As the tech industry shifts gears towards doing more with less, the role of the finance team and the CFO's office becomes increasingly important. The prime concern of this team? Return on Investment (ROI). As marketers, we have a golden opportunity to prove our worth and shine under the CFO's scrutiny. But to do that, we need to rethink our approach.
Traditionally, the value of marketing has been measured solely by its ability to source pipeline. Yet, this is like assessing physical fitness solely based on BMI. Just as we now understand that true fitness incorporates measures like flexibility, core strength, and aerobic fitness, we also need to acknowledge the broader impact of marketing on a company's success.
Marketing's sphere of influence extends far beyond just sourcing leads or opportunities. Here are three key areas where marketing can and should prove its worth:
Deal Progression
Anecdotally, we know that marketing's efforts, such as events, are not just about lead generation. They also contribute significantly to advancing deals. So, instead of looking at marketing's success solely from a lead generation perspective, we should also be looking at how it helps move deals faster and more effectively through the funnel to close.
Cross-sell and Upsell Opportunities
Marketing plays a crucial role in identifying and advancing upsell and cross-sell opportunities. By providing valuable insights and creating targeted campaigns, marketing teams can directly influence the success of account managers in growing existing accounts.
Customer Retention
Lastly, marketing is pivotal for customer retention and renewal rates. By nurturing relationships post-sale and delivering continuous value, marketing directly impacts customer loyalty and satisfaction.
So, as we venture into this new era where margin is prioritized over growth-at-all-costs, let's reassess how we perceive marketing's role. It's time for marketing to contribute more meaningfully and visibly across the entire customer journey. As marketers, let's redefine our success metrics to include deal progression, cross-sell and upsell opportunities, and customer retention.
This broader view of marketing's impact will not only resonate with the CFO's office, but also facilitate a more collaborative, integrated approach to driving business success. This approach acknowledges that the role of marketing extends beyond the top of the funnel, influencing each stage of the customer journey.
Let's move away from the narrow, lead-generation-focused view of marketing's role. Let's demonstrate that marketing is not just about generating new business, but also about nurturing relationships, speeding up sales cycles, growing existing accounts, and keeping customers happy and loyal.
Marketing has the potential to be the CFO's new best friend. We just need to prove it by showcasing our full range of influence and impact. The future of marketing in the B2B SaaS industry is not just about sourcing pipeline, it's about being an active player at every stage of the customer journey. And that's a revolution worth fighting for.