Explore the most effective marketing channels to turbocharge your ROI in 2024 and make savvy choices for maximum success.
CREDIT: This is an edited version of an article that originally appeared on GTM Now
Marketing success in 2024: A recap for dealers
As we approach 2024, business owners and dealers face yet another year filled with challenges. In these uncertain times, being more evidence-based in your spending decisions is crucial. Here, we’ll provide valuable insights into where to allocate your budgets.
Based on the annual Gartner report on CMO marketing spend for 2023, 71% of CMOs expressed that they lacked the budget to fully execute their strategies in 2023, and this constraint is expected to persist in 2024. Furthermore, 75% of CMOs are under increased pressure to achieve more with fewer resources while delivering profitable growth in 2023.
The economy has presented an additional challenge, and there has been a noticeable decline in the effectiveness of most traditional marketing channels. So, the pressing question is, what is actually working in the world of marketing? In this article, we’ll delve into the marketing channels that have demonstrated the strongest return on investment (ROI). We understand that the effectiveness of marketing spend can vary significantly based on factors such as company stage, industry, sales cycle etc. There is no one-size-fits-all solution, but looking at market trends can give valuable insight and help us to shape our own plans for the coming year.
In-Person Events
In-person events have made a remarkable resurgence. Basile Senesi, CRO at Arc, notes that Arc has tripled its investment in events and field activities over the last 12 months, with a focus on private dinners co-sponsored to reduce costs.
Manny Ataebi, SVP of Marketing at Eureka, shares his experience, highlighting the success of in-person dinners, particularly when collaborating with like-minded companies. He emphasises the importance of having a “host” aligned with the ideal customer For some, this extends beyond dinners to event activities, and Kathleen Booth, SVP of Marketing & Growth at Pavilion, sees “event-led growth” as a key driver for Pavilion’s growth.
In-person events not only bolster top-of-funnel awareness but are also effective in advancing pipeline development across all stages. Scott Brown, Former CMO & Advisor, emphasises the effectiveness of hosted and field events in converting customers and prospects into pipeline opportunities. For Dustin Joost, at Osanomicro, events have proven to be highly effective, offering a way to engage remote workers and those seeking a more personalised experience.
Organic – Content & SEO: The Evergreen Channels
Content marketing and search engine optimisation (SEO) remain steadfast and reliable channels. Nicole Wojno-Smith, VP of Marketing at Tackle, emphasises the ongoing need to educate buyers and the importance of owning search terms. SEO, in particular, has gained prominence with the rise of AI and its impact on search tools.
Outbound Sales Development Representative (SDR)
Outbound marketing remains an effective and sustainable channel, offering opportunities for continuous optimisation. This channel shines in account-based marketing scenarios, where outreach can be precisely targeted and collaborative efforts between marketing, sales, and partners can yield exceptional results.
Partnerships: The Power of Collaboration
Finally, collaborating with partners, whether cost-sharing in co-sponsored events or fully investing in partner-led growth, can be highly effective.
Key takeaways for small business owners and dealers:
Marketing effectiveness varies based on company stage, industry, ideal customer persona, and sales cycle.
Four core channels offering strong ROI are; in-person events, organic content and SEO, outbound SDR, and partnerships.
When selecting channels, prioritise those that reinforce your core strengths and support each other.
Differentiate yourself in the market by embracing creativity and unique approaches to marketing.
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