What Can You Buy With A MQL?
By Mike Madden
That email got 9,230 clicks!
We generated 5,467 MQLs last month, which is our highest MQL number in company history!
Did you see how many folks retweeted our post? It was over 500!
At the Marketing Nation Summit, I had the pleasure of listening to Matt Heinz, President of Heinz Marketing, discuss a very real marketing problem: we talk about MQLs (marketing qualified leads), tweets, impressions, and other marketing metrics but, let’s be honest, you can’t buy a beer (or anything else) with any of those! Matt established the notion of profit center marketing, which isn’t meant to be literal. What it means is that we shouldn’t measure ourselves based on activities and inputs. In other words, if we don’t want marketing to be viewed as the arts and crafts department, we need to speak the language that business executives crave, which revolves around business outcomes like pipeline generated and revenue won.
So how is that done? How does an entire marketing organization move toward profit center marketing? Follow these three steps…
Step 1: Know Your Audience
There are basically two types of scorecards in marketing: 1) operational scorecards, and 2) revenue scorecards. As marketers, can we all just agree that seeing sky-high marketing metrics, like record-high tweets or email clicks, is incredibly exciting? Personally, I get more joy out of seeing an email campaign with stupendous engagement than getting pulled on stage at an Adele concert (the bar is high, I know). But our lives cannot revolve around the marketing metrics that make us so fired up to come to work. Clicks, impressions, tweets, conversions, and any other metrics you can think of are simply operational metrics. They help us evaluate the health and efficiency of our programs but do not give us the complete picture. The revenue scorecard is what matters most to the CEO, who likely cares much more about pipeline generated, target accounts closed in new business, customer retention/adoption, and revenue won. Learn to speak transition the metrics you highlight to match your audience—speak CEO language, not your own, in front of an executive audience and marketing will be regarded as the revenue powerhouse of your organization.
Step 2: Embrace Revenue Responsibility
Marketers love reporting MQLs because they are completely within our control. Some marketers are so dialed-in to lead flow, they can control it like water exiting a fire hydrant. The truth is that we need to be responsible for closed pipeline as well, which, admittedly, is scary because we aren’t sitting in sales meetings or cold calling target account lists. But if we do not adopt a “we’re all one team,” or “we’re all in this together” attitude, we lose sight of the end goal: making money for the business, and doing it as a synchronized team.
Let’s make a crazy statement, shall we? Marketing is Go to the full article.