Marketers are constantly thinking about their growth rate. They know the more targeted their goal, the more effective the marketing program with predictive analytics.
“Our industry is growing at an X rate. Therefore, my revenue, clients, earnings and marketing budget should also be growing at the same rate.” Perhaps, you made a specific promise to the board, shareholders, or Wall Street analysts. Maybe you read that the Wall Street consensus is X. “Should we grow at that rate?” The big question is, “Can we grow at that rate and what resources do we need to achieve that goal?”
Having goals encourages strong motivation. The American Way is to tie compensation to a certain level of performance, and add stock options to benefit from the overall companies’ appreciation, not just the bonus that comes with attaining the goal.
Today, we have the tools to predict the path required to meet these goals: revenue growth, client acquisition and earnings.
In marketing, we focus on the first two – revenue growth and client acquisition. We have the precision math to apply to close rates, as well as the number of touch-points required to achieve that new business. We translate that into media, create influence, and apply it against everything from paid search to TV.
In B2B, it is all about lead generation. It’s not just about who is interested; we only want to meet with prospects that are interested now. Today, behavioral marketing is more of a science than an art. We know how to create the process to make that work, or exceed the goal. In B2C, the main focus is to educate and motivate purchase decisions immediately, while sustaining and growing them over time. This too is formula – not magic nor the result of best creative idea. It is the math / technology / creative mix that makes it happen in a repeatable, sustainable and scalable process.
If the products and services can keep the brand promise, we know the process, and we have the tools. The biggest challenge is having marketers and management teams set goals, budgets and timeframes that fit the models, and stand behind the campaign. When these align, success is assured, and so are the rewards. Keeping those growth rate promises are attainable when you know how the formula works.