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It’s no secret that B2B marketers are starting the new year feeling immense pressure to do more with less – less budget, less tech, and less support. All in the name of “growth.” But without fully understanding what is actually driving growth. When this happens, it creates a perfect storm of “random acts of marketing” as marketing teams frantically search for a silver bullet that doesn’t exist.

One of the biggest reasons many marketing teams struggle to produce results is that they are being measured on the wrong KPIs. To this day, most B2B marketing teams are being evaluated solely on top-of-funnel metrics that have no direct impact on revenue.

This creates a cycle of bad marketing, not because the marketing team is bad at their job but because they are being pointed in the wrong direction.

But you can fix it.

The post below is designed to help go-to-market leaders run a go-to-market retrospective and identify what activities drive revenue – and how to capitalize on them in the new year.

 

Growth-Driven Initiatives for B2B GTM in 2024

1.     Understand Your Current Customer Profile

The first thing on your agenda should be determining what your existing CRM data tells you about your best customers. This goes beyond just documenting your ideal customer profile and target personas – you need to do your best to understand their entire buying journey – not just the pieces resulting in a form fill.

As we all know by now, 75% of B2B buyers prefer a self-service purchase, and those who do speak to sellers only spend about 5-6% of their entire buying journey actually talking to sales.

To understand this digital journey, GTM teams need to slow down and take a hard look across both marketing and sales to determine who purchased their product/solution, how they bought it, and what influenced them. It’s not an easy task, but it is a crucial one.

Now, you may not have all the data you need to create a complete buyer’s journey – in fact, most teams don’t. It is these unknowns that sales and marketing leaders need to team up to make educated guesses that will drive their programs for the upcoming quarters.

Data to Pull from Your Current Customer Profile

  • Firmographic Data – industry, size, annual revenue, employee count, etc.
  • Technographic Data – software, hardware, IT infrastructure, etc.
  • Keyword Intent – what topics did they discuss with sellers during the sales process?
  • Timing – is there seasonality to how your customers buy?
  • Product Usage – how are they using your product/solution, and has it changed from their original intent?

This is not an exhaustive list, but it is a good place to start, bringing us to your second initiative of 2024.

 

2.     Maintain Good CRM Hygiene

If your CRM is full of unorganized, unstructured data, you won’t be able to build the machine you need to hit your growth goals.

A good CRM should enhance your ability to expand on existing clients and aid in opening opportunities with prospects that best fit your product/service.

Start with an audit of your CRM, including its configuration and the data stored inside it, to determine its health. RevOps teams can help make recommendations on building a better sales process to capture and digest the data you need to make better decisions in the long run.

 

3.      Campaign Prioritization

Gone are the days of binders of leads, 2024 is all about creating quality. Quality content and quality campaigns that lead to quality leads. And that starts with prioritization.

Campaign prioritization is key to investing time, energy, and money into ensuring quality across your go-to-market efforts. Campaign efforts should be prioritized based on account potential determined from your CRM data exercise from above.

Once segmented, you can apply a 95-5 rule to planning your programs. This type of thinking allows you to set up more traditional lead-gen efforts for those 5% of buyers that are in-market at any given time, but, just as importantly, it encourages you to invest in the programs that resonate with future buyers.

This type of ABM approach to B2B marketing ensures that you are thinking long-term, prioritizing building healthy pipeline coverage rather than acquiring bad leads for the sake of leads.

This shift in campaign programs emphasizes the need for updated KPIs and goals across go-to-market teams.

 

4.     Measure the Right Metrics

Too many teams are still being measured based on KPIs that are not driving revenue simply because leadership is working off an outdated marketing playbook. While not all top-of-funnel metrics should be thrown out the door, especially when we’re looking at building a future pipeline, many KPIs captured today have absolutely no impact on what drives revenue.

In an ever-growing buying journey full of multiple touchpoints, we need to focus not on what exact activity led to a demo but on what combination of activities influenced the eventual buyer to purchase – from consideration to decision.

Some updated metrics to consider measuring include:

  • Account Engagement – the level of engagement of the buyers within a single account (all activities)
  • Program Influence – the impact of a complete campaign (not a single channel) on the pipeline
  • Opportunity Conversion Rate – percentage of qualified accounts moving into an opportunity stage
  • Velocity – how quickly opportunities move through the pipeline
  • Qualified Responders – how many qualified prospects interacted with a particular sales or marketing effort

 

5.      Shared GTM Goals

Siloes are everywhere within modern SaaS organizations, regardless of an influx of Slack channels and Kanban boards. One of the biggest reasons why go-to-market teams are still operating separately is that they are being evaluated separately.

Of course, metrics are specific to marketing programs and sales efforts, but many more goals are shared across the team. Determining these and educating your team on how they will be measured allows them to avoid pointing fingers when the pipeline is slow – which is bad for your company culture and impacts your revenue-generating efforts.

Try to fix this by considering some of these interdepartmental KPIs:

  • Revenue
  • Pipeline Creation
  • Conversion Rates

 

6.      Education from Top-Down

All these initiatives rely on changing the GTM leaders’ paradigm. It requires educating those setting the goals on why the shift in the buying journey has impacted how teams operate and getting buy-in so that their teams can succeed.

Progress requires knowledge, and without progress, there is no growth.

 

Create More Agile ABM Marketing in 2024

In the world of B2B SaaS, true agility is a unicorn.

Many organizations claim to be agile, but at the end of the day, their efforts create more noise than results. And the reason why comes down to understanding GTM fundamentals. Without this understanding, marketing teams will continue to be measured on outcomes that don’t directly relate to revenue – a rather fruitless endeavor.

Don’t let vanity KPIs be your downfall in 2024 – discover the opportunity in your CRM and your sales teams to unlock a better pipeline in the long run.

Feeling the crunch but don’t know where to get started? RenderTribe works with B2B growth-stage companies to provide the strategic guidance and expertise needed to plan and execute data-driven ABM campaigns.

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