The Magic of Marketing Automation
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Transcript of The Magic of Marketing Automation
Marketing Automation & Best Practices
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Outline of our Discussion:
Who is StratMG?
Manufacturing Landscape and Challenges
Strategic Approach to Marketing
Marketing Automation:DefinitionHow-to?Current LandscapeCritical Factors
Case Study – Comfort Audio, a manufacturer of Assisted Listening
Devices
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Your company …
Goal – Grow by double-digits YoY
Tried everything so far … Increased spend on R&DLaunched products in new marketsHired new skillsCommissioned Market Research, Customer Sat. Surveys, etc.
But have only 1% to 3% YoY growth to show for, so far
Times have changedNew competition – global and/or localLess perceived value or differentiation leading to price warsCustomers have changed the way they buy but you still use the traditional methods - lack of sync in the go-to-market model
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..but wait.. there’s more …
Mfg output in the US is set to increase at ~3.5% and that’s it!
How can you grow @ 10+% when the entire manufacturing segment is growing @ 3.5%??
Problem – The pie is not getting bigger in the US
Answers for Growth:1. Acquisition2. Over-seas expansion3. Grab competitor market-share
The third option is the easiest and the most cost-effective.
Given that, the question is – How?
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A
B
C
D
A
B
C
D
Identify Short & Long Term Opportunities
Retain & Optimize
High ValueLow OpportunityOptimize Investment
A
Assess
Low ValueLow OpportunitySelective Investment
B
Explore, Test& Grow
Low ValueHigh OpportunityOptimize Investment
C
Acquire, Nurture& RetainHigh ValueHigh OpportunityHigh Investment
D
Strategic Approach
Customer Strategies
Marketing Planning
Channel Strategies
Offer Management
Leverage Customer 3600 Insights to Drive Planning Efforts
Use Analytics to Create Customer Value Tiers
Values
Behaviors
Preferences
Values Behaviors Preferences
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Current Marketer Challenges
Emerging Marketing Channels, Technologies
and Best Practices
Lack of Credibility for the Marketing Team
Do More With Less (Lack of Budget)Aggressive
Business Goals
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It Takes a Village
The anatomy of a marketing team today consists of a multitude of highly-skilled experts.
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Specific marketing challenges in Manufacturing …
Multi-Channel Execution
Make Leads
Manage Leads
Convert Prospects
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Data Management:· Data Profiling· Data Acquisition· Data Hygiene
Analytics:· Campaign metrics· Conversion metrics· CxO metrics
Campaign Management:· Segmentation· Decision-based Personalization· Multi-Channel
Lead Management:· Nurturing· Scoring· Routing
MAP: Complete Marketing Process Management
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Marketing Automation - Introduction
Definition:Technology that enables seeding, creation, nurture & acceleration of demand among prospects and customers
Goal:Marketing to be a revenue generator and not a cost centerJust like Sales, quantify Marketing contributions
Expected Outcomes:Automated process that allows marketing to do ‘more with less’Optimized and quantified marketing spend
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MAP – How-to? .. Starts w/due diligence
1. How is marketing gauged?• % of sales pipeline
generated?
2. Cross-functional support?• Expectations w/Sales, CxO,
IT
3. Marketing Plan•Channels to be used?
4. Current infrastructure• CRM integration?
5. Internal Databases• Prospects – completeness?
6. In-house capabilities• Analytics? Technology?
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MAP – Current Landscape
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Critical Factors to evaluate a MAP
FlexibilityHow much customization is needed compared to an out-of-the-box install?A smaller vendor may be more amenable than a larger one like Oracle-Eloqua
ImplementationHow quickly can you go from drawing board to dashboard?How easy are reporting and analytics functionalities?
Platform Architecture & MaturityHow long has the platform been around and how many customers are currently using it?Some will allow one campaign across all channels whereas others may require one
campaign per channel. Does that affect tracking and reporting?
ScalabilityFor the longer-term, can the platform scale to your needs?What does the 3rd Party eco-system look like?
Customer ServiceHow well is the customer service rated in the industry?What training programs, documentation & online communities are available? At what cost?
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Case Study: Comfort Audio, mfg of ALDsGoal:
Sales, Sales, Sales! (Push prospects to have a conversation with sales)
Strategic Approach:Tiered customers – Distributors, Schools, End-Users, etc.Allocated marketing resources based on top & bottom line performing customers
Tactical ApproachImplemented a MAP and personalized marketing campaigns
Mapped marketing campaigns to the respective prospects’ buying stages – interest learn evaluate purchase
Aligned sales and marketing efforts to create a seamless experience for a prospectTracked online behavior in order to dynamically adjust positioning and messaging as neededAllowed for a metrics-driven approach to recalibrate based on prospect engagement
Results:33% organic sales – marketing generated and qualified a lead prior to sales contact54% of sales influenced by marketing – engagement via marketing campaigns prior to close1500+ Unique prospects engaged with the brand via request for more info, meetings, etc.Distributor spend went from -16% YTD to 18% YTDIncreased online traffic by 200+%
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..One last thing …
Reference
Case Study: Comfort Audio, manufacturer of assisted listening
devices
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Marketing StrategyKey Goals:
Continue to grow prospect database to drive trials Build brand equity & credibility with Audiologists & Speech PathologistsPush prospects to have a conversation with sales
Strategic Approach:Cultivate a relationship with Audiologists/Speech Pathologists – brand history, product quality, benefits
Establish Comfort Audio as a brand they can trust to use for their schools and one they would refer to clients.
Tactical ApproachBuild a Prospect DatabaseImplement a marketing automation platform and develop awareness campaigns
Aligns sales and marketingAligns marketing campaigns to the respective prospects’ buying stages – interest learn evaluate purchase
Allows for online behavior tracking in order to dynamically adjust positioning and messaging as neededAllows for a metrics-driven approach to recalibrate based on prospect engagement
Develop US SEM Keyword StrategyBrand AwarenessDrive the “right” contacts to the site to generate additional inbound leads/sales
Partner with distributors to increase traction with their customer base
Outcomes:A consistent flow of quality leads proven by online engagementA sizeable prospect database that is engaged with the brandA transparent, streamlined and quantifiable marketing and sales process
Results:33% of sales were organic – marketing generated and qualified a lead prior to sales contact54% of direct sales influenced by marketing – engagement via marketing campaigns prior to close1500+ Unique prospects have engaged with the brand via request for more info, meetings, etc.Increased online traffic by 200+%Distributor spend went from -16% to +18% compared to the previous year
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Tactical Plan: Automation/DevelopmentImplementation of Marketing Automation Platform/CRM has allowed for:
Ability to leverage engagement/behavior of each lead when calling/emailing prospects and leadsMore streamlined sales processes Collecting data beyond standard contact information to be utilized in marketing programs and future sales follow-up
Lead Type (i.e. Educational Audiologist, Court, Speech Pathologist, etc.) Lead Stage (Requesting More Information, Meeting, Trial, etc.) Current ALDs being used Biggest Challenges Currently Faced
Tracking and performance review to continue to improve marketing campaigns and sales processesOverall activity (opens, clicks, information requests…)Activity by Segment and Job TitleCustomer Journey performance (performance by timing of channel mix and offer type)
Implementation of Lead Scoring which allows sales to:Quickly identify “hot leads” to be called on
Leads with multiple activities to product pagesSchools with multiple leads showing interest
Focus on those leads that are most interested rather than “All” leads, shortening lead lifecycle
Note: Lead Scoring rates a lead based on a combination ofBehavior – a lead’s activity (opens, clicks, webinar attendance, forwards, etc.) and the recency of the activities Demographics – What we know about the lead that tells us more about their ability to purchase or influence a purchase (i.e. title)
Awareness Intent Purchase
Customer
What you can do to keep the conversation going throughout the buying cycle
Deciding
Webpage/SEO
Banner Ads
Sponsored Content
Print Ads
Newsletters
Events
Rich Media
Partner Mailings
Inserts
Response Cards
Sponsored
Whitepapers
Webcasts
Referrals
Listing
Quotes
E-
Commerce
Direct
TargetGroup
Advertising/Promotion
LeadGeneration
Channel and Content Strategy
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Email Samples
Interest Learn Evaluate Justify Purchase
$InquiryMarketing Qualified
Lead
Sales Accepted
Lead
Suspect
Sales Qualified
Lead
Customer Buying Process mapped to the prospect journey offered by the company
Sales & Marketing effectiveness determines volume and velocity
Marketing validates quality of interest.
Marketing nurtures to
sales ready.
Sales validates and
accepts ownership.
Sales validates
BANT criteria
Sales closes revenue
opportunity.
Sales-Marketing Alignment
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CRM Sample: Activity Data Available to Sales
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Current Sales Funnel
88
76
8
13
9
More Information
Appointment
Trial
Quoted
Closed: Lost- 194 number of total leads generated~ 50% of the leads generated are strong prospects in the short and long-term.- Revenue Potential @ ~$15K per deal = $1M to $1.5M
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Learnings: Performance by Message Type
Open % Click %
Informational 27.60% 4.50%
Tradeshow 20.50% 1.40%Comfort Audio – Intro & Product Overview 18.20% 2.10%
Whitepaper 15.80% 2.70%
Webinar 15.70% 1.50%
Sales Promotional 15.30% 0.60%
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% Opens and Non-Opens by Segment(Compared to Total Database)
Edu Private Speech Path0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
% Of Database%Single Open%Multi Opens%Non Opens
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% Clicks and Non-Clicks by Segment(Compared to Total Database)
Edu Private Speech Path0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
% Of Database%Single Click%Multi Clicks%Non Clicks
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Activity by Source
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Results
Sales33% of sales resulted from marketing acquiring & qualifying a prospect prior to any sales contact54% of direct sales was influenced by marketing via engagement prior to closeDistributor spend increased from -16% to +18% compared to previous year
MarketingIncreased Brand Awareness
8,000+ professionals have opened and read emails1,500+ unique professionals have engaged with the brand by taking specific action such as requesting more information, visiting the website, etc.371 unique professionals have engaged with the brand at least 3 or more times thus expressing on-going trust and credibility
Set a webinar attendance record that was more than double the previous highest attendance!
Exhausted the maximum quota for webinar attendees via email campaigns with 95+% staying for the entire session.
Increased online trafficNew SEM Keyword Strategy launched in June set all time high paid website traffic
Website visitors 200%+New visitors 230%+Bounce Rate 1%+