Your company conducts quarterly budget reviews to determine how well projections aligned with performance. The problem is, by the time you analyze those results, you’ve likely already spent too much—or too little—on marketing. As Lance Walter, CMO of financial intelligence technology company Host Analytics suggests, there is a better way. He ought to know—his company’s marketing budget is already 3 times greater than its technology budget—a turn of events Gartner predicts will only begin to proliferate widely after a couple more years.
In this episode of Moneyball for Marketing, Lance shares with us how his team’s marketing intelligence program tracks more than 80 points of data every week and demonstrates how knowledge of leading indicators can empower marketers to drive growth while right-sizing spending. Key insights include:
Technology Time: Lance reveals some of the technologies, metrics and methodologies he has used as CMO to establish leading indicators with marketing intelligence, and the exact time it takes a typical buyer to journey from first touch to genuine opportunity.
Analyzing Influence: Acknowledging the ongoing challenge of determining attribution, Lance shows how his team uses analysis of digital and physical marketing efforts to determine where to allocate budget and energy, and explains why he and some other CMO’s prefer “last touch” to the popular Sales Force influence model.
Real World, Real Time: Lance shares a real world case study where a Host Analytics client changed their financial review model from quarterly to weekly, and now uses their marketing intelligence of leading sales indicators to make decisions on everything from travel expenses to marketing spend to hiring decisions.
Lance Walter is Chief Marketing Officer for Host Analytics and leads the company’s global marketing efforts. He has more than 20 years of experience in enterprise software, and 15 in product marketing and management roles. Host Analytics provides Enterprise Performance Management software in a software-as-a-service model to help companies automate key financial processes like planning and budgeting, financial consolidation, reporting, and analytics.
Read the full transcript here
Glenn Gow is an expert in marketing performance, Coach, Board Advisor, Author, Speaker, Podcast Host and Founder & Advisor of Crimson Marketing. Follow me on Twitter, LinkedIn, Google+. To get a free copy of Crimson’s One-Page Marketing Metrics Funnel, visit here.