Forrester has published a detailed research report comparing the marketing approaches of over 200 organizations across a wide variety of industries including software, electronics, media, publishing and professional services (e.g. marketing, agencies, business consulting, etc.).
There were five key recommendations from Forrester in the report, which dug into the marketing approaches of organizations with between 50 and 2500 employees. These recommendations were:
- Take lead generation as seriously as lead management – There was a significant opportunity for marketers to contribute to their business by focusing on “top of the funnel” lead generation activities. In most cases, conversion rates on leads were within expected norms, so focusing on getting more leads into the pipeline could significantly “move the needle” according to Forrester.
- Get serious about social marketing – The Forrester quote on this one was spot on: “Social is not just an abstract and immeasurable buzz-generating tool. It’s an integral part of the lead-to-revenue management process – an engagement strategy that can have a measurable impact on lead generation.”
- Get online and start using digital marketing techniques – The chart below shows that SMBs, in particular, keep going back to the well with “what they know” with respect to marketing approaches. Unfortunately, these approaches don’t scale. Digital is critical and organizations that want to survive need to get moving.
- Use marketing automation to complement your CRM – Get leads, nurture them, ruthlessly qualify the leads and get them to sales. Process leads to success.
- Don’t reactively cut the marketing budget in a down economy – The companies that outperform their peers continue to invest, and sometimes even double-down, during recessionary times.
One final bit of interest from the report was the set of tactics that organizations in the study were using to acquire new customers, as alluded to in the point above. All of the top tactics being employed by the marketers in this study were inherently not scalable, as they relied heavily on face-to-face channels.
What’s working in your organization for lead generation and customer acquisition?