Joonas Hakkarainen
Based on our research and experience, only about 30 % of the total value is typically communicated. But there are many ways to try and tackle that. Our Executive Roundtable Stockholm gathered experienced top marketing executives around the same table to discuss how to prove and communicate the total marketing value in complex B2B industries. Uncover the 10 key takeaways, best practices and learnings from the inspiring discussions.
01. Engage with the key stakeholders
The consensus around the table was that creating engagement internally requires continuous influencing and discussions with the key stakeholders. If you have a seat at the leadership or management team and have regular 1-to-1s, there’s already a very good place for that. If not, there's a good reason to create forums for that influence. Consistent engagement is crucial.
02. Remember internal marketing
Marketing internally is important. Make your work visible to your colleagues and keep them updated on what campaigns, value propositions and messages are there at the moment. That keeps your stakeholders and colleagues aligned and on track about what the clients are seeing and consuming. Even using your employees as a campaign target group with a small budget is wise in some cases.
03. Focus on sales and marketing alignment
Often one challenge in communicating the value to the business and sales arises from different directions and focus between sales and marketing. If sales tries to expand the share-of-wallet among existing clients and marketing is chasing new leads, there’s a misalignment and sales may not readily see the value of handling leads. Luckily this is relatively easy to fix with a mutual ICP or target audience work. Some difficulties and obstacles might be based on sales bonus and/or reward models and initiatives. Then it becomes more of a change management issue rather than solely a marketing one.
04. Close collaboration between marketing communications and branding
Some leaders had experienced all three functions to work separately in siloes with many overlapping tasks and actions. Close collaboration and share of knowledge and resources is a prerequisite for success. Marketing, communications and branding should be the same team or at least have an ongoing collaboration to ensure constant information flow and mutual benefits.
05. Identify the indirect value and see beyond just leads and brand awareness
Communicating the total marketing value requires identifying and quantifying the indirect value in addition to the direct value (e.g. leads). Try to figure out the process sales leaders are tracking and following and create the link between marketing actions and that process.
06. Why is cost of inaction better than ROI in many situations
We recommend using a cost-of-inaction (COI) alongside ROI. Revenue at risk was one great example highlighted at the event. Would it be possible to calculate the impact from that point-of-view and justify why handling sales accepted leads is crucial?
07. Use the same language with business stakeholders
Instead of marketing numbers and dashboards, tell stakeholders what impact marketing tactics and actions have had. For example, 80 % of the A accounts reached, 60 % engaged in the previous month or quarter. Everyone has an opinion about marketing and we have to live with it. But understanding the business priorities and big numbers and tying our approach with them is vital in keeping the focus on the right level instead of mousepads, pens and right music in the ad.
08. Understand the perceived role of marketing within your organization
Understanding the perceived role of marketing is a key in proving the value and understanding what are the expectations and possible prejudices for marketing. And the perception can vary a lot depending on the organization and individual stakeholders. Think of it as an internal brand project.
09. Use win-loss analysis and other tools to take ownership of customer insights, such as customer journey
We’ve all seen different industry benchmarks or complex B2B buyer journeys. Could you be the one exploring and visualising how your customers buy now and in the future? And how do our marketing and sales approach fit in that process? A win-loss analysis is a great tool to form your own buyer journey. These analyses should be done in collaboration with sales/business for maximum impact.
10. Find where marketing is a must-have
Try to find where marketing is more of a "must-have" than "nice-to-have" to make a difference and keep stakeholders engaged. For example, helping sales to be more proactive and giving them reasons to be in touch with the target audience by generating leads. Instead of creating a big ABM program to the most strategic and biggest clients with whom our sales already have a great relationship.
More information
We covered marketing value communication more thoroughly on our online event earlier this year. Watch the free recording and catch all the insights.
Our next roundtable discussions will take place in September in Helsinki and Stockholm. Read more information about the concept and apply to join.
