In my last post on driving business outcomes using our Marketing I/O framework, the focus was on connecting the dots between strategy and tactics. Every marketing activity should have a goal and metrics to measure performance. This is where the math comes in.
In most organizations, marketing is tasked with strategic and tactical goals such as increasing sales, driving downloads, or generating attendance for a webinar. Whatever your desired outcome – sales, downloads, RSVPs, etc. – you need to do some math.
- How many top of funnel inquiries must trickle through before they are converted into conversations or proposals?
- Among the proposals, how many result in a deal?
If it takes five conversations to qualify three proposals that yield one deal, then you can use this math to build out your marketing plan and tactics. Thus 10 deals in this scenario would require 30 proposals from 50 inquiries. You can take this further by putting valuations on the average deal and extrapolate accordingly. This is how sales pipelines are developed.