Most experienced marketers would be able to chalk out a professional B2B marketing plan that states precisely how much is needed to fund marketing strategies. But less than 20% of the C-suite awarded an 'A' for these plans in a recent study by VisionEdge marketing.
Why such low grades? A marketer can prepare a B2B marketing plan that consists of anywhere from one to hundred strategies, but its success is measured by translation of these strategies into marketing ROI.
To make the grade with the C-Suite, marketers must demonstrate the ROI behind the tactics we propose for each B2B marketing plan. This reveals a hidden truth: most often than not marketers are in the dark regarding marketing ROI. In order to justify the investment in a marketing strategy, marketers should be prepared to prove its value and align it with overall business outcomes. Even before we can present it to the C-suite, we should be prepared to predict marketing ROI.
This is where marketing analytics plays a crucial role, sound analytics helps us distinguish between bloated marketing plans and clear cut tactics that are based on customer needs. We can create charts and rate marketing strategies according to how well they acquire, retain, and grow customers.
By doing this, we will see a significant difference within the language of every B2B marketing plan as we shift from:
The above examples are populated with place holder numbers. As you shift your approach towards data driven analytics and marketing ROI, these examples will transform into a predictableand actionable B2B marketing plan closely aligned to business initiatives. Such plans will earn higher grades with the C-suite.