¶ … equation is to determine where to best put our marketing dollars. We are a B2B company. The purpose of marketing is lead gen. So there are a few variables at play -- we can focus on channels that deliver a higher volume of leads, those that deliver a higher level of contacts (qualified leads) and those that have proven to deliver a higher number of customers. The point here is to optimize conversion rates (Drell, 2013). The reason these are different is that the conversion ratio is different for each channel. To simplify, we can look at three channels. You need to choose between channels because marketing funds are limited. Furthermore, there is a business case for focusing on channels that deliver more qualified leads because those require fewer sales reps to process, so carry with them lower costs at other points in the funnel. Let x = dollars (in 000s), and that total marketing budget is $20,000.
Customers = x (FB)(QL)(C1) + x (T)(L)(C2)
Where FB is Facebook, T is Twitter, QL is qualified lead gen rate, L is lead gen rate and C1 and C2 are the respective conversion rates.
To illustrate this equation, let's say you have a $20,000 marketing budget. In the first scenario,...
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