According to Forbes, more than 60% of businesses investing in digital marketing services left money on the table due to the inability to create healthy deal flows.
In order to have a sales funnel that successfully nurtures leads into buyers, the right tools and strategies must be engineered to work towards achieving the same goal – enter the growth stack.
Comprehensive digital marketing growth stacks are made up of multiple tools and strategies.
Because each component has a micro-strategy in of itself and must align with all other working parts to achieve the same growth-driven goal, the probability for oversight is greater compared to a single marketing offer (like SEO).
If mismanaged, gaps can form leaving money on the table. This is why working with a Google-partner digital marketing agency specializing in growth is crucial to hitting high-revenue targets.
Whether it involves the way technology integrates into a strategic platform, or the wrong people placed in operations, organizations need to ensure they are getting the most out of their campaigns, and part of this involves discovering and triaging the holes in the ship.
Here are four common reasons why cracks form and go unnoticed; leaving money on the table that could otherwise pad your revenue.
1. Companies Jump on the “Next Big Thing” Boat
MarTech is blowing up. For every task there seems to be 1000 tools, with 100 more coming out the following month. All too often organizations are quick to get the next big tool in MarTech, thinking it will improve the quality of operations. But just as there can be too many cooks in the kitchen for marketing teams, the same can be said for tool stacks.
When companies have an excess of tools and constantly ramp up their arsenal with the latest and greatest technology pieces, the chances of forming cracks will increase. Simply put, more tools equate to more time spent ensuring they are all talking to one another and remain goal-aligned.
Too many tools can also cause reporting nightmares. For example, slight differences in ranking or analytics metrics can send teams on wild goose chases looking for “the right data”.
This can create the need to waste multiple hours performing manual audits. Too many tools can also create a break in technical integration and render reporting frozen until the culprit can be identified and remediated.
Instead, look for robust, powerful CRMs that grant marketing teams the ability to perform multiple tasks.
When teams are able to segment buyer audiences, blast email campaigns, study traffic metrics, quality leads, and check rankings all from the same platform, there is less room to let valuable data slips through cracks that may result in lost revenue.
2. Failure to Use Remarketing Lists and Similar Audiences
When companies fail to use remarketing lists and similar audiences, big money is likely left on the table.
Similar audiences for search are rooted in existing remarketing lists but hone in on new users who display similar search behavior to those cohorts who already exist in your remarketing lists.
These individuals are far more qualified. This is due to the fact they are similar to people who have already expressed interest in your website and are therefore placed higher in qualification than an average searcher.
These buyers can be discovered through the Google Display Network, or in Facebook by accessing lookalike audiences.
Remarketing lists and similar audiences can reduce lost revenue by targeting people more likely to convert.
Furthermore, these cohorts simplify audience targeting and therefore free up more time for your team to focus on other areas of growth.
When optimizing similar audiences for search, make sure you first update your remarketing lists, adjust the bid over time as needed, have the right person closely monitoring performance, make use of broad match keywords, and integrate similar audiences for any seasonal campaigns that may be running.
3. Failure to Get the C-Suite On Board
Remember, CEOs and CFOs are not responsible for creating and optimizing marketing strategies; the marketing department is responsible for this. The C-suite needs to be sold on what components to invest in to keep marketing operations prosperous.
Each organization differs on the necessary elements needed to achieve growth goals.
This is why custom growth marketing stacks are highly advantageous. But if marketing managers don’t fully understand how they work, or where the real value exists, it will be difficult to get the CEO on board.
Growth stacks are designed to take the obvious paths and those shrouded in obscurity to align, and generate revenue.
When organizations settle for à la carte services as opposed to a comprehensive strategy, thousands in revenue, if not millions, can easily be missed.
Measurability is everything when it comes to getting your CEO and CFO on board.
Naturally, they want a forecast that proves the investment will be profitable. If your team can put together a detailed plan and presentation that highlights growth points and how ROI is measured, the investment will likely come to fruition.
4. Sloppy Execution
The last and most common reason businesses leave money on the table can be chalked up to a lack of thoughtful execution. In this case, marketing gets the C-suite on board, they get the service / tools they need, they correctly measure growth and pinpoint the areas to invest in, but they mishandle growing their budgets.
In order to maximize earnings and limit the dollar amount left on the table, marketers need to effectively scale by recognizing what has been successful up to the point, and what has flopped.
Rather than spending in buckets where there is greater pain, one needs to spend efficiently. This requires strategists to revisit goals, KPIs, proper targeting, content, offers, and creative.
When your marketing department seats are filled by gifted experts, and the team is managed by an experienced strategist, you can expect to see growth as opposed in spending money to get the same results.
Parting World of Wisdom: Get a Marketing Audit
There are multiple digital marketing agencies that offer free marketing audits. Do one better; locate a marketing agency specializing in growth stacks and have them audit your current marketing operations and website performance.
What separates the vanilla agencies from the true masters of business growth are the ones that reveal where money is being left on the table, why, and offer an immediate strategy-based solution.