Strategy and Marketing KPIs: 3 Steps to Building The Playbook and Measuring Performance
As the CEO, you want to know you have the right GTM strategy.
↳ You want to know how to set OKRs and KPIs.
↳ You want to know you can measure their performance.
↳ You want to know and understand why the team are doing what they’re doing.
I had a call on this subject with a CEO who needed answers.
Here is what we discussed and my recommendations.
Context: There is a limbo state now (which happens often). In the coming months, they’ll be a clearer picture of ICP, positioning, narrative and GTM motions. But in the interim, how can marketing start ramping up with a view to a fuller GTM strategy in 6-weeks?
Here are the 3-steps to “removing some unknowns” and how to think.
1. First step. Don’t over-complicate.
Get marketing to provide an interim plan based on these questions.
↳ How can we make sales easier?
↳ How do we broaden the scope of the teams' impact?
↳ Pick the most significant problems (right now) and eliminate them one at a time.
↳ How do we get ready to go faster (i.e., remove existing blockers so you can get going?
2. Next step. Build a lean “strategic” playbook.
This should be when the clarity on the new ICP, market and GTM motion arrives. To build such a playbook, follow these essential steps:
↳ Understand your revenue goals and work backwards to determine the necessary metrics, even if you have to make assumptions.
↳ Define your North Star, a strategic vision for the upcoming period (1H or annually). Break down into objectives and focus.
↳ Design the architecture of your marketing strategy, considering all channels and their connections.
↳ Specify the strategic ideas and tactical execution for each channel in your marketing machine.
↳ Set up milestones to track progress throughout your plan.
↳ Clearly outline what actions you will take.
↳ Document and prioritise blockers and challenges to address.
↳ Create a campaign calendar that integrates all the elements of your plan.
↳ Categorize your Go-To-Market (GTM) initiatives into three buckets: Evergreen to BAU, Experiential, and Big Bets, aligning them with your strategic plan.
↳ Write an executive summary that articulates your vision, outlook, metrics, planned actions, and support needed from the business.
3. Next step. Create a system for weekly/monthly measurement.
↳ Get agreement on the correct leading / lagging indicators (Tip: You’ll need leading before lagging, especially when starting from scratch).
- Website Traffic
- Linkedin Engagement
- Blog posts/engagement
- Number of webinar/event attendees
- Number of leads/pipeline volume: this is the most used leading indicator.
- Campaign ROI
- Cost per Lead
- Client Lifetime Value
- Conversion Rates
- Pipeline Contribution
- Marketing Mix ROI
↳ Create a scorecard (Example of a CRO scorecard but can adapt).
↳ Run effective GTM meetings each week. See below.
60-minute GTM Meeting
What's the pacing of the pipeline?
- How many leads are flowing through the funnel? (Quantity, or Flow)
- What is our conversion rate for someone who enters the funnel into a closed deal? (Conversion Rate)
- What is the Cost of Acquiring a Customer? (CAC).
→ Individual updates (@all)
What's the real challenge for you this week?
→ One sentence answers to the following:
1. (i) most valuable learning:
2. (ii) priorities for the week:
3. (iii) project confidence:
4. (iV) stakeholder health:
5. (Vi) GTM alignment:
How can we make sales easier?
As a team, what should we STOP / START / CONTINUE doing?
How do we broaden the scope of the teams' impact?
Remember, the marketing strategy IS the company strategy.
Ensure teams are aligned, focused on the right actions.
Not a million things.
If you get this right, you’ll improve your chances of GTM success.