Smart marketers learn from failures and dig deeper to build on mistakes. Very few marketing campaigns achieve desired success rates when they are first released. Approximately 3 out of 10 campaigns will succeed. It’s the marketers who learn from failure and learn about failing forward fast, who will bring in the leads and desired business growth.
A great marketing campaign or account based marketing tactics can make all the difference to the sales pipeline and to monthly revenue. But a great campaign does not come easily. Here are 7 ways that smart marketers learn from failures and turn them into greater results.
1. Review your numbers
Review your analytics and scrutinise results. Analyse key metrics such as landing page performance, CTA performance, email open and clickthrough rates. Make sure you always launch a campaign that links to a landing page that has a form. Without these essentials, you’ll have little data to work with, making it difficult to know what is or is not performing well. If you get high clickthroughs, but few conversions, you may have a strong offer but the landing page let you down. If your email open rate was low, your subject line may have let you down. If open rates were high but click through rates were low, your content did not appeal to your audience.
2. Start with a good campaign and test
First and foremost, ensure that the marketing campaign drops people into a good funnel. Make sure that you have created a funnel that will break even before you pour more spend into driving traffic and engagement in your campaign. Start with the essential basics and get it out there fast – to test it. Don’t spend 3-4 months building a campaign. Get a reasonable offer live, test and measure until it breaks even. Once you reach this point, you can put more budget behind driving traffic and engagement.
Remember, only 3 out of 10 campaigns will break even, so get your campaigns live, so you can determine the reasonable performing offers – the winners – that you can then improve on and achieve results from.
3. Review your email data
If you are using email marketing, make sure your email list is accurate and contains data for your target audience. Check your data and make sure it is relevant. Then organise your data into segments for smarter marketing. Segments based on your buyer personas and on where someone is at in your sales funnel will help to create better-targeted campaign content that will convert. As your marketing efforts improve, you can introduce the concept on micro-segments, enabling you to respond dynamically to events, creating opportunities to reach or to those segments. We’ll touch more on micro-segments in a separate blog post.
4. Interview or survey buyers
It’s important to talk to your audience. Without insight, you may be offering a service that they don’t need, or one that cannot solve their pains. Talk to your buyers. Gain customer insight that can help you shape your value proposition and a promise that they cannot refuse.
5. Hold win/loss reviews with sales
A smart marketer will know how to work with sales leaders. You should hold regular win/loss reviews with your sales team to uncover both problems and opportunities.
6. Summarise findings
Synthesise the information collected during the first five steps. Suggest a marketing plan of action. Highlight trends and itemise the major lessons learned.
7. Take Action
The data collected and time spent reviewing performance is worthless until it is acted upon. Decisive action is critical to the success of your marketing and your organisation. Look for opportunities to move forward on two levels: Quick fixes and long-term tactics.
Quick fix. If there is an opportunity to save a deal you reviewed, do it. If there are ways to improve lead generation do it. Take what you’ve learned and put it into action immediately. Long-term tactics. If you have learned information that requires longer term action, such as a nurture campaign, or account based tactics for growth, plan it. Then take action to start implementing the plan.
Join the smart marketers who learn from failures and dig deeper to build on mistakes. Be the smart marketer who refines their campaigns and tactics. Be the smart marketer who will bring in the leads and desired business growth. Learn smart marketing tips by subscribing to the Strategic Insights marketing blog.