As technology marketing experts, we work with a variety of technology businesses around the world - from software dev shops, systems integrators, global SaaS and PaaS vendors and distributors. Every day we interact with key stakeholders in these organisations to design and implement marketing strategies that fulfil company objectives such as sales pipeline, increased market share and competitive advantage.
Naturally, because we are niche, we see a lot of good and we advise against a lot of bad. As mentioned in our previous blogs, the perception of marketing efforts and results inside organisations’ is often deeply divided - some stakeholders want to look good in the public domain, others just want sales leads and most just want marketing to put on a party.
So, what are the top performing businesses that we work with doing for marketing in 2023?
They are laser focused on results and communicate these widely.
Marketing results come in all shapes and sizes and it is important to distinguish what is best for your business to avoid subjectivity and negative interpretation.. The most successful businesses we work with are conscious of the results they wish to achieve and are investing in developing engines or systems that achieve those results. Results are the end game, and with a sharp vision of the results in mind, we often work with our customers to reverse engineer marketing activity and marketing spend that drives the desired result. Some examples include:
Net new meetings with sales prospects (top of funnel result);
Deal progression (mid-funnel result);
Inbound enquiries (top of funnel result);
Marketing sourced qualified sales pipeline (pipeline result);
Marketing influenced revenue (revenue result);
Website visits (digital result); or
Page ranking (SEO result).
They are building digital communities and marketing databases.
The continued remote working and digital B2B buying cycles within technology mean that it is now more important than ever for technology businesses to have thriving digital communities and hygienic marketing databases to educate and influence their sales prospects.
Time and time again we see technology companies struggling to source leads and keep pipeline momentum when they do not have an active digital community strategy or a clean marketing database. They grossly underestimate how much easier their life would be if they just invested in it.
Tried to host an event recently and no-one showed up? Or was it full of tyre kickers? Yep, you and about 100 other IT businesses in the region. This is because your target prospects have limited time and energy to attend sales events. Instead, they’re going to spend an hour researching your company online assessing whether you’re credible and then they are going to ask their online network if anyone has ever worked with your organisation.
In this scenario, you want to ensure you have that prospect already engaged in your digital communities and that you have their details readily available in the company CRM and marketing database, which, if you worked with Techtent, would be tracking the digital behaviour of the sales prospect. Successful companies that have this built in will then be able to proactively call that prospect, schedule a meeting and strike up a sales conversation that is tailored directly to the prospect’s requirement, problem or challenge.
And if the prospect isn’t ready to convert yet? Cool, no problem. Let the digital community, thought leadership content and sales automation programs nurture them over time until they’re ready to meet.
They have a marketing budget that is at least 5% of their revenue.
Over the years marketing has transitioned from being a ‘fun and fluffy party’ responsibility to a strategic revenue driver. Technology companies who do not understand this yet are missing a beat. Successful technology companies who DO understand this are allocating a minimum of 5% of their revenue (note - we mean total company revenue, not GP or net profit) to the marketing function. This budget is usually made up of headcount, demand generation initiatives, marketing tools and technology, events and digital marketing.
When this level of investment is in play, it is important that companies can track marketing return on investment metrics such as lead acquisition, marketing sourced revenue, marketing influenced revenue and market expansion statistics. With these statistics available, a strategic marketing team (such as us here at TT) can then pour funding into channels that drive the desired result, as well as source funding from other buckets internally and externally to the organisation - such as MDF or channel partner investment, for example.
If your technology business needs to ‘level-up’ their marketing department, or simply add strategic input to an existing marketing function or resource, our team here at TT can help to add strategic insight and impeccable execution.
At TechTent, we develop consistent lead generating results for our clients by building simple go-to-market strategies and digital campaigns, coupled with compelling value propositions, that speak directly to your ideal clients. If this is of interest to you or your business, contact us here to learn more or request a free proposal: contact us today!
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