I’m feeling inspired by Shakespeare here but unlike Hamlet, it’s not a question I would ponder. Rather, it is a rhetorical question and my answer would always be “don’t spike”.
I agree; a challenging economy and value-conscious customers are making it increasingly difficult for organizations to stay afloat, let alone meet sales targets. Added to that is the pressure of getting to customers before your competitors do. A “quick fix” might seem like the ideal solution.
Enter a spike marketer who may be able to deliver the quick boost you’re looking for to improve your sales. But we all know that a spike is short-lived, and when sales plummet you might be worse off than before. I always warn companies against these sudden and short bursts of sales activities or “spike marketing” as we call it. It damages the health of your profitability index and your reputation.
Research and sales figures show that the short cuts offered by spike marketing are a temporary balm. It’s like finding a cosmetic solution for a serious injury. Your sales problem and marketing solution is much more deep rooted. Get to the bottom of it and work your way up the sales funnel. It calls for sustained effort with lead generation and a proper marketing strategy. As you build organizational history, the results are solid and long lasting.
Do your sales records show short bursts of activity but plateau most of the time? Is your leadership challenged by a revolving door from a staffing perspective? Do you lack sales and marketing alignment?
In my experience companies resort to spike marketing or fall prey to spike marketers (internal as well as external) because their demand generation and lead management efforts are either non-existent or only temporary. These companies are fad-driven rather than results-driven.
Proper lead management, pipeline acceleration, appointment setting and marketing analytics are key to developing and sustaining brand awareness and customer loyalty. Don’t let spike marketing fool you into thinking otherwise.
So how do you avoid spike marketing?
- Get a proven lead generation company to qualify prospects (and avoid wasting time) for your sales team
- Encourage your sales and marketing departments to combine their lead management efforts for improved results
- Follow best practices in account mapping
- Use effective demand generation and sales techniques to drive pipeline acceleration and remove clogs in your sales funnel
- Develop a smart, functional marketing strategy with step-by-step plans for your people to follow
- Employ the latest marketing analytics to determine if your plan is working and use it to modify your approach
Think of spike marketing as a spike in your blood pressure. And avoid both! There is no substitute for sustained lead management (or exercise).
Please share your experiences with spike marketing or your solutions for effective lead generation.
