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Accelerate Your ROI with Marketing Automation - Andrew Chow, Ideas & Concepts

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Accelerate Your ROI with Marketing Automation - Andrew Chow, Ideas & Concepts

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Marketing automation is a software/technology that streamlines, automates, and measures marketing tasks and workflows so that companies can increase their operational efficiency and grow revenue faster. In other words, companies don’t employ marketing automation to automate their marketing. They utilise it to increase revenue quickly, generate high-quality sales-ready leads, measure, and prove marketing Return on Investment (ROI). However, while a handful of companies achieve amazing ROI from marketing automation, others achieve modest gains, and even a few fail to get any value at all.

Marketing automation is a software/technology that streamlines, automates, and measures marketing tasks and workflows so that companies can increase their operational efficiency and grow revenue faster. In other words, companies don’t employ marketing automation to automate their marketing. They utilise it to increase revenue quickly, generate high-quality sales-ready leads, measure, and prove marketing Return on Investment (ROI). However, while a handful of companies achieve amazing ROI from marketing automation, others achieve modest gains, and even a few fail to get any value at all.

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Accelerate Your ROI with Marketing Automation - Andrew Chow, Ideas & Concepts

  1. 1. Andrew Chow BRANDING CONSULTANT IDEAS & CONCEPTS SINGAPORE ~ SEPTEMBER 18 - 19, 2019 DIGIMARCONAPAC.COM | #DigiMarConAPAC DIGIMARCONSINGAPORE.SG | #DigiMarConSingapore Accelerate Your ROI with Marketing Automation KEYNOTE
  2. 2. MARKETING AUTOMATION Accelerate Your ROI With Marketing Automation
  3. 3. Handle @ideasandrew
  4. 4. Books
  5. 5. Awards & Portals Spirit of Service
  6. 6. Domains PUBLIC RELATIONS
  7. 7. Different Careers in 30 years 1987-1993 1993-1998 1999-2005 2005-2009 2010-
  8. 8. Teach in CPEs or Adult Learning Institution
  9. 9. Client
  10. 10. Overview of Marketing Automation @ i d e a s a n d r e w
  11. 11. Marketing automation is technology that manages marketing processes and multifunctional campaigns, across multiple channels, automatically. What Does It Do?
  12. 12. The time- and cost-saving effects of automation increase as an Organization grows in size and complexity. Good marketing automation systems are designed to scale alongside your business. What Does It Do?
  13. 13. Demand Metric defines Marketing Automation (MA) as: These strategies and activities include: Email Marketing, Multi-channel Campaign Management, Inbound/Search Marketing, Landing Pages, Lead Generation, Lead Management, Lead Scoring, Lead Nurturing, Social Marketing, Marketing Resource Management, Event Management, Engagement Marketing, and Marketing Analytics. The four foundational functions of marketing automation systems are – email marketing, campaign management, lead management, and reporting and analysis. While the most advanced and sophisticated marketing automation systems have extending capabilities far beyond this base, these functions are core to a Marketing Automation system. Foundational Features of MA Systems Campaign Management Lead Management Reporting and Analysis Email Marketing What is MarketingAutomation? The strategies, processes, and software technology that enable marketing departments to automate, measure, and improve the performance of marketing strategies, activities, and workflows.
  14. 14. How Does Marketing Automation Work? @ i d e a s a n d r e w
  15. 15. This process allows a person to streamline, simplify and measure tasks, and workflows. And as an overall objective, Marketing Automation aims to increase operational efficiency while growing business revenue. HOW DOES IT WORK? @ i d e a s a n d r e w
  16. 16. A well-designed campaign Can only be successful with Adequately Planned Marketing Automation activities. @ i d e a s a n d r e w HOW DOES IT WORK?
  17. 17. HOW DOES IT BENEFIT THE COMPANY
  18. 18. HOW DOES IT BENEFIT THE COMPANY? HIGHER CONVERSION RATES @ i d e a s a n d r e w
  19. 19. HOW DOES IT BENEFIT THE COMPANY? INCREASE PRODUCTIVITY OF PEOPLE @ i d e a s a n d r e w
  20. 20. HOW DOES IT BENEFIT THE COMPANY? BETTER TASK WORKFLOW @ i d e a s a n d r e w
  21. 21. HOW DOES IT BENEFIT THE COMPANY? GREATER CUSTOMER RELATIONSHIPS @ i d e a s a n d r e w
  22. 22. HOW DOES IT BENEFIT THE COMPANY? @ i d e a s a n d r e w FASTER RETURN ON INVESTMENT
  23. 23. According to the study conducted by Forbes Insights and Turn, in a global survey of American Marketing executives, marketers or business owners saw their revenues increase about three times (55% vs. 20%) Global Survey
  24. 24. As noted previously, the maturing of the Marketing Automation market means that Marketing Automation has become an integral part of Sales Enablement, as illustrated by our Sales Enablement RolesMatrix (page 7). As you will see, Marketing Automation and related Marketing Resource Management (MRM) products and servicesare associated with the following roles and processes: Marketing Automation Deployment Lifecycle Senior Management uses MRM to support budget and planning, perfor- mance reviews, and the retention ofsales reps. Sales Operations uses Marketing Automation to support sales fore- casting, territory management, and sales compensation. Marketing Operations uses Marketing Automation to support budgeting, campaign analysis, and lead qualification. Demand Generation uses Marketing Automation to support advertising campaigns, lead generation, and event marketing. Deployment of a Marketing Automation solution depends on the needs of each organization. Vendor solutions vary widely in feature/function depth and breath. It is critical to choose one that encompasses the entire scope of your organizational needs rather than just the first step ortwo. That decision helps avoid having to stay with a system you have outgrown simply because the cost and business disruption of change is too high. FIGURE1:MARKETING AUTOMATION DEPLOYMENT LIFECYCLE A Marketing Automation deployment lifecycle typically begins with email marketing and often moves through the marketing department as follows: 1 Email Marketing 2 LandingPages & Forms 3 WebTraffic Analytics 4 Campaign Mgmt. 5 Lead/Event Mgmt. 6 DigitalAsset Mgmt. 7 WebContent Mgmt. 8 Social/Mobile Marketing 9 Behavior Tracking 10 Revenue Analytics
  25. 25. 2. MARKETING AUTOMATION BEST PRACTICES @ i d e a s a n d r e w
  26. 26. C l a r i t y o n M a r k e t i n g O b j e c t i v e s New Services Digital Presence Lead Generation New Customers If your upcoming plans include launching new offerings, your marketing objectives should include promoting those new products and services. If your brand doesn’t have a large footprint online, your marketing plans may be to start SEO and grow your visibility in search engine rankings. If your pipeline isn’t full, you may want to focus on lead generation tactics that grow your email list and fill your CRM system. You may choose this goal if you already have a loyal client base but would like to expand out and reach new audiences.
  27. 27. Retain Existing Customers Rather than focus on new customer acquisition, you may want to focus on keeping the existing customers you already have. Build Brand Awareness Develop Brand Loyalty If your brand is new or only known to a small audience, one of the marketing objectives to focus on could be expanding your reach. If audiences already know your brand, you may want to focus on building not just awareness, but a deeper brand affinity. C l a r i t y o n M a r k e t i n g O b j e c t i v e s
  28. 28. Increase Sales Increase Profit Grow Market ShareExpand Into a New Market If your brand is already well-known or successful in a specific industry or geographic area, you may want to expand out into a new target market, vertical, or location. If you are selling products or services, you may want to focus on selling more of those offerings. This is one of the marketing objectives that will increase revenue. This marketing objective is different from increasing sales and revenue, because you may increase your profit through means other than selling more. Instead of growing into a new area, you may want to expand your footprint in your current market. This objective helps you get more available customers in your industry. C l a r i t y o n M a r k e t i n g O b j e c t i v e s
  29. 29. What Do You Need to Do to Create a Customer Journey Map? A l i g n m e n t t o C u s t o m e r J o u r n e y
  30. 30. Alignment to the Customer Journey User-Personas A Timescale If you can’t tell a typical user’s story, how will you know if you’ve captured their journey? Customer journeys can take place in a week, a year, a lifetime, etc., and knowing what length of journey you will measure before you begin is very useful indeed. Understanding A clear understanding of customer touch points. What are your customers doing and how are they doing it?
  31. 31. Understanding of any other Actors Understanding of Customer An understanding of any other actors who might alter the customer experience. For example, friends, family, colleagues, etc. may influence the way a customer feels about any given interaction. A clear understanding of the channels in which actions occur. Channels are the places where customers interact with the business – from Facebook pages to retail stores. A clear understanding of customer touch points. What are your customers doing and how are they doing it? Understanding of the Channels Alignment to the Customer Journey
  32. 32. What’s next after Customer Journey? Once you’ve done your preparation, you can follow a simple 8-point process to develop your customer journey maps: 8Marketing Process POINT
  33. 33. Marketing Process Points Once you’ve done your preparation, you can follow a simple 8-point process to develop your customer journey maps: what are your goals for this mapping exercise? What organizational needs do you intend to meet? An empathy map examines how the customer feels during each interaction the next step is to ensure that you effectively map touchpoints and channels. The more user research you have at your fingertips, the easier this exercise will be. 1. Review Organization Objectives 4.Create an Empathy Map 3. Review Touchpoints 2.Review Current User Research
  34. 34. Marketing Process Points Once you’ve done your preparation, you can follow a simple 8-point process to develop your customer journey maps: 5. Build an Affinity Diagram The idea here is first to brainstorm around each concept you’ve touched on and then to create a diagram which relates all these concepts, feelings, etc. together. This is best achieved by grouping ideas in categories and labelling them. You can eliminate concepts and the like which don’t seem to have any impact on customer experience at this stage, too. 6. Sketch the Customer Journey The idea here is first to brainstorm around each concept you’ve touched on and then to create a diagram which relates all these concepts, feelings, etc. together. This is best achieved by grouping ideas in categories and labelling them. You can eliminate concepts and the like which don’t seem to have any impact on customer experience at this stage, too.
  35. 35. Marketing Process Points Once you’ve done your preparation, you can follow a simple 8-point process to develop your customer journey maps: 8. Iterate and Produce Then, take your sketches and make them into something useful; keep refining the content and then produce something that is visually appealing and useful to stakeholders, team members, etc. Don’t be afraid to rope in a graphic designer at this stage if you’re not good at making things look awesome. 8. Distribute and Utilize The journey map serves no purpose sitting on your hard drive or in your desk drawer – you need to get it out there to people and explain why it’s important. Then, it needs to be put to use; you should be able to define KPIs around the ideal journey, for example, and then measure future success as you improve the journey.
  36. 36. IDENTIFICATION OF OBSTACLES for MARKETING AUTOMATION
  37. 37. Key Features of Marketing Automation Key features in consideration for selecting a Marketing Automation
  38. 38. Lead Management Trigger ResponsesEmail Campaigns Key features in consideration for selecting a Marketing Automation Any automation software should have a complete lead nurturing process where it will handle lead information. The aim of automation software should be to allow real-time responses that are easy to send to customers. The automation software you are opting for should offer you end-to-end email campaign functionality.
  39. 39. • Social Marketing Any marketing automation software should provide social media automation. You should be able to easily integrate your social media with your software so that you can track and analyse customers’ social presence and activities. Also, it will allow you to post messages on various social media channels. Key features in consideration for selecting a Marketing Automation
  40. 40. • Real-time Alerts The software should offer real-time automatic alerts to be sent to internal team members or to other teams. If at anytime, any workflow requires some action, an automatic alerts should be sent to respective members to perform/complete the action. This is an especially important feature when the marketing team pushes leads on to the sales table and requires them to perform an action. Key features in consideration for selecting a Marketing Automation
  41. 41. Key features in consideration for selecting a Marketing Automation The marketing automation software should be able enough to let you send personalized canned emails every time. Personalized Messaging Basic Organized Workflow Bottom line Any marketing automation software should be able to provide easy workflow creation and management. Few software offer all these functionalities and features. Depending on your criteria and needs, you can opt for the best-suited one for your business.
  42. 42. METRICS for Marketing Automation Performances First, you need to understand how your prospects are responding to your campaigns and if you’re sending relevant content that resonates with your audience.
  43. 43. Metrics For Marketing Automation Performances Site Traffic Reconversions Unsubscribes Open & Click-Through Rates Your website traffic is a good indication of the efficacy of your emails. If you experience a spike in traffic after sending a specific campaign, you should be doing more of the same. These important metrics provide insight into the quality of your lists and emails. The best practice here is to consider A/B testing so you can continually improve these metrics. Measuring how many times your leads convert — whether by consuming additional content or making a purchase — shows how well your inbound marketing workflow is performing. If your unsubscribe rate is higher than 1%, you should perform a list audit and improve your list segmentation. ENGAGEMENT METRICS
  44. 44. Metrics For Marketing Automation Performances Marketing Qualified Leads Marketing and Sales Cycle Length Sales-Accepted Leads Only a fraction of your marketing qualified leads (MQLs) will close so the more you generate, the better. Ideally, you should see a steady increase and be able to tell which sources are most effective at generating leads. This metric is a great indicator of the health of your lead scoring as well as the alignment of your organization’s sales and marketing teams. If your sales team isn’t accepting your MQLs, then their idea of a qualified lead is different than yours and you need to reconcile the two. It’s important to measure the amount of time it takes for a lead to move from the initial touch point to a sale. If certain stages of your customer journey are taking too long, your pipeline forecasts will be negatively impacted. Performance Metrics
  45. 45. ROI Metrics Metrics For Marketing Automation Performances Customer Acquisition Cost By measuring your customer acquisition cost, you can focus on lowering it by nurturing leads through to conversion more quickly and effectively. This metric shows you how much a customer will likely spend throughout their journey, and is particularly important for industries. How does your marketing automation effort translate into actual revenue? This metric shows the most tangible result of your campaigns. Once you assign values to your leads based on their estimated contract value, you can compare your lead acquisition investment with your other lead generation efforts. Customer Lifetime ValueRevenue GeneratedConversion Rate
  46. 46. 3. Marketing Automation System Components & Features @ i d e a s a n d r e w
  47. 47. • Email Marketing Hands down, one of the most useful features for automation software. Email marketing is an integral element in supporting a brand’s customer engagement and sales. In turn, the power to send mass emails on a schedule is very crucial to marketers. In addition to this, automation platforms should provide beautiful, unique, and customizable templates to create professional grade emails. Agencies can further drive client satisfaction and sales through providing a seamless email strategy. Marketing Automation System Components & Features
  48. 48. • Community Engagement Simplified Having all of your social media notifications centralized in one place allows marketers to quickly identify the level of engagement on posts, who requires a reply, as well as trending topics and comments on their tracked profiles. Staying on top of conversations and questions occurring on your client’s page will be a great catalyst to build more relevant content, and crafting appropriate responses to engaged users in a timely fashion.
  49. 49. • Contact Management As many marketers know, acquiring a list of subscribers is half the battle. Marketing automation software should allow you to filter, sort, and organize your lists for more optimal and targeted emails and other marketing strategies. Providing agencies with the capacity to do this contact management for clients allows for more targeted and specific campaigns for the audience of choice. In addition to this, an effective platform will also allow you to add a pop-up prompt onto your web page. This is a highly effective way of garnering new subscribers to your mailing lists. Contact acquisition made easy! • Social Media Automation Of course, most businesses and agencies realize that making posts manually on each platform is far too time-consuming of a task. But, in this category, it’s important to note that a good marketing automation platform doesn’t just automate a post on social media..
  50. 50. Marketing Automation System Components & Features • Customer Journey (Automation) • Landing Pages • Customizable & All-in-one Dashboard Building a customer journey is a key part of driving success for a particular goal or deadline. Marketing automation platforms allow for you to map out a particular customer marketing funnel, complete with an end game. A key element to a marketing campaign will be a strong landing page. In essence, interested prospective customers need somewhere to land when they click on an ad. A huge benefit to using these platforms is the dashboard. Basically, it functions as the one stop shop.
  51. 51. • A/B Testing It goes without saying that A/B testing is an indispensable step in building a marketing strategy. A/B testing refers to when you test various types of marketing emails over each other to determine which works best for the target audience. This does indeed require sharp organizational and statistical skills.
  52. 52. • A/B Testing However, a marketing automation platform with A/B testing built in as a feature takes the guess work out of running a test. Simply test; subject lines, sender name/email, templates, different photos, copy arrangements, CTAs, or other factors at the click of the button. Once the test has been completed, you can be sure that the elements and formatting of the email is put together in the most effective way for your needs.
  53. 53. • White Label Options While marketing automation software are essential to optimizing and managing workloads and tasks, agencies are masters in branding, and taking ownership of their relationship with their clients is very important. Using softwares to aid in processes might make agency staff feel like they aren’t empowered. But, it doesn’t have to be this way. • Analytics Gone are the days of painstakingly hand crafting emails to send out into the interwebs, never to hear back or conduct a proper post mortem. Analytics are key to making adjustments to your marketing strategy. Marketing automation platforms can provide insights into different metrics such as clicks, open rates, conversions, bounce rates and unsubscribes.
  54. 54. Research on Marketing Automation Systems & Vendors @ i d e a s a n d r e w
  55. 55. Vendor SelectionCriteria Demand Metric recommends the following features/functions be included in any evaluation of a Marketing Automation Vendor Solution. The following image identifies key functionality based on the four tiers listed in the Solutions Landscape section. Marketing Automation Platforms Vendor SelectionCriteria byFunctionality Tier CUTTING-EDGE COMPREHENSIVE STANDARD BASIC Webinar/Event Management, Marketing Performance Tracking, Personalized/Localized Multi-channel Engagement, Behavior Tracking, Revenue Analytics Landing Pages, Web Forms, Surveys, Web Analytics & Visitor Tracking, Multi-channel CampaignManagement, Campaign Measurement & Reporting, Lead Capture & Scoring, CRM Integration, Analytics, SEO Social Marketing, Mobile Marketing, Online Advertising & Paid Search, Project Management, Channel/Partner Marketing, Website Management, Asset Management, Content Management Lead Management, Email Marketing, Campaign Management, Database Management
  56. 56. #1 Features Not all MAPs offer the same features or provide them on the same level. Some elements are almost universal in MAPs, such as email marketing automation, registration forms, lead nurturing, and online behavior tracking. While other platform components such as built in a/b testing, social media tracking, and multi-touch revenue attribution are only offered by select MAPs. #2 How well it meets your specific needs It’s guaranteed that no single MAP can offer all possible features to the highest possible specification, so you’ll need to zoom in on the ones you need the most. One common concern for marketers is email marketing automation. #3 Integrations Your marketing automation platform isn’t going to exist in a vacuum. Ask yourself whether this platform integrates with your existing CMS and CRM systems. Evaluation Criteria
  57. 57. #4 Metrics and analytics Does your MAP offer robust, unified reporting and analytics tools? Gathering lead data from across multiple channels, unifying and analyzing it is key to successful marketing automation. Ideally, you want to be able to gather data from all your campaign touchpoints – social media, email, web analytics, landing pages, etc. – and dig down to a granular level. #5 Usability (User friendliness) The best marketing automation platform in the world won’t be much help if you can’t use it effectively. Marketing automation can be highly complex, especially since it involves coordinating data from many touchpoints and collaborating across channels, so you need a platform that is easy to use. #6 Size of Database supported How many leads do you need to be able to support? You want an MAP that can support the weight of your database without paying for excess capabilities that you don’t need, and enough user accounts as well. Evaluation Criteria
  58. 58. #7 Pricing Pricing is often the key factor when evaluating a marketing automation platform. You’ll need to stay within your budget, which might force you to choose between a MAP with more features and a MAP with better analytics #8 Training and support Consider what you need to onboard the new MAP for your company. Does your chosen MAP provide the tools you need to smoothly incorporate it into your system? It’s important to ask how long the training process is and what kind of support the vendor gives you to adopt the system. Evaluation Criteri
  59. 59. Action Plan Marketing Automation
  60. 60. Action Plan & Sharing • What’s 2 things I need to work on immediately in the next 2 weeks? • What’s are 2 things I need to stop doing for marketing? • What are 2 things I have been doing well on marketing that I need to continue?

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