Ryan Rude, Martic Martic, Ryan discussed on MarTech Podcast

MarTech Podcast


Part of the funnel you need to fix. This is really where technology can come in really helpful making sure that you're able to track these metrics all the way through the funnel and that you have agreement on what it actually means especially marketers are really good at making. The numbers look really good for themselves. Sales people are as well. That's the job isn't it. That's the job right but we're all in this together. We're all trying to achieve the same output. I don't want to lean on saying hey you. Needless massive tech stack in this great reporting databa- or the st dashboard that shows you this awesome pipeline and funnel. You can say well clearly. Everybody is getting stuck at the demo stage because we have a five percent conversion rate and look it all his opportunity ahead of it. It could just be a spreadsheet where you're tracking like. I said from the top of the funnel all the way down knowing that your revenue number on the outside is what you're really looking for what we tend to do on an annual basis with our clients and sometimes back into on a semiannual we check in twice is. What are your revenue goals. What's your average lifetime value for the customer and work backwards so that we know. If you're wanna hit this is of how many customers we need which means we need to have this type of ask you all the customer conversion rate and we can work backwards through all of that and if we're not hitting those numbers throughout that entire funnel we already have benchmarked and sat. That's how you identify where the problem is. If you have a five percent s q all the customer win rate and you have totally making numbers up right now. Because i don't have calculator in front of me and the ten percent and sql conversion rate and you've got work all the way back through it you have a spot in the dark to start looking otherwise you're just going into the corridor and saying well we got this many leads and we got this much opportunity but is it going to actually hit the quota that we sat for the business reporter at the end of the day people reached people that are being nurtured people that have score. That's high enough to be considered an mql getting them to be a sales accepted lead and understanding what their conversion rate understanding what those conversion rates are at each step the funnels going to be different for each business. And honestly that's where having experienced and some agency or some outside resource to help you understand how to to benchmark your business and where to focus can be really valuable. Yeah and there's a lot of third party. Data sources to that organizations can look too. But i always say just download a calculator even and work yourself back most salespeople. Most owners have a revenue target in mind. They now what they get on average from a new customer work backwards. And you'll at least have your own personalized bench mart. Okay great advice and that wraps up this episode of the mar tech podcast thanks to ryan rude founder and ceo of lake one for joining us in part two of our interview. Which we're going to publish tomorrow. Ryan is gonna talk to us about how to build a sales and marketing alignment roadmap if you can't wait until our next episode and you'd like to learn more from ryan you can click on the link to his linked in profile in our show notes. You can contact him on. Twitter handle is lake. one co l. A. t. e. e. c. o. Where you could visit his company's website which is lake one digital dot com especial. Thanks to hub spot for sponsoring this podcast. If you're ready to align your team to a single source of truth to get a clear view of your business performance across marketing sales services the whole team hub. Spot will enable your team to adapt and evolve as fast as the changes in your market through data back decisions with powerful custom reporting and built in analytics to learn more about how you can scale your company without scaling complexity could a hub spot dot com and also a special thanks to linked in marketing solutions. For sponsoring this podcast. It's time for you to do business. Where business gets done and you can get one hundred dollars of advertising credits towards your first linked in campaign. there's some terms and conditions apply. But you can get one hundred bucks off if you're launching that first campaign by going the lincoln dot com slash. Martic martic again. That's lincoln dot com slash marshek. Just one lincoln. Our show notes that i'd like to tell you about have you didn't have a chance to take notes while you're listening to this podcast. Head over to mar tech pod dot com m. a. r. t. e. c. h. p. o. d. dot com for summaries of our episodes. Contact information for our guest. You can sign up for our once a week. Newsletter you can even send us your topic suggestions or your marketing questions. Which will answer live on our show. Of course you can always reach out on. Social media are handle is mar tech pod. Marta c. h. p. o. d. on lincoln twitter instagram facebook. Basically everywhere where you could reach out to me directly my handle is benjy shop b. e. n. j. j. p. and if you haven't subscribed yet anyone a daily stream of marketing and technology knowledge and your podcast feed in addition to part two of our conversation with ryan rude founder and founder and ceo at lake. One we're going to publish an episode every day so at the subscribe button and her podcast app. And we'll be back in your feed tomorrow morning. All right that's it for today but until next time my advice is to just focus on keeping your customers happy..

Coming up next