As marketers, we’re inundated with so many campaigns and channels running at once that it can be difficult to focus on the campaigns actually driving results. Additionally, it can feel like we’re running a never-ending series of campaigns, leaving little or no time to think strategically and come up with new ideas.
However, we have a tool that helps us understand what we should be focused on that will help us increase the results while spending less time. It’s called the 80/20 rule.
We recently implemented the 80/20 rule in our marketing campaigns and saw great results. If we all started looking for the 80/20s in our marketing, we’d all be more efficient and effective.
For B2B marketers, the most impactful way to see this is to do a long-term look back.
At Honest Buildings we did a 6 month look back after Q3 2018.
We were sending dedicated vendor email, sponsoring paid search, retargeting ads. We thought these channels were working well because we were seeing a significant lift in conversions.
The data was shocking, and once we saw it, we knew we had to cut back aggressively on certain campaigns and double-down on the ones driving the results.
Once we eliminated the strategies that weren’t working, I felt like I wasn’t doing enough to hit our goals, and I was worried. In the past, we were launching or tweaking a new campaign basically every week.
We actually increased pipeline by doing more of what worked. For example, we sent double the amount of direct mail which was a strong channel for us.
This extra time gained from dropping ineffective channels led us to think more strategically and test new campaigns what we’d wished we had the time to do in the first place.
Now that we understand the 80/20 rule, here are 5 steps on how to perform your analysis:
- Pull all your marketing campaign data from the last 6-month
- Look at the spend, number of MQCs, number of opportunities, pipeline, and revenue generated from each campaign.
- Graph the pipeline by channel on a pie chart to give yourself a visual representation of the data.
- Graph a second pie chart of spend by channel
- Try to look for an 80/20 relationship between spend and pipeline generated. This might not always be exactly 80/20, but you’re looking for a couple channels that are producing the majority of the results.
But what about those other 20% of opportunities?
Let me know if you discover efficiencies in your marketing.