The question: How to respond when your CFO walks in and says: "We're going to cut your marketing budget, unless you can prove that your methods are working."
The answer:
You can't say: “Yikes! I need a rain check."
And, you can't give him "vanity" metrics. Likes, shares, comments, engagements, clicks... these mean nothing at the end of the day if you are not experiencing growth in your company.
Instead, you'll need to tell him how many customers you delivered for the marketing budget you were given. Also known as your cost of acquisition. And, that can be scary math!!
The key number is: how many sales qualified leads (SQLs) did you gain, and how many of those became customers?
Now comes the fun part, do you know what your sales team is saying about those leads? If you don’t know, you should be asking on a regular basis. If you're sending SQLs to your sales team, and they don't think these are a good fit, you have a problem! And, it needs to be discussed and regularly evaluated.
Then comes the math. How many customers did you deliver for the marketing budget you were given? That’s your cost of acquisition.
If you have a good case, make it. If you don’t, better give us a solution call. Snag a time to work through this answer. No cost, no pitch. We promise! Just solutions.
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