The journey to the ecosystem - Part 2

Several months back, I embarked on a new journey with Allbound, right at the juncture of its acquisition by Invictus Growth Partners.

‍

Embarking on a new role always demands quick, impactful action as a new CMO. My mandate was clear: overhaul our marketing strategy to increase MQLs and, indirectly, revenue.

‍

Opting for the traditional route—boosting ad spend to exchange cash for leads—would have been the straightforward choice. I chose a path less traveled, fully aware of the risks involved. I proposed slashing our paid advertising budget by 80% and advocated for an ecosystem-first strategy to the board.

‍

Sounds crazy right?

‍

This narrative is about exactly that: winning hearts and minds.

‍

However, proposing a cut in paid advertising and shifting towards an ecosystem-first model was uncharted territory. Those first few weeks after cutting the budget were nerve-wracking, but it soon became apparent that cutting ad spend by 80% had almost no impact on the marketing-contributed pipeline.

"Ecosystem first" was a concept that initially met with skepticism. What did it entail? Why now? And how would we implement it?

‍

My strategy to gain support began with hard evidence. 

‍

Analyzing our closed/won deals revealed that a significant portion came from referrals within our ecosystem. Hence the negligible impact on reduced paid acquisition.

‍

Here’s what stood out:

A lower acquisition cost.

A 50% faster deal closure rate.

‍

The data was irrefutable, indicating that this shift wasn't just plucked out of thin air but a strategic move grounded in solid evidence. This evidence-based approach has become my staple for executive discussions and board meetings, continuously validating the success of our new strategy compared to more traditional channels.

‍

Our board are some of the brightest business minds in the world, and seeing this mounting evidence have increased support for our new direction. For CMOs seeking to move to an ecosystem first approach, my advice is to follow a similar path. 

‍

Build a robust case, grounded not in speculation but in tangible evidence.

Dare to think differently and make some bold decisions. Highlight the diminishing returns and inefficiencies of traditional demand tactics.

Provide examples of successful ecosystem-driven demand generation from other companies.

Mine your data for instances of referral-driven wins—such evidence is likely within your reach. If it’s not, then work with RevOps to incorporate ways of tracking advocacy in deals (Intro, Influence, Info!).

‍

By constructing a solid business case anchored in data, you can guide even the most skeptical board members towards embracing your vision. This strategy allowed us as a team to redirect Allbound’s course towards an ecosystem-first approach.

‍

You, too, can realign your company’s strategy with a well-founded business case, marking the first step towards becoming a fully optimized, ecosystem-first organization. The biggest challenge in any strategic shift is achieving consensus, having the determination to do things differently, to converse with colleagues and people in your orbit, and with the right evidence, it's entirely possible to make the pivot.

‍

So, how are things going now we’ve made this change? Stay tuned!

‍

Cheers,

‍

‍