Month: August 2016
Lead-Gen for Aviation: How it Works
Budgets are tight. Expectations are high. And marketing always seems to be on the hot seat to do more. We feel the pressure from management, from finance and, especially, from sales.
Finger-pointing between sales and marketing is nothing new. Salespeople say they don’t get enough support, tools or help from marketing. And marketing folks think sales lacks the discipline and follow-through to close.
It doesn’t have to be this way.
Marketers who embrace lead generation can shift these dynamics once and for all, fundamentally changing the relationship between sales and marketing, giving marketing more control over more of the process and making sales accountable for follow-through. At the same time, they can elevate their profile in the organization and move away from being on the defensive. There are three keys to making it happen:
- Shifting the marketing conversation from outputs to outcomes.
- Working with sales to jointly adopt and use a Customer Relationship Management (CRM) system.
- Implementing successful lead-generation campaigns.
Once marketing starts delivering measurable outcomes that link to sales, everything changes. And if you think lead generation won’t work in aerospace and defense, think again. BDN recently completed a sales and marketing campaign with a focus on lead generation for an avionics business, and the results were nothing short of astounding.
You can learn more in an all-new Success Insider case study, available for download now.
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If you like this blog you may also enjoy:
Audio: Lead Generation Case Study
This Marketing Flight Manual is downloadable audio content.
Is lead generation important to your business? This week, we sit down with Business Development Executive Ashley Cutler and VP of Client Services Lisa Sifuentes as they discuss their efforts on a recent lead generation campaign with host and Senior Designer Nick Markwardt. As you will hear, the results were nothing short of astounding.
Play this week’s session below or click here to download the MP3.
The full case study, including additional metrics and tips for improving your own lead generation efforts, will be available for download here on the Marketing Flight Manual next week.
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Lead Generation resources you might also be interested in:
How Questioning Everything Helps Aerospace Marketers Save Money
Question everything. Marketers who work with tight budgets must get comfortable with questioning the status quo.
In 1987, the CEO of American Airlines saved $40,000 a year by removing a single olive from each customer’s salad. Thirty years later, budget-strapped aerospace marketers can learn how to save money from that legendary aviation industry CEO.
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Start by asking why.
Fast Company wrote about “The Importance of Creating a Culture of Why,” explaining that in many workplaces, “Why?” has become a stand-in for “I disagree.” When marketers fear creating conflict with co-workers, it can lead to “going along to get along,” which can result in bad spending decisions. Fast Company advises — and we agree — that we all need to reclaim “Why?” as a positive force in the workplace.
- Why should we place this ad?
- Why do we need to attend this event?
- Why are we printing so many brochures?
Tip: When you have clearly identified your target audience and have a complete understanding of your buyers and their behavior, it’s much easier to spend only on things that map to their needs and preferences. Build buyer personas as part of your marketing plan and bring this important information into focus. MarketingProfs created an excellent resource called “Beginners Guide to Creating Fleshed-Out Buyer Personas for B2B Inbound Marketing.”
Don’t get sidetracked.
Managing a tight budget requires focus that helps us avoid doing things for the wrong reasons (like to please a co-worker). Doing an ad, a show or printing brochures may be important, but asking the right questions can stop us from doing things for the wrong reasons.
- I don’t want conflict
- It’s a great deal/cheap
- Our competition is doing it
- We’ve always done it this way
Tip: Don’t spend your limited dollars on tactical experimentation, guesswork or assumptions — and don’t let anyone, even the most persuasive salesperson or colleague, convince you to do otherwise. Stay focused on goals and expected end results.
Keep asking questions, with a focus on outcomes.
If we are not tracking or evaluating results, and using what we learn to inform future spending decisions, we are shortchanging our employer and reinforcing the perception of marketing as a money pit.
- What exactly has this tactic accomplished for us in the past?
- How does this directly connect to our marketing strategy and goals?
- What is the expected outcome of doing or not doing this?
- How, specifically, will we measure success?
Tip: Successful aerospace marketers know that Customer Relationship Management (CRM) software is a critical data source that can help understand customer trends and behavior while showing marketers which tactics are driving leads and sales. DART Aerospace worked with ForgeCRM, a system designed specifically for manufacturers, and GE Aviation uses Salesforce.
Other budget-friendly resources:
Trade shows and events are important and expensive. Before you commit to anything, carefully consider and evaluate what you’ll get for your investment. This checklist can help.
A marketing plan can help you make focused spending decisions that link to the bottom line. Download a step-by-step template here.
How to Get the Aerospace Marketing Budget You Need
New year. New opportunities. Same inadequate marketing budget.
Let’s face it, the budgeting process at too many aerospace and defense companies is flawed. Budgets may be dictated by people who don’t understand marketing…based on last year’s numbers instead of this year’s realities…or result from a last-minute fire drill because the boss wants numbers now.
Next year is going to be different. And it starts right here.
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Don’t Wait
Start mapping out your goals, strategy, plan and budget requirements now. Go to your boss well in advance of budget season with a buttoned-up, airtight business presentation that changes the conversation about the role, purpose and needs of a professional marketing organization. Elevate the discussion. Stop talking about outputs — you both should be focused on outcomes. Don’t spend time debating the merits of specific trade shows, advertising or other low-level tactics. They are simply a means to an end and should be left to the marketing team.
Actionable Idea: This marketing plan template is a good way to get started.
Have a Plan
Develop and present a plan that closely supports your organization’s business goals. Explain to your boss what you are recommending, and why, always linking back to expected outcomes. Show how marketing is a necessary investment — not a necessary evil — that is essential to business success.
Actionable Idea: Set the tone for an elevated discussion with an unexpected presentation format, like Prezi, or with a website or portal purpose-built and devoted to housing your proposed marketing program. Use the site to showcase your plan and offer it as a way for the boss to always have real-time digital access and visibility to marketing plans, activities and progress.
Use Data
In addition to a plan and business case, show the boss that your request is appropriate and supported by industry benchmarks. Brainrider reports that B2B marketing budgets as a percentage of total gross revenues remain steady at 2 percent, and other benchmarking sources show it’s closer to 5 percent. In our experience, aerospace businesses tend to spend less. Either way, the numbers need to be adjusted for new businesses, product launches, rebranding and other special circumstances.
Actionable Idea: Showing the boss that you are aware of best practices in budget allocation is also important, and referring to data bolsters your case.
Be Accountable
Establish and track three-to-five relevant Key Performance Indicators (KPIs) as agreed-on measures of success. Forget about vanity metrics. Impact Branding suggests five truly meaningful KPIs and explains how to calculate each one here.
Customer Lifetime Value – Understanding the value of a new customer can help you decide how much to spend on marketing.
Customer Acquisition Cost – Allocate your budget wisely by investing in the channels and tactics that have the lowest acquisition cost.
Sales Response Time – Customers are well on their way to making a decision before they ever contact you, so when they do reach out they are sales-ready. Don’t keep them waiting.
Inbound Links – Inbound links help SEO but also support brand awareness and authority.
Ratio of Website Leads to Marketing Qualified Leads – Too many unqualified leads waste precious resources but do little to drive results.
Actionable Idea: Post and maintain digital dashboards on your marketing website or portal.
Tell us about your budgeting process and how you get the resources you need. And, if you liked this post you may also enjoy our recent audio presentation. It provides actionable ideas for budget-friendly marketing.