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Below is our recent interview with Terri Maxwell from Share on Purpose:
Q: What are the top two metrics to measure needed to determine if marketing activities are generating results?
A: 1. Revenue ROI: The most important is measure is whether or not your marketing is generating revenue. Most people think this can’t be measured, but it can. If you can get a >2X ROI (twice in revenue what the spend is) from marketing spend in the first 90 days that’s good. Most of our clients’ experience 5X ROI, and clients who have been with us a year or more experience >10X ROI
2. CoA: What does it cost to acquire a customer? Our approach to evaluating, both for our agency, and our clients, is to set highly-customized “goal parameters” for performance and return on investment. Many agencies, and companies, make the mistake of investing many multiples into pursuing a prospect, when the return is not possible, or requires such a long horizon, that it is not strategic. We focus on delivering acquisition within a timeframe and return on investment that makes sense for us as an agency, and for our clients.
Q: What are the challenges for technology companies in earning, and measuring, marketing strategy gains?
A: · First, is understanding how to track results. Again, most think this can’t be done, but it can.
· Second is understanding the strategy (which is a combination of tactics working together) that results in the ROI.
· Third is improving the way their brand is perceived WHILE generating revenue results – so not advertising your way to growth, but positioning your brand as a thought leaders who provides value – WHILE you grow.
Q: What is the formula for success used for your past campaigns?
A: The best way to generate growth is to focus on demand generation versus lead generation. Demand generation is ensuring that your target market is aware of you, and interested in your brand, and that you have repeated traffic to your website, which results in repeated leads, and repeated sales.
We use a strategy called “Relationship Cultivator™” to build relationships with your target market, and provide value to them before they become a client.
Q: Is there one primary key to growth?
A: · Focus on demand generation versus marketing or lead generation.
· Measure success so you are spending money on actually growing revenue.
Q: About the company: what are next targets for your agency, and how will it impact tech company clients?
A: Our company is different from some of the other agencies serving the tech industry. Yes, we “talk tech,” as most of the agencies in this space like to say. We also focus keenly on analytics, again much like other agencies. The secret sauce is how we analyze and use the data to better drive demand, not awareness. We also focus strongly on the end consumer. For growing tech enterprises, we understand the value of getting traction with your peers. But, to achieve viability, you need to connect with the marketplace, in a way which makes sense for them. That is where we feel we shake our competitors hands and tell them “bye.”