Explore must-attend conferences in 2024, including the renowned SaaStr Annual. Follow SaaSMQL for insights into SaaS events 2024.
A strong Demand Generation program allows a company to predictably scale the number of Opps sourced by simply increasing marketing spend. Whether you’re just starting out or have been running Demand Gen programs for years, here are a few core “sins” that your team should avoid at all costs.
The process that creates and nurtures new opportunities for the sales team is known as “Demand Generation”. A strong demand generation program allows a company to predictably scale the number of opportunities sourced each month (or quarter) by simply increasing marketing spend (e.g. invest $1, get $3 in return). Whether your company is just starting out, or you’ve been running demand generation programs for years, here are a few core “sins” that your team should avoid at all costs.
Your team should know early on how your leads turn into opportunities, as well as how they can be nurtured if not immediately responsive. In this way your company can track and optimize the lead funnel by stage. Most early-stage startups don’t have such a model, which can make it impossible to scale. One of the most important parts of this system is the lead handoff process. The key to building a successful lead handoff is to make sure there is alignment between Marketing and Sales. Map all relevant variables, and come to an agreement on how leads will be scored, handed off, followed up with, and tracked. With a pre-agreed upon lead-to-revenue model in place, you will ensure that all your leads will be properly followed-up, and that you’ll be able to effectively scale and increase your sales pipeline.
It’s very easy to meet a MQL goal. However it is not so easy to generate consistent, qualified opportunities and pipeline for your sales team. While leads are important, Marketing’s goals should be measured in the number of opportunities and $ value of their pipeline. Take some time to understand your funnel metrics, and do the calculations necessary to create a realistic MQL goal based on your conversion rates.
Attribution is a difficult topic, but the bottom line is that if you don’t know what is driving your growth, how can you optimize any of your programs? A basic attribution model is very easy to implement, but it can get harder as you scale. The first step is to track UTMs from your leads - are they coming from LinkedIn? Facebook? Which piece of content brought them to you? This information can be tracked via UTM to your CRM. The second step is to setup the Campaign object on your CRM and associate every lead generated from your programs to one of the active campaigns. For example, if a lead comes in from LinkedIn you can send it to the “Paid Social” campaign on Salesforce, where you will be able to see which leads from this campaign became opportunities. Replicate this workflow for all channels/campaigns with a tool like Zapier.
While marketing automation tools such as Marketo or HubSpot can be expensive, they represent your main asset as you start to grow. Keeping track of a few programs may seem manageable, but when you begin running multiple programs at once with hundreds of leads coming in each week, you’re going to need backup. These tools allow you to keep better track of paid acquisition programs, while automating the pieces of the puzzle that tend to draw human error.
If your goal is to close $8M in new ARR this fiscal year, and you currently have 4 reps with an annual quota of $1.2M each, how are you going to fill that gap? Hiring new Account Executives takes weeks or months, and they won’t be fully ramped up for at least 6 months. Are you going to invest more on digital ads? Or events? You will need a clear view of your funnel metrics from each channel and set realistic goals based on this data.
Explore must-attend conferences in 2024, including the renowned SaaStr Annual. Follow SaaSMQL for insights into SaaS events 2024.
In this comprehensive guide, we'll equip you with the tools and knowledge to get started with ABM, delving into how ABM works, key components of successful campaigns, and best practices for marketing to high-value accounts.
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