Easiest Marketing Win #2: Conduct a Source of Business Analysis BEFORE Creating Your Marketing Plan

“We just need more leads!” 

This is a familiar refrain often directed towards marketers. The knee jerk response can be to spend more on digital ads, or trade publications, or social media, or anything that feels like it might “just get more leads”. It is almost impossible to “just get more leads” if you don’t understand where today’s leads are coming from.

First, conduct a Source of Business analysis.

Here are the simple steps:

1. In Excel, start by listing all the sources of leads today – referrals, trade shows, web form fills, webinars, sales reps, etc. 
2. Next, list the close rate by lead source. Do 80% of leads from referrals close, but only 10% from webinars?

3. Next, list the average $ revenue by closed lead. This will give you an idea of how valuable the leads from each source are. 

See the example below of how you can use a Source of Business analysis to understand your leads – where they are coming from, whether they are profitable, and if your current activities pay out. 

Next, create a plan based on the data you gathered. 

1. Choose one of the top lead sources that you can impact with sales and marketing. 

2. Use the analysis to define the # of qualified leads, close rate % and/or estimated revenue.

3. Define the time period you want to pilot your plan.

4. Create an action plan and implement the plan.

5. Track results as you go so you can measure versus the Source of Business Analysis.

6. Update the Source of Business Analysis as you gain more concrete data.

While this analysis might take a bit of time, it will increase your effectiveness and confidence that you can “deliver the leads”.

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If you found this insightful, be sure to read Easiest Marketing Win #1 and our 5 Marketing Pitfalls:

• Easiest Marketing Win #1: Be Very Clear on Who You Want to Serve
• Marketing Pitfall #1: Not Being Clear on Business Goals
• Marketing Pitfall #2: Not Having a Clear Brand Strategy
• Marketing Pitfall #3: Not Tracking Metrics or Tracking the Wrong Ones
• Marketing Pitfall #4: Doing a little bit of everything and expecting it to work
• Marketing Pitfall #5: Expecting A Lot with Little Support