Have you thought about marketing automation, but are worried that you’ll make a big investment that won’t pay off? No matter where you are in the process, this presentation by marketing automation expert, Parin Mody, is a must-see for all B2B marketers. It will save you time, money, aggravation—and get you results.
2. 2
Outline of our Discussion:
Who is StratMG?
Manufacturing Landscape and Challenges
Strategic Approach to Marketing
Marketing Automation:
Definition
How-to?
Current Landscape
Critical Factors
Case Study –
Comfort Audio, a manufacturer of Assisted Listening Devices
4. 4
Your company …
Goal – Grow by double-digits YoY
Tried everything so far …
Increased spend on R&D
Launched products in new markets
Hired new skills
Commissioned Market Research, Customer Sat. Surveys, etc.
But have only 1% to 3% YoY growth to show for, so far
Times have changed
New competition – global and/or local
Less perceived value or differentiation leading to price wars
Customers have changed the way they buy but you still use the
traditional methods - lack of sync in the go-to-market model
5. 5
..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. Acquisition
2. Over-seas expansion
3. Grab competitor market-share
The third option is the easiest and the most
cost-effective.
Given that, the question is – How?
6. 6
A
B
C
D
A
B
C
D
Identify Short & Long Term Opportunities
Retain &
Optimize
High Value
Low Opportunity
Optimize Investment
A
Assess
Low Value
Low Opportunity
Selective Investment
B
Explore, Test
& Grow
Low Value
High Opportunity
Optimize Investment
C
Acquire, Nurture
& Retain
High Value
High Opportunity
High 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
7. 7
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
8. 8
It Takes a Village
The anatomy of a marketing team today consists of a multitude of highly-skilled
experts.
11. 11
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
12. 12
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 center
Just like Sales, quantify Marketing contributions
Expected Outcomes:
Automated process that allows marketing to do ‘more with less’
Optimized and quantified marketing spend
13. 13
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?
15. 15
Critical Factors to evaluate a MAP
Flexibility
How 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
Implementation
How quickly can you go from drawing board to dashboard?
How easy are reporting and analytics functionalities?
Platform Architecture & Maturity
How 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?
Scalability
For the longer-term, can the platform scale to your needs?
What does the 3rd Party eco-system look like?
Customer Service
How well is the customer service rated in the industry?
What training programs, documentation & online communities are available? At what cost?
16. 16
Case Study: Comfort Audio, mfg of ALDs
Goal:
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 Approach
Implemented 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 prospect
Tracked online behavior in order to dynamically adjust positioning and messaging as needed
Allowed for a metrics-driven approach to recalibrate based on prospect engagement
Results:
33% organic sales – marketing generated and qualified a lead prior to sales contact
54% of sales influenced by marketing – engagement via marketing campaigns prior to close
1500+ Unique prospects engaged with the brand via request for more info, meetings, etc.
Distributor spend went from -16% YTD to 18% YTD
Increased online traffic by 200+%
20. 20
Marketing Strategy
Key Goals:
Continue to grow prospect database to drive trials
Build brand equity & credibility with Audiologists & Speech Pathologists
Push 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 Approach
Build a Prospect Database
Implement a marketing automation platform and develop awareness campaigns
Aligns sales and marketing
Aligns 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 needed
Allows for a metrics-driven approach to recalibrate based on prospect engagement
Develop US SEM Keyword Strategy
Brand Awareness
Drive 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 engagement
A sizeable prospect database that is engaged with the brand
A transparent, streamlined and quantifiable marketing and sales process
Results:
33% of sales were organic – marketing generated and qualified a lead prior to sales contact
54% of direct sales influenced by marketing – engagement via marketing campaigns prior to close
1500+ 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
21. 21
Tactical Plan: Automation/Development
Implementation of Marketing Automation Platform/CRM has allowed for:
Ability to leverage engagement/behavior of each lead when calling/emailing prospects and leads
More 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 processes
Overall activity (opens, clicks, information requests…)
Activity by Segment and Job Title
Customer 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 pages
Schools 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 of
Behavior – 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)
22. 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 Email
Whitepapers
Webcasts
Referrals
Listing
Quotes
E-Commerce
Direct
Target
Group
Advertising/
Promotion
Lead
Generation
Channel and Content Strategy
24. Interest Learn Evaluate Justify Purchase
$Inquiry
Marketing
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
26. 26
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
28. 28
% Opens and Non-Opens by Segment
(Compared to Total Database)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Edu Private Speech Path
% Of Database
%Single Open
%Multi Opens
%Non Opens
29. 29
% Clicks and Non-Clicks by Segment
(Compared to Total Database)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Edu Private Speech Path
% Of Database
%Single Click
%Multi Clicks
%Non Clicks
31. 31
Results
Sales
33% of sales resulted from marketing acquiring & qualifying a prospect prior to
any sales contact
54% of direct sales was influenced by marketing via engagement prior to close
Distributor spend increased from -16% to +18% compared to previous year
Marketing
Increased Brand Awareness
8,000+ professionals have opened and read emails
1,500+ 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 traffic
New SEM Keyword Strategy launched in June set all time high paid website traffic
Website visitors 200%+
New visitors 230%+
Bounce Rate 1%+