Marketing and sales investment loopholes that companies must be aware of.
With work from home being our new reality, many businesses are struggling to get return on their marketing and sales investment. Our employees are working from home, trade shows and networking functions are either canceled or went virtual…So how do we make sure that our money is well spent?
Here are a few suggestions to consider:
1.Rethink marketing and sales investment in technology
We are all using CRMs, right? Do you want to know the dirtiest secret about CRMs? They take your staff valuable time in managing and reporting marketing data, which has no value to your business!
Sales and marketing people often drag along leads that are not active or will never produce anything. Why do we do it? We need to show our management that the RESULTS ARE COMING.
To avoid this endless cycle, do invest in CRM that is simple enough for you to read the results in real time. Many of the most marketed CRMs on the market are simply not user friendly, but sold for $$$ to you because of many functions and features that you do not need.
Do a simple test: go to your CRM and see how many calls, conversations, or updates was done by your team TODAY. Cannot see it? Ditch that CRM investment-you are wasting your money!
2. Compare: where the money goes, and where do your leads come from? Or is it all same old forever?
This is an especially important question. Make a list of all the leads you generated during the last 6 months and see where they are coming from:
|Lead Source||%||$$ invested|
|Website and SEO|
You have the idea: the money shall be directed to the most ROI effective channels. Have not tried some of the channels yet-get a trial run. You may be surprised how effective they are for you.
3.Sales Performance Tricks: your sales closing numbers are another eye opener on how your hard-earned money was wasted.
|Leads||Date Generated||$$ closed|
Sales Professionals are “tough monkeys” (joke). We are always in demand and first to go if ANYTHING goes wrong. If we cannot sell-we show ACTIVITY. If your sales team is doing this – find the real reason why they are not closing. Most probably it is not their fault – there is something wrong with your company’s business, market and offering.
4.Keep my investments inhouse or outsource dilemma: Consider both.
Outsourced agencies are offering cutting edge strategies, ideas, and technologies. Your salespeople know your business and your customers on a personal level. BUT…(read below carefully)
There are many ways to optimize on how you can direct your sales and marketing money, staff, and resources. I believe that the mixed solution is the best, but there must be great rapport and cooperation between parties. Often salespeople see outsourced consultants and marketers as a threat. If it is so in your company – raise the red flag! This may be a sign of complacency, laziness, or withdrawal. The healthy sales team will receive this help with open arms. The unhealthy one will reject and sabotage it.
Analyzing your ROIs and KPIs may be hard during our “unusual times”. You can use and hear many excuses such as “decisions are not made fast” and ” because of COVID”, etc. But can you keep going like this and stay in business?
Is this the time to change strategy or downsize? How long has it been since you revisited and re-evaluated your sales methods, proposals, offers, target markets, etc.? I personally believe in “Profit First” concept. Sometimes downsizing, rethinking and renewing is better that running loops and wasting resources.