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Marketing Automation - Beyond Customer Acquisition

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  • 1. Marketing Automation – Beyond Customer Acquisition
  • 2. Today’s Presenters Laura Ramos Atri Chatterjee Vice President & Principal Analyst Forrester Research, Inc. CMO Act-On Software
  • 3. Chat
  • 4. Twitter #ActOnSW
  • 5. Topics for Today • Importance of customer marketing • Automating customer marketing • Content’s role in customer marketing • Measuring – and getting – results • Budgeting and getting started
  • 6. WHY HAS THE BUYER’S JOURNEY CHANGED?
  • 7. The Digital Age of the Customer is Here Source: October 10, 2013 “Competitive Strategy in the Age of the Customer” report. © 2013 Forrester Research, Inc. Reproduction Prohibited 7
  • 8. Information power favors buyers Attention Abundance Information Overload Information Scarcity Pre-Web Attention Scarcity Web 1.0 Social Web Where buyers get information • Your sales people • Google • Your web site • Peers/colleagues • Experts • Your customers What buyers know before seeking sellers • Brand perception • Brand perception • Features/benefits • Alternatives • Brand perception • Features/benefits • Alternatives • Comparisons • Reputations • Customer opinions •… © 2013 Forrester Research, Inc. Reproduction Prohibited 8
  • 9. WHAT IS CUSTOMER MARKETING TODAY?
  • 10. Customer marketing builds relationships across the life-cycle The customer defines the actions and messages that marketing and sales should take © 2013 Forrester Research, Inc. Reproduction Prohibited 10
  • 11. WHAT ARE THE BUSINESS DRIVERS?
  • 12. Why Does Customer Marketing Matter? Customer Retention vs. Customer Acquisition Number of times more costly it is to acquire a new customer Amount of increased profits that can come from boosting than retain an existing one 1 customer retention rates by as little as 5% Loyal Customers vs. Average Customer Spent with a supplier than the average customer 2 Likely to try a new product 2 1) Source: Frederick Reichheld, Bain & Company, published in the Harvard Business Review 2) CEB Marketing Leadership Council Survey
  • 13. DO MARKETERS INVEST IN CUSTOMER MARKETING?
  • 14. Marketing’s Evolution © 2013 Forrester Research, Inc. Reproduction Prohibited
  • 15. Retention Marketing Looks Like Acquisition What are the 4 most effective B2B demand management tactics for retention? Email marketing Tradeshows Company sponsored in-person events Webinars Social marketing Content marketing Public relations Digital advertising Industry trade/user groups Virtual events Search engine optimization Print advertising All respondents (N = 328) Tele-prospecting Analyst relations Pay per click advertising Radio, TV advertising 0% 5% 10% 15% 20% 25% 30% 35% Base: Marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012 US and Europe B2B Technology Marketing Tactics And Benchmarks Online Survey © 2012 Forrester Research, Inc. Reproduction Prohibited
  • 16. Customer Retention is Low Priority for Marketing Automation Investment Source: December 2013, “Balance People And Process To Fund L2RM” Forrester report. © 2013 Forrester Research, Inc. Reproduction Prohibited
  • 17. CAN MARKETING AUTOMATION HELP BUILD CUSTOMER RELATIONSHIPS?
  • 18. Apply Science to Customer Marketing Advocates Customers Qualified Leads Known Prospects Anonymous Visitors Inbound Marketing Outbound Marketing Sales Automation Lead Nurturing Customer Success Customer Advocacy Customer Nurturing
  • 19. Automation Enhances Communication Across the Lifecycle Investigate approaches Define requirements Commit to change Understand problem/opportunity Identify possible solutions Build business case Advocate for an approach Expand use of solution Compare alternatives Measure and share results Adopt and use solution © 2012 Forrester Research, Inc. Reproduction Prohibited Acquire solution components 19
  • 20. WHAT TYPES OF CAMPAIGNS APPLY?
  • 21. Relationships Start With Onboarding Harland Clarke found banks that “onboard” have attrition rates 4-5% below peers. © 2013 Forrester Research, Inc. Reproduction Prohibited 21
  • 22. Build Relationships Thru Enrichment Customer enrichment campaigns delivered via automated programs: › Education › Domain know-how › Ongoing Product training © 2013 Forrester Research, Inc. Reproduction Prohibited 22
  • 23. Build Relationships Using Community LexisNexis moderates community to design new features © 2013 Forrester Research, Inc. Reproduction Prohibited 23
  • 24. HOW CAN I NURTURE CUSTOMER RELATIONSHIPS THROUGH CONTENT MARKETING?
  • 25. Content shows how you solve problems © 2013 Forrester Research, Inc. Reproduction Prohibited 25
  • 26. Reinforce Relationships Through Education Develop a curriculum and content plan that matches a customer’s journey. Be both relevant and timely. Become a trusted advisor by educating throughout the dialogue. Reinforce content across multiple channels.
  • 27. Use Nurturing Programs to Improve Education
  • 28. WHAT SHOULD I MEASURE?
  • 29. Track & Report the Metrics that Matter • Satisfaction with your products/services – Regular surveys at intermediate milestones – Usage and change in usage • Advocacy – # and growth of advocates – Level of engagement – # and quality of referrals • Expansion – Increase in revenue from customer – New customer referrals
  • 30. Satisfaction Results in More Business Source: Forbes.com
  • 31. WHAT BENEFITS CAN I EXPECT?
  • 32. Key Financial Benefits of Customer Marketing • Lower Cost of Sales – Cost effective to market/sell to known entities • Higher Profitability Per Customer – Shorter time to upsell – Easier to communicate cross-sell advantages • Higher Marketing ROI
  • 33. Qualitative Benefits Abound As Well © 2013 Forrester Research, Inc. Reproduction Prohibited 33
  • 34. HOW MUCH SHOULD I BUDGET?
  • 35. B2B marketers short change retention 55% “What % of budget dedicated to customer enrichment or retention vs. new acquisition?” “Do you dedicate marketing program budget to customer retention or enrichment?” 33% Base: 57 B2B marketing leaders Source: Forrester/Business Marketing Association November 2013 Marketing Budgets Online Survey © 2013 Forrester Research, Inc. Reproduction Prohibited 35
  • 36. Budget Rules of Thumb › Growth orientation: 30% of program budget on customer onboarding and cross-sell, upsell › Mature orientation: up to 50% on onboarding, enrichment, advocacy, and retention › Use automation to personalize messages and “keep in touch” with customer post sale © 2013 Forrester Research, Inc. Reproduction Prohibited 36
  • 37. HOW DO I GET STARTED?
  • 38. Ready to Learn More? Interested in a demo Call +1 (877) 530-1555 Email sales@act-on.com Web www.act-on.com