It is no shock to CFOs that when the economy falters, responsibility to review and adjust budgets falls on them – and this time is no different. 2023 will present significant economic challenges, and we can expect to see CFOs from across the globe adapting their strategies, optimising budgets and rethinking their KPIs as a result – but how can this be achieved?
Well, firstly they must look at the success of their marketing initiatives. Are campaigns bringing in a high enough volume of leads, and is the quality of leads in line with the requirements of the Sales team? If the answers are no, a lead management platform may be the answer: and here’s why.
There are a number of ways that CFOs can battle the coming months, streamline their operations and optimise their budgets. However, at the centre of this is alignment between marketing and finance, CFOs need to work with their marketing departments as collaborators, as both move towards a relationship that fosters transparency, efficiency and prioritises a high return on investment.
For CFOs, investing in a lead management platform like Convertr allows marketers to deliver better quality data, increase operational efficiency and significantly reduce costs. In this blog, we’ll explore five ways in which a lead management platform can help CFOs optimise budgets, drive efficiency and deliver long-term ROI.
On average, our clients save 25% across their whole operation when they invest in the platform. Through automation, Convertr enables businesses to save money and improve their bottom line, which is especially important during times of economic fragility.
Typically, an optimised lead delivery process involves multiple steps, including validation, enrichment, mapping and formatting – all of which are vital components. However, this requires manual, labour intensive implementation, which as a result, can lead to error and unexpected costs.
Convertr automates the end-to-end process, which frees up budget, without compromising on efficiency and revenue. By centralising lead information and streamlining the lead generation journey, businesses can reallocate budget to other areas and drive operational efficiency.
The cost of invalidation
Any lead flow operation will inevitably experience lead waste and inefficiencies. Managing data across multiple platforms or spreadsheets makes it challenging to track data on a granular level, what constitutes genuine leads, what is dead data and which leads need further nurturing.
With a lead management platform, businesses can identify wastage or incomplete data that has the potential to be optimised. And from a revenue perspective, technology that allows businesses to re-engage with data they may have considered invalid, is incredibly valuable.
Whilst historically CFOs may not have needed to know the ins and outs of marketing, now that lead wastage costs companies tens of thousands of pounds a year, they must become better acquainted with the marketing ecosystem if they wish to successfully navigate this period of economic instability. In fact, a 2022 study revealed that about one-third of the supply chain costs — about 15 percent of total spending — is completely unattributable, and only half of an advertiser’s spend reaches the publisher.
We know that marketing budgets are often susceptible to wastage, and this is why CFOs need visibility into where wastage is coming from on a granular level. Without this, CFOs pose the risk of spending budget with suppliers who aren’t generating revenue.
For CFOs, knowing where leads are coming from, and which marketing channels have been effective, means knowing where is right to cut budget. Whilst it is important to think about where budget can be optimised, having a platform that allows you to track and monitor the source of your leads, and understanding which channels work best, will enable businesses to tie this insight back to ROI.
With a shift away from lead volume to lead conversions, having the ability to attribute leads can help determine which campaigns or channels are delivering the necessary outputs.
Speed of lead flow
Ensuring that verified leads reach their designated endpoint efficiently and seamlessly doesn’t just benefit the Sales team, but also benefits the wider business. From a financial standpoint, the ability to engage with leads quickly, means a higher propensity that that lead will convert. Not only does smooth lead flow improve customer satisfaction, it also maximises revenue opportunities and supports the bottom line. This is why CFOs should be invested in ensuring this process is automated, efficient and secure.
A commitment to data privacy and compliance
The role of the CFO has evolved over the past decade, to accommodate more than just financial control. Today, CFOs need to have a strong understanding of data privacy and compliance and its implications.
With the General Data Protection Regulation (GDPR) and the ICO continuing to admonish those with poor data protection, organisations must take the necessary steps to ensure their enterprise adheres to its data privacy commitments. With the average data breach costing organisations $4.1 million globally, the cost of doing nothing is far greater than investing in the right tools that can ensure your business stays compliant.
With a platform like Convertr, businesses can enable effective and secure processing, transferring and storing of data. Having this in place will help to mitigate the risk of complaints or potential fines.
The holy grail for CFOs to obtain complete alignment with the sales and marketing function, is to understand for every dollar spent, the effective ROI. Their responsibility goes beyond accounting and reporting, they now have a pulse on broader business objectives – all of which must contribute to improving the bottom line.
To discover how Convertr helps businesses like yours drive innovation, increase efficiency and maximise revenue, contact our team today.