One of the biggest problems with sales and marketing today is not being able to prove their value in relation to the KPIs that matter for the financials of a business. How can the use of relevant analytics help in translating the language of marketing KPIs to the language of the key KPIs of the business? What are some of the challenges faced in the execution of megadeals?
On this episode, Christopher Engman shares insights on bringing consensus into megadeals, and the importance of looking at marketing in the right context and framework.
"In the market, there’s an overemphasis on conversion marketing and an underemphasis on values and brand because no one can measure them." -Christopher Engman
3 Things We Learned
The missing conversation in megadeals
Many people talk about investing money and knowledge in megadeals, but very few people talk about a detailed approach around sales and marketing. Because the sales cycles are typically longer and the amounts involved are significantly larger, it’s more important to balance sales and marketing, and make sure these resources are being allocated correctly.
The biggest challenge in bridging the gap between marketing and business KPIs
There is a big disconnect at the management level of lot of organizations in terms of how sales and marketing are measured. There is no connection between the vanity KPIs and what the CFO really wants to know, which is what those KPIs mean for and relate to revenue, cashflow and profit. Vanity KPIs don’t help them make the key decisions.
The importance of widespread buy-in in a megadeal
In a mega-deal, you’re not just selling to the stakeholders on the account; you’re selling to an entire ecosystem. And it’s not just to the people in the key accounts but also their vendors, advisors, and government. The biggest role that sales and marketing have in these deals is creating consensus.
Traditional attribution models in marketing miss the mark entirely when it comes to the ability to define, measure, and prove the true value of marketing. The leadership of a company will be asking if they have correctly invested in sales and marketing, and what shifts might need to be made. When the right analytics are applied, not only does it answer these key questions, but it also creates consensus within the entire ecosystem of a megadeal, and it takes best practices to the next level.
That's all for this chapter of Beers with Max! Hope you enjoyed this week's festivities. As always, if you want to join our virtual happy hour, grab your favorite brew and click the red button below. Til next time, keep your beer chilly and your leads hot!