Stop Wasting Your Marketing Efforts: Secrets of Successful Business Development

Posted by Brian Lamee on February 4, 2015

Tme-money-header

Most of us have heard the phrase attributed to John Wanamaker, considered the father of both the modern department store and modern advertising, that goes: “I know that half of my advertising dollars are wasted … I just don’t know which half.”

The same can be said for our marketing efforts and resources. Back in one of my previous lives, I used to sponsor an event that our firm felt was the biggest show to be at every year. It cost $50,000 to sponsor and participate and every year, when I would ask for that check, the owner of the firm would ask me how much business do we drive from that event, and every year…I had no idea. I just knew that the project and client managers felt we had to be there. But what if I could show that we generated over $1 million in work from that show? How fast would I get that check now? Or to go the opposite way, if knew that we never get any business from this show, then I would be better off taking that $50,000 and finding the events or marketing efforts that money would better support.

So here is the question -- if you looked at your marketing investment for 2014, can you identify the biggest bang for the buck and those things that you wasted your money on?

Ok, it is easy for me to say it, but how are leading firms actually doing this?

Well, if you track your marketing efforts in your CRM system, then track opportunities that were generated with that effort, then identify those opportunities that became projects and how much those projects were worth, you can easily say, “Hey, we won these five projects for $1 million thanks to that $50,000 event. Should we do it again next year? Thanks for the check!”

To learn about the other 7 Business Development Secrets of the Most Successful AE Firms, check out the recording of our webcast with PSMJ.

To learn more about Deltek Vision CRM, click here.