Marketing leaders are increasingly being asked to do more with less, and the scrutiny on marketing impact has never been higher. Therefore, driving marketing efficiency is a must-do for 2024.
In a fireside chat at G2 Reach, Marketing Advisor and former G2 CMO Amanda Malko sat down with 6sense CRO (former CMO) Latané Conant to discuss this challenge, showcasing practical ways go-to-market (GTM) teams can not just do more – but be more.
5 fireside chat key takeaways
Here are just a few of the elements for driving and measuring marketing efficiency covered during this insightful Reach session.
1. An efficient marketing plan
During the conversation, Latané emphasized the importance of having high-level business goals and budget before diving into specific marketing strategies. Starting with an overview allows teams to identify growth opportunities, evaluate potential market size, and further decide where to invest resources. These elements contribute significantly to marketing efficiency, offering deep insights into how business units should approach their objectives and where they can make the biggest impact.
2. Evaluating marketing efficiency
Marketing effectiveness isn't just about achieving goals; it's also about managing resources and getting the best bang for your buck. Metrics – such as the "golden ratio" (marketing spend vs. pipeline generated) and "magic number" (considering all GTM expenses), along with others like revenue per employee and spend versus net new logos — can help determine the effectiveness of your marketing strategies.
3. Focus and prioritization
Proper focus and prioritization are also essential when it comes to efficiency. Amanda shared her experiences with regard to optimizing pipeline opportunities and maintaining a reasonable LTV to CAC ratio. However, given the complexity of segmenting these metrics, she suggested focusing on overall business objectives instead. It’s essential to guard against over-complication or getting lost in the weeds – simplicity can often be the best route to efficiency.
4. Short-term vs. long-term initiatives
Another point of discussion was the balancing act between short-term gains and long-term initiatives. While how much you channel towards immediate pipeline generation versus broader, brand-oriented strategizing largely depends on your business objectives, Latané emphasized the value that invariably comes with customer initiatives contributing to both immediate and long-term ROI. Promote these investments based on their potential impact on customer retention and brand reputation, she advises.
5. Impact investments
Latané also touched on the importance of making calculated investments and the concept of balance sheet investments in marketing. The need for a scorecard that reflects the impact of these investments on metrics such as win rates, renewal rates, and NRR. She also discussed the crucial role of small wins in proving the value of investments before scaling.
Increasing efficiency in 2024 and beyond
It’s clear that there is no silver bullet to driving and measuring marketing efficiency. Doing this successfully involves several steps – including regularly analyzing and leveraging data, making focused investments, and striking a balance between short-term and long-term goals. Through these strategies, B2B marketing leaders can optimally utilize their resources to achieve maximum efficiency and effectiveness in their marketing efforts in 2024 and beyond.
If you missed this session with Amanda and Latané, check out the on-demand Reach 2023 recordings.
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