.
What if you could generate as many quality new leads as you liked and could measure every single one of them in terms of its cost, quality and where it came from – i.e. which actual marketing tactic, piece or campaign delivered each individual lead?
I’m sure you have website and / or engagement stats and perhaps some other fluffy brand based metrics but probably no way of tying any of it directly to lead generation.
A well designed and executed digital lead generation strategy will change your world.
Every component is directly measurable, highly visible and in real time. You will know exactly what works and what doesn’t and the things that don’t will cost you next to nothing.
You will know exactly how much each lead cost you, where it came from and who they are.
Don’t get me wrong your brand is important and perhaps to date that’s all you’ve had to work with but it’s absolutely secondary from a digital marketing perspective.
Because the brand doesn’t deliver the work, the people do and the brand messages are all pretty much the same anyway. The key to digital is that it allows you to be highly targeted in a cost effective manner and provides the ability to reach and raise the interest of the previously unaware.
No more costly shotgun marketing that tries to talk to everyone making it generic in nature and left to the whim of subjective decision making.
Yes you can have a highly accountable marketing department and associated vendors – honestly why wouldn’t you do this?
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Why marketers are undervalued in Professional Services firms and what to do about it
By Jim Thompson
I may put a few noses out of joint here but my own outside anecdotal experience leads me to contend that marketing and therefore by extension marketers in professional services firms are generally speaking, undervalued. They are certainly not held in the same regard as a fee earning Partner, not that I have seen anyway. Why not,…