The success of any business is often dictated by the numbers. As a business leader, your goals and strategies fall on the ability for your business to connect, and ultimately sell, your solution to customers or businesses. It is the litmus test for your success. So it is imperative that you keep score of the numbers that matter. That is why we'd like to discuss the marketing scorecard, as you determine the best approach for automation in your business.
Last time we discussed the importance of starting with outlining the customer journey. It is critical that your business starts here. Your business and marketing goals should be always be aligned to understanding, and ultimately meeting, their needs.
As noted above, although you may find yourself in the marketing function, it goes without saying that the function of marketing should be to engage customers while supporting and driving the overall business objectives. Marketing should never sit on an island. Your marketing goals should be aligned to this “north star”.
The Marketing Scorecard
All of these goals will ultimately be incorporated into your marketing scorecard. The tasks and goals that you’ve researched, discussed and aligned on, will be the foundation for how your business keeps track of success. We would like to provide you with a quick overview for how you can develop your own marketing scorecard. This combined with your customer journey will be used to develop your marketing automation strategy.
- Improve Awareness: As you assess your current place in the market against competitors, what are the strengths of your solution should you be sharing? What are the value gaps you can expose in your competitors, that your product or service offers? What are some relevant content areas that you can explore? How do you begin telling the marketplace about them? What new and unique channels can you use to share these stories?
- Generate Leads: Every business needs customers. Although we in the industry calls these leads, they are people. People that have needs that you would like to fill. As you review the customer journey, where can you connect with them? Generating leads is about meeting your customers needs. Meet them where they are at. Assess their journey and provide value and the “leads” will follow.
- Increase Sales: This is where engagement becomes relationship. It’s when the customer decides that the value they sought out, is worth the money you’re asking for in return. If your solution truly brings about a value exchange, then you have an incredible opportunity to extend that relationship into something much more valuable.
- Drive Loyalty: This is the brass ring of any business. When a sale becomes something more. Apple, Nike, Starbucks. These organizations have delivered value AND an experience that enriches our lives. They are adding value after the sale. As you craft your scorecard, don’t simply stop at the sale, find opportunities to delight the customer long after the sale is done.
Bear in mind that these are high-level scorecard metrics and are designed to be a starting point for you and your team. Each one is a broad category that encompasses other more specific measures that will ultimately focus on individual goals that, if developed well, are SMART.
Marketing is not an Island
We’ve said it before and we’ll say it again, this should not be an exercise you accomplish on your own. There is value in reaching outside of your function to ensure that you are creating a holistic scorecard. Consider the functions that impact each and every area of your strategy. There could be a new scorecard metric that is waiting to be revealed, that will have a significant impact on your business!
Later this week we will drill down even further and start to assess all the communication channels that will help you drive your strategy and connect to your customers and impact your metrics. As you begin to unpack these high-level metrics, what are some underlying measurements that you are tracking? Share them in the comments below.