Startups are often talked about in terms of money. Whether its funding, or spending, or revenue, monetary figures are always in the spotlight. In today’s environment, marketing is becoming more and more involved in the conversation about money and how these numbers are being generated. At Betts Recruiting’s panel, “From the Ground Up: Early Stage Startup Marketers,” marketing leaders discussed how money is being spent, discussed, and created through marketing efforts. Below is a recap of the conversation between Dawn Poulos, Vice President of Marketing of Mattermark, Lee Bautista, Director of Demand Generation of Jitterbit, and Franco Caporale, Sr. Director of Demand Generation and Sales Development of Apptimize. The discussion, led by Christina Borders of Betts Recruiting, yielded interesting perspectives on marketing in startups and how marketing and sales are becoming increasingly integrated.
GREATER TECHNOLOGY COSTS
Although technology may not seem to draw a direct relation to money, in reality, it’s plays a huge role in where a company’s budget is allocated. Today, Marketing is spending a lot more money. Establishing operation systems and relationship management systems, such as a CRM, are essential steps for any startup to take. Waiting to invest in these platforms is crippling to both the marketing and sales teams. These these large purchases are being pushed to the front of startup expenses. With these more advanced technologies, administrators and users need a greater understanding of the program, the data, and the analysis. Marketers are no longer generalists. These costly technologies require specialized talent that can see beyond the numbers and make the purchase worthwhile.
ABILITY TO TRACK MONEY
These major costs put a greater emphasis on what the marketing team does with its programs. After the introduction of marketing automation and attribution, marketing is able to track where its money goes through its technology. Marketing departments are splicing their data into actionable insights. They are able to identify quality leads out of the masses, how much each dollar is worth on social media, and calculate the risk and reward of any marketing spending.
BRING IN REVENUE
Marketing is strengthening its links to revenue. Marketing efforts can be tracked in terms of money brought in; new systems or process see their effects on a company’s bottom line. The marketing department enhances the leads brought in to sales, lessening the effort required to bring in a sale. They also create brand ambassadors, generating inbound leads and passive revenue. Seeing marketing effects on a company’s revenue gives the marketing department the ability to justify future initiatives and continue to enhance the successful processes.
The changing marketing environment is also changing marketing conversations. Marketing and sales are coming to the table together to forecast company metrics. Using the current data from sales and predictions from marketing’s forecasting, companies are seeing a more rounded picture of their growth projective. Forecasting affects budget creation, hiring objectives, and event scheduling. With the stronger relation between revenue and marketing through their technology, both departments are getting equal representation in these discussions. This makes for a better company overall.