Directive reposted this
CEO @ Directive - The Global Leader In SaaS Marketing | Coaching Agency Owners to Success | Family Man & Avid Angler
Last week I did a Closed Lost analysis on 529 opportunities at Directive. Here are the 4 shocking discoveries I made (and the exact process you can use to perform this analysis on your own marketing): 1. Evaluate Closed Lost Lead Sources The key is to isolate the analysis to the lifecycle stage of the opportunity. For example, if you closed lost a ton from a lead source but it’s at the “SOW review” stage that is not indicative of poor fit, but instead maybe price or product. However, if you have a certain source that never makes it past intro call then you should likely pause. Discovery: Sponsored Content is 5x the cost of Convo Ads for us and has worse down funnel performance. 2. Audit Closed Lost Job Titles To make this impactful, you need to build your campaigns by the same titles you are evaluating. So, if you put managers, directors, VPs, and C-suite in the same campaign you can’t change spend easily or pause. Now, if you over segment, and have campaigns for each title, you will have distribution problems with your ads and inflated Cost Pers. The trick is to evaluate by title in the closed lost analysis, but separate Managers from Director+ in the platform. By doing this, you’ll see how purchase authority impacts your win rates. Lastly, you need to layer title data into your employee size segments. Do managers do poorly at orgs with over 1000 employees, but crush for 100-200 size segment? Discovery: In companies with 10-100 employees targeting managers is 3x as wasteful as spending on Director+ titles for this segment. 3. Deep Dive Into Closed Lost Employee Size Segment The backbone of all targeting on paid social, programmatic, ABM, and outbound should be employee size, not revenue. The key is to understand how a particular title performs within a specific employee size range + structure your campaigns so you can easily pivot spend according to persona performance, at scale. Discovery: SaaS Companies with < 200 employees are not investing > $50k a month on ads. 4. Analyze Closed Lost Reasons Correlate your “Closed Lost Reason” back to other segments listed above. This will enable you to see the purchase intent of your audience and understand how your sales process is performing and what gaps exist in your marketing. Discovery: We were not disciplined in our labeling and need a simple 1 pager that properly qualifies each closed lost reason. TAKEAWAY: You need to have clean data to make decisive decisions. Hire a Marketing Ops person and make this an actual priority! Force your sales reps to keep the data clean by adding in conditional logic for when trying to move opps forward in your pipeline. Challenge the quality of your closed lost reasons, force reps to fill out when they closed lost and create a 1 pager with clear definitions around what qualifies to fit within each closed lost reason. The unlock to your growth is right in front of you. You simply have not dug deep enough. Do the work and reap the benefits.