With the competition for customers and talent becoming more fierce by the day, staying afloat without big adjustments is becoming increasingly challenging for many companies. These changes can occur in areas such as marketing, product development, or operations that can affect your chances of success.
The "tortoise and the hare" fable has always served as a useful reminder to slow down and allow for the required time for growth. Entrepreneurs who work hard to build their business may want to consider following the advice of an ancient fable, as they will be better off in the long run with slower but more durable gains than those earned in fewer days or months by going too fast without first investing properly in systems and resources.
According to the Harvard Business Review, the primary reason why companies fail is not because of a lack of capital or product-market fit. Instead, it's due to their inability to scale operations and continue developing the company culture which allowed them to become successful in the first place.
Growing a business requires the right intellectual capital, carefully selected strategic partnerships, and products and/or services with strong marketplace demand. Yet the question is - how can you generate predictable sales so you can systematically grow and scale. That is what Unicorn companies do, they don’t leave it to chance or to a few heavy hitters in the sales department to make it rain. While that is a typical strategy for startups, if they want to move beyond the startup phase and begin growing so they can scale, there has to be a systematic process with an aligned marketing and sales growth engine that has end to end visibility and tracking for true performance measurement.
Why spend money on marketing campaigns that don’t provide fruit? If you only rely on one measure such as sales or revenue, you are only getting half the picture. The idea is to ask, what was it specifically that generated that increase in sales and how can we repeat and scale that? The answer to this question is called your marketing attribution.
Marketing attribution is the process of linking an individual's actions before they become a customer to what influenced them at each stage in order to quantify what specific campaigns are most effective at driving revenue. It answers one simple question, "What work should I do more of?" Attribution can offer insights and help you to determine what directly causes someone to buy from you. With that information, your company can do more of what generates sales and less of what gets ignored. When coupled with complete alignment under a single growth engine and then tracking the metrics that matter, the results can increase revenue upwards of 30% or more. What’s been your experience for generating predictable revenue, making rain or making an aligned revenue and growth engine?