It should be intuitively obvious, but launching complex, technologically advanced products is dramatically different than a lifestyle brand. From the heady days of dot-com euphoria to the sobering realities of the Great Recession, I’ve helped many emerging brands and one constant remains: revenue is the lifeblood of a business. Yet, many startups get caught up in the vanity metrics, chasing likes, shares, and followers like they’re gold. News flash: they’re not.
Let’s be blunt: if your marketing efforts aren’t directly contributing to your bottom line, they’re a luxury you can’t afford. Sure, it’s great to have a massive social media following. But if those followers aren’t converting into customers, what good is it really? It’s like having a stadium full of fans but no team to play the game.
It don’t mean a thing if it don’t go ‘ka-ching!
I remember a startup I worked with that was developing a groundbreaking SaaS offering. The technology was truly revolutionary. But the team was obsessed with media coverage and industry awards. While these were nice to have, they weren’t driving sales. We shifted focus to generating high-quality leads, nurturing them through the sales funnel, and closing deals. The result? The value of qualified opportunities in the pipeline skyrocketed in less than a year.
So, what should you be focusing on? KPIs like pipeline value contribution from marketing, sales qualified leads, and customer acquisition cost are far more indicative of your marketing team’s impact. These metrics tell you exactly how much revenue your marketing efforts are generating and are directly aligned with the growth of the business.
Remember, marketing is an investment, not an expense. Every dollar you spend should have a measurable return. So, stop chasing vanity metrics and start focusing on what really matters: driving revenue. Your bottom line will thank you – and maybe your variable compensation as well.
Ka-ching!
Need an unvarnished opinion on making your marketing go “ka-ching”, reach out today with absolutely no strings attached.
