Here we are at the start of another quarter (and another fiscal year if you’re like us), when a marketer’s mind is preoccupied with two questions: How did I do? and, How can I do better next time?
They sound a little paranoid, but we’re not talking about a tryout for a spot on The Voice here — we’re talking about the very root of what makes a marketer a marketer, which (spoiler alert, sort of) essentially comes down to impact on the organization.
Truth is, we as marketers ask those questions every day, not just at quarter end. That’s because we strive to make the most out of every campaign, every activity, and every dollar at our disposal, and we take only hard data as evidence of our success.
Introducing the Impact Modeller
You know we’re heavily biased toward ROMI here at Allocadia. Our platform helps you lay out your grand plans, attain complete visibility into what you’re spending and why, and demonstrate how you’ve contributed to your company’s top line. It also includes a tool to ensure that your overall plan would drive enough top-of-funnel leads to hit your revenue target. And with our June 19 platform release, we’ve made that tool even more powerful.
Formerly known as Revenue Performance Planner, the new and improved Impact Modeller is the missing link between your plan details and your company’s objectives. It’s a mathematical modeling tool that estimates how each planned campaign and tactic will contribute to your top line. It works off some key assumptions on sales funnel conversion rates and deal size, and can be adjusted for different activity types and periods. In a nutshell, it’s like the American Express card for your marketing plan — you won’t want to leave home without it (props to Ogilvy & Mather for that 80’s marketing gem).
But in all seriousness, how would your job change if you could see in advance how each of your planned activities contribute to your goals? Imagine being able to identify the gaps before they occur, and being able to move budget around before spend was committed. Imagine being able to truly optimize your investments around the best-performing activities, freeing up valuable resources to test new ideas and new technology. Imagine simply being able to walk into the CMO’s office and confidently demonstrate how your plan is on target to meet your goals, month by month, quarter by quarter.
Here’s How it Works
Here’s how the Impact Modeller works.
Step 1: Set up your sales funnel stages with the language your company uses every day. Impact Modeller supports up to 10 stages.
Step 2: Assign conversion rates between stages. Assign unique conversion rates for different types of activities – because they don’t all convert the same way.
Step 3: Assign a default deal size, or set the deal size by activity.
Step 4: For each line item you create in Allocadia (a line items equates to a campaign or tactic), set a top-of-funnel lead goal. You can do this by month, by quarter, or by year. If you have multiple activities within a category, as an alternate approach you can assign the goal to the category.
Step 5: Check the Impact Modeller to see how much revenue you’re estimated to bring in (you can view this by activity, by category, and by time period).
Step 6: Adjust your top-of-funnel goals and/or your range of activities until Impact Modeller aligns with your overall revenue goal. Then go!
Impact Modeller comes standard with every Allocadia license. To see how it works or for more information, email us today.