Marketing departments are under increased pressure to demonstrate their economic value to the organization. This challenge is exacerbated by the fact that marketing uses attitudinal (brand awareness), behavioral (brand loyalty), and financial (sales revenue) performance metrics, which do not correlate with each other (1).
In reading the results of the research done on the Value of Marketing, I couldn’t help but feel compelled to comment on something that I have seen, spoken about, and approached many Marketing Agencies about for a few years now. No matter how much is done in Marketing to establish the brand and drive customers to your business, it doesn’t mean anything in the end if the business is not positioned to turn those new leads and prospective customers into customers that will spend money and continue to spend money with that business.
Here’s a thought, how about evaluating what happens when a new potential customer enters your business to see if you are doing everything, down to the most intricate detail, to make sure your organization can generate revenue from that new prospect? You spend a lot of money in generating new potential customers, through branding and marketing, leading up to them taking a chance on experiencing your organization. I would bet that most of you reading this post “assume” that your organization is ready, able, and capable, to turn the money spent on driving people to your business into new customers. I hate to “assume” anything and I’m sure you do too.
If you are going to spend a significant amount of money in one area, why wouldn’t you confirm and know beyond a shadow of a doubt that you can deliver when that new lead enters your business? Why not spend some money and/or time to make sure your organization can convert a high percentage of those new leads into new customers that will return and share your business with others.
Your next question may be “what do I evaluate”? The simple answer is “everything”. Every touch point within your organization can make or break that new lead turning into a new customer for the long term. If you don’t pay attention to every detail, it will be those that you didn’t take time to evaluate that will be your weakness.
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(1) Journal of Marketing: AMA/MSI Special Issue
Vol. 80 (November 2016)