1. Spending too much money generating top of funnel leads.
According to a Salesforce.com report, only 13% of B2B leads will generate an opportunity and, on average, only 6% of opportunities will produce revenue. That means less than 1% of leads will yield a sale. On top of that, the average time for a lead to convert to an opportunity was 84 days (nearly an entire quarter) just to generate the opportunity. In 2018, top marketers will be shifting their dollars from generating top of funnel, broad based leads to a more targeted, Account-Based Marketing (ABM) focused leads.
2. Relying on sales to generate middle of funnel leads.
Your sales team is great at sales, but are typically inconsistent at generating sales qualified leads (SQL) that will move the needle. Today’s best marketers are data-driven and require accurate tracking of stage, development, progress to make effective decisions. Inconsistent tracking, variable outputs, and de-prioritization make effective decision making next to impossible. In 2018, data-driven marketers will be laser-focused on driving SQLs to their sales teams and tracking revenue conversion. Therefore, investments will be prioritized to (a) generate SQLs consistently and (b) help track progress and (c) development of those accounts alongside the sales team’s efforts.
3. ABM efforts stopped at content/lead development instead of creating face-to-face opportunities.
According to Hubspot, 84% of executives prefer face-to-face meetings when doing business, and 95% believe face-to-face meetings are imperative in order to build lasting business relationships. If you’ve taken an account-based strategy in 2017, but your sales leads haven’t placed you in front of C-level decision makers with those accounts, you haven’t scratched the surface. In 2018, ABM focused marketing executives will be increasing investments to create face-to-face interactions with the critical accounts that will exceed revenue goals. Revenue attribution and account penetration are the new lead generation and funnel-filling methods and smart marketers will be investing where they can see those metrics.
As you plan for 2018, consider these mistakes.
CDM Media has helped our clients to close six and seven figure deals with key target accounts in 2017. Let us help you in 2018. Schedule a call to find out more about how we can work together as a partner in growing revenue with the right accounts next year.