In this webinar, Nimble CEO Jon Ferrara is joined by the queen of marketing metrics Laura Patterson. Laura talks about how to refine your marketing strategy by using the concepts from her book, Fast-Track Your Business: A Customer-Centric Approach to Accelerate Market Growth.
Laura is a recognized and trusted authority for enabling companies to apply data-to-insights, customer-centricity, and Marketing Performance Management method. She is the President of VisionEdge Marketing and has published four books.
MarTechExec selected Laura as one of the top 50 women in marketing technology. She’s also honored to be among the Top 20 Women in Business according to the Sales Lead Management Association.
The growth mandate has become the main focus for many organizations. Since 1997, PwC has been surveying CEOs to learn what they foresee in the coming years. They found a strong correlation between the chief executive’s expectations for their organization growth and global GDP growth.
From PwC’s recent study, they asked, “which of the following activities, if any, are you planning in the next 12 months in order to drive revenue growth?” 71% of the respondents said that organic growth was at the top of their list.
Where does growth come from?
There are several primary sources of growth:
Launching new products or services Finding new business models Cultivating deeper customer relationships Pursuing innovation as a long-term strategy Expanding geographically Creating deeper ecosystems
To grow organically, companies need to know how to innovate and launch their products and services. Laura found research by John Cummings that provides insight into why organic growth should be your priority.
Cummings’ study found that organic growth produces better financial outcomes. Organizations that excel at efficient organic growth see total shareholder returns of between 20 to 28 percent and revenue growth of 13 percent compared to organizations obtaining growth from M&A.
It’s essential to have a framework. For the last 20 years, Laura and her team have created a framework known as the “Circle of Traction.” Her customers have found it a successful way to grow, move, and accelerate their marketing efforts.
The CEO needs to lead the charge of growth. However, when it comes to the pursuit of organic growth, the CEO relies on the CMO as a strategic partner.
“CMOs need to drive real growth if they are to thrive in their jobs. From my vantage point, it has become the single biggest factor that CEOs want from them.”
– Greg Welch, Practice Leader of Spencer Stuart
Laura wants to increase your growth while filling up your pipeline. However, be sure not to confuse growth and pipeline as the same. When you’re talking about leads, you’re talking about your pipeline. Though, there is no point in filling your pipeline if your customers coming in are going out the back door. Plus, if your category’s competitors are growing faster than you, then your growth will decline.
Laura asks the question, where do you start? This question can be answered by the Father of Modern Management, Peter Drucker. He said, “there is only one purpose of a business: to create a customer”.
Laura says a quote from Phil Kotler, “it is the responsibility of marketing to find, keep, and grow the value of customers”. Success in organic growth requires theContinue reading