The main focus of every commercial enterprise is to make money, which relies on converting marketing leads into customers. And this means that companies get the best value for their money when their efforts generate accurate leads in the first place.
The best lead is one that costs the least to generate and has the highest propensity to convert.
So why are so many companies, both big and small, so bad at generating the right leads? Grant Shippey Founder & CEO of media agency Amorphous New Media suggests that there are seven ways marketers are missing the mark.
- Silo marketing Marketing that is done in isolation, without consulting and understanding the goals of other divisions in a business and which don’t play to the strengths of the product being marketed, often fall short when generating leads. Effective marketing requires a comprehensive campaign where different platforms, from social media, to website and ecommerce sites, to sales, direct marketing, and call centers carry a consistent message.
- Campaigns that aren’t big enough to get the right results Successful advertising or brand awareness requires repetition to keep a brand front of mind when the targeted demographic looks to make a purchase.
- Underequipped sales teams There is no point in spending money on marketing if the sales team that will follow up on the leads is not sufficiently trained about the brand or product that they are selling. Constant education for a sales team is essential.
- Outdated research tools With the rapid development of technology, marketing tools are constantly being refined to offer new ways to improve marketing effectiveness. With sophisticated tools on the market like Hudlr, which can narrow down a target market to within a kilometer radius, spray and pray marketing techniques are outdated and much less effective.
- Inconsistent or sporadic messaging Every touch point with a customer must reflect, reinforce, and reiterate the core brand strategy. In an economic environment of uncertainty and increasing living costs, consumers are looking to save money, so staying in constant communication about promotions and specials will keep customers interested in a brand.
- Insufficient budgets Reducing a marketing budget simply because the desired value isn’t being achieved isn’t the answer. Before just cutting it down, assess how the current budget is being spent and research more cost effective and creative ways to use the money to communicate with target audiences.
- Ineffective marketing partners Marketing partners need to be selected based on a campaign’s main objectives, who the target market is and how it will be reached. Media partners that don’t align on these three areas won’t be an effective asset for the marketing campaign. The right partners will be able to show that they understand a company’s marketing needs and goals.
Improving on just a few of these areas can help marketers improve the success rate and return on investment from their marketing efforts. When the right people are reached with the right message on the right platform, the opportunities for companies to reach their sales goals and the satisfaction of customers who are getting relevant, useful information is significantly increased and marketing has fulfilled its purpose.