The Importance of Leading & Lagging Metrics in Marketing
The Importance of leading & lagging metrics in marketing Goals. Metrics. SQL. AQL. MQL. KPI.
Introduction to GreenFig Education Series
As part of GreenFig’s mission to enable lifelong learning and to accelerate skill development for high demand jobs with our microdegrees in applied business science, we are offering you a sneak peek into the GreenFig experience with our four week Education Series.
We provide highlights from the Digital Marketing Science classes taught by Tracy Eiler, CMO of InsideView. She is a marketing pioneer who is passionate about shaping the next generation of marketers. She was recently named a B2B Demand Marketing Game Changer and is ranked among the Top 30 Most Influential Women in B2B Marketing Technology.
Ms. Eiler moonlights as a GreenFig instructor, teaching the same cutting-edge topics she’s advancing at InsideView, including how to align sales and marketing, define the total addressable market and determine ideal customer profiles.
We are excited to offer our blog readers a taste of the job-ready skills our students are gaining this fall to prepare themselves for high-trajectory careers in the digital economy.
Focus on the Right Customers
This is the second in a four-part series explaining the concept of total addressable market and providing tips to help you begin identifying, gathering data on, and targeting your company’s total addressable market. Read the overview of total addressable market in Part One of our series here.
If you are marketing a product or service to everyone, you are wasting valuable time and marketing resources.
In this blog post on how to define your Ideal Customer Profile, you learn expert advice and step-by-step instructions on how to zero in on your ideal customer. The payoff is not necessarily more prospects, it is identifying the right prospects who are then more likely to become customers – a far better bang for your marketing buck.
Ideal Customer Profile Brings Total Addressable Market into Focus
Understanding your total addressable market ensures you are targeting every potential customer. But determining your total addressable market (TAM) is not as easy as saying “every company in the so-and-so industry”. First, you need to define your ideal customer profile or ICP.
Here’s an example, INITECH is selling human resources software to “every B2B company”. They have not defined their ICP because they think everyone wants their product. Well, a one-person consulting firm does not need HR software. Similarly, a multi-billion-dollar company who built their own solution in-house is not interested either, but maybe a fast-growing company with a new HR executive needs new software to help with recruiting and onboarding dozens of new hires every week.
For INITECH, they can begin to define their ICP as companies with HR executives who have been in the role less than one year and whose employee count is growing more than 10 percent per year.
ICP and TAM do not just help you find more customers, they help you focus on the right customers. Marketing to prospects that have no need for your offerings just wastes time and money. You are missing out on revenue if you are not targeting everyone who fits your ICP.
Define Your Ideal Customer Profile
At a minimum defining your ICP should include a geographic region, a target title or level, and an industry. It is better yet if you can drill down to additional firmographics, like company size. Other criteria might include quantifiable data like increasing revenues or recent M&A activity and qualitative data like whether the company is innovative or has a strategic business initiative related to your offering.
New, data-intelligent technologies are also popping up to help you quantify your ICP even more granularly. Back to our INITECH example, maybe their ideal customer needs new HR software because they just acquired another company. Scouring the web for that type of data is unrealistic and time-consuming. Using software to constantly scan tens of thousands of sources and alert you when a company closes an acquisition could be a great signal of a hot lead. (You can learn more about using market signals and intelligence to help define your ICP in a white paper from InsideView, “Measuring the Impact of Market Intelligence”.)
As a bonus, ICP also helps marketing and sales better qualify and route leads. According to sales and service performance company MHI Global, approximately 35 percent of sales opportunities are duds (Miller Heiman). If you could refocus only on those that fit your ICP your conversion rates (and rep productivity) would surely improve.
It is easy to disqualify a lead based on their location, but it becomes riskier as you add firmographics and buyer data because B2B data is quickly rendered inaccurate. Getting accurate and current data on accounts and contacts is becoming increasingly difficult. A prospect filling out your online form might not know their current revenue or the prospect who your marketing team scanned at an event a few months ago may no longer work for that company. That is where a data cleansing, enrichment, and/or validation service could be of use. These data services also help to identify existing targets whom actually fall outside of your ICP, but who you are targeting based on incorrect or outdated data in your database.
In the third installment, you will learn more about using your ideal customer profile to determine your true total addressable market and then how to turn that TAM into a targetable list for sales and marketing.
If you missed the previous installments in this series, you can find them here:
Part 1 Maximize Growth by Targeting Your Total Addressable Market
Blog written by Jyothsna Durgados
See Tracy in Action
For more information on GreenFig’s upcoming courses taught by industry pros like Tracy Eiler, contact us.
Paula Sansburn, COO
The Importance of leading & lagging metrics in marketing Goals. Metrics. SQL. AQL. MQL. KPI.
Our Student Stories blog series highlights the experiences of GreenFig students currently enrolled in our Digital Marketing Science course. Here, we'll introduce you to several current students, find out what drove them to GreenFig, what skills they're developing right now, and what they aim to achieve with their microdegree from GreenFig. Bridging the skills gap for veterans As Renée Hamilton-McNealy began preparing for a career change after nearly two decades in and out of active military service, she knew she didn’t need another college degree. After all, she already holds a bachelor’s in financial services and an MBA in finance, not to mention loads of management and leadership experience as a Master Sergeant in the Army Reserve. Rather, she was looking for a targeted, focused program that could help her develop the up-to-date technology skills she needed to land a marketing position now, but was discouraged by other programs she researched. “I was looking for more specialized education than what a general degree could offer,” explains Renée. “I wanted to prepare myself for life after I completely retire from the military, and to feed my passion for marketing.” Renée discovered GreenFig through The Paradigm Switch, a nonprofit that helps link military veterans and their spouses to prestigious skill-based training programs. “I’m not afraid to start over,” she says. “I wanted to challenge myself.” Renée explains that she wanted to gain skills in marketing analytics, and become proficient with tools that measure the impact of a campaign’s effectiveness. Renée enrolled in GreenFig’s Digital Marketing Science course remotely from the Bay Area, and says that the program offered a healthy, collaborative learning environment where she felt supported. “I learn best in my own environment and in my own space,” she says. “I liked not having to physically commute someplace. With GreenFig, the communications options are endless, and there were always ways to connect inside and out of the classroom.” Looking back, Renée says it was her instructors’ enthusiasm and ability to teach their craft that confirmed she had found the right program. “I just love the fact that the instructors, who are accomplished and experienced, were just as passionate to share their knowledge with us as we were to learn it,” she says. “And they had more than just experience, they also know how to teach. Just because you are a subject matter expert, doesn’t mean that you know how to transfer that knowledge so that someone else can comprehend it.” Renée believes GreenFig’s training courses are ideal for veterans, who are accustomed to targeted, hyper-focused skill development and who thrive in hands-on, real-world environments where those skills can be quickly applied. Applying the digital marketing skills she’s developed over the past 16 weeks to a real-world marketing campaign for a real-world company is an ideal application exercise for veterans like her, says Renée. “In graduate school, I did case studies,” she recalls. “What we’re doing now is benefitting a real company.” Armed with a unique set of skills -- digital marketing, finance and management -- upon graduation, Renée is hoping to join a marketing team where she can specialize in marketing analytics and social media management. “What GreenFig offers is what I needed,” she says. “To challenge me, allow me to get certifications, provide relevant and modern information, and give me the opportunity to immediately apply and exercise this knowledge in the marketplace.” Advance your skills and set your next big challenge at GreenFig. Check us out at www.greenfig.net.
Originally posted on Forbes.com –– Even in the circus of education companies, GreenFig is unusual. What they teach is different, how they do it stands out and their business model may be the way forward for a host of education providers struggling to find their place in the market.