"Budget + Strategy: Tipping the Balance (Sheet) in Your Favor" Webinar


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During this BlueSpire TrendLab webinar, our marketing experts analyze results from an exclusive BlueSpire poll on what marketers are experiencing with budgeting and strategic planning.

Among the many things discussed during the webinar were:

- How financial and healthcare marketers are approaching/handling strategic planning and budgeting.

- The importance of tracking, measuring and reporting, all key elements to consider when deciding how to target audiences and get budgets approved.

- Specific recommendations that can be implemented at any type of organization, including those in highly regulated industries.

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"Budget + Strategy: Tipping the Balance (Sheet) in Your Favor" Webinar

  1. 1. Welcome Today’s presentation is brought to you by BlueSpire Strategic Marketing.
  2. 2. Featured Presenters, Speakers Kimberly Morgan, Senior Strategist Greg Lifhits, Digital Strategies Manager Jen Joly, Senior Director / Marketing, Communications and Brand Management
  3. 3. Agenda INSIGHTS • BlueSpire survey • Other relevant research, thought leadership EXAMPLES RECOMMENDATIONS
  4. 4. INSIGHTS: What’s going on in the world of budgeting and strategic planning?
  5. 5. BlueSpire Survey Conducted April-May 2014
  6. 6. Chicken or the Egg? Strategy drives budget Budget drives strategy Neither, both are addressed in unison
  7. 7. Who is involved in strategic planning?
  8. 8. of respondents have not seen the corporate strategic plan at their organization. 15% said their marketing strategy/plan does not align with their organization’s strategic plan. 7%
  9. 9. Time to Budget Approval Less than one month 1-2 months 3-6 months 6+ months Start Fiscal Without Budget Approval Always Sometimes Never
  10. 10. of marketers said key products/services are considered in determining marketing budget allocation. 85% of marketers said new product/service launches are considered in determining marketing budget allocation. 80%
  11. 11. Traditional marketing still takes the biggest slice of the pie, averaging 34% of respondent budgets. Brand awareness Digital marketing Technology (support/drive marketing strategies, business growth) 16% 13% 13%
  12. 12. Outsourcing Conduct internally A mix of both Contract Externally Neither Frequency of Strategic Planning Annually Biannually Every 3 years Other
  13. 13. 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% Lack of time to focus on building marketing's vision and the budget to align to that vision Lack of dollars to execute marketing's vision Having to adjust my strategy to fit a specified budget Biggest Frustration
  14. 14. Other Insights
  15. 15. “Perfect Storm” in Healthcare Market Factors “Reform” from all corners Transformational shift of incentive structures Massive operational change Advent of consumerism and choice Explosion of available data Health System Imperatives Physician alignment Population health management IT/Operational efficiency Revenue cycle enhancements Transition to value-based approach vs. volume Disruptive Change Delivery System Reform
  16. 16. “Perfect Storm” in Financial Market Factors CFPB, NCUA/FDIC regulations Competitive environment Continued M&A activity Creation of super regionals Non-traditional FIs Margin pressure Data breaches Technology explosion Institution Imperatives Income diversification IT/Operational efficiency Core and MCIF platforms Loan origination Focus on e-delivery, mobile, future of payments Utilization of digital marketing Holistic customer view Disruptive Change Delivery System Reform
  17. 17. Shifting Media Budgets 13% 39% 48% Changes in Traditional Media Budgets Increasing Decreasing Remaining about the same 84% 39% 14% Changes in Digital Marketing Budgets Increasing Decreasing Remaining about the same Sources: • Society for Healthcare Strategy and Market Development (SHSMD) By the Numbers Study, 2010 • Topline Strategy Group - Independent study of 80 US health Systems, 2013
  18. 18. Comparing the first quarter of 2013 with the same period this year, among FIs with $500 million to $1 billion in assets, marketing spend in traditional media dropped about five percentage points to 48%. Spending for online and mobile increased 7%. Source: http://www.cujournal.com/news/the-online-ad-shift-be-careful-where-you-spend-1022539-1.html
  19. 19. “The U.S. financial services industry will be the second-biggest spender on paid digital media among all industries in 2014.” Key Trends In Formats and Tactics: • Digital Video • Social Media • Sponsored Content • Measurement and Attribution https://www.emarketer.com/public_media/docs/Digital_Ad_Spending_Benchmarks_by_Industry-The_Complete_eMarketer_Series-05092014-FINAL.pdf
  20. 20. “On a percentage basis, the [pharmaceutical/healthcare] industry spends less on mobile than any other … But … spending is poised to increase as the industry develops a solid set of best practices.” https://www.emarketer.com/public_media/docs/Digital_Ad_Spending_Benchmarks_by_Industry-The_Complete_eMarketer_Series-05092014-FINAL.pdf
  21. 21. “You‘ve got to start with the customer experience and work back toward the technology … ” - Steve Jobs
  22. 22. EXAMPLES: What does great budgeting and strategic planning look like?
  23. 23. How NOT to budget: Last year’s budget + 2% 1% of revenue What the competition is spending
  24. 24. How NOT to plan: Start with last year’s budget Do what the other guys do Don’t look at the overall strategic plan for the organization
  25. 25. “… without analytics, big data is just noise.” - IBM.com
  26. 26. Convergence of Marketing and IT “…despite all of this technology at work, the most critical element in our evolving service mix is world class creative capabilities….” ”Our role is to serve as a systems integrator for our clients…to help brands tell their stories via marketing technologies and Application Programming Interfaces (API’s)…” Which Executive? Source: JEGI Sector Insights, Enterprise Marketing Management , June 2013
  27. 27. The Move to Big Data 0% 20% 40% 60% 80% 100% Banking and FIs Global Have not begun big data activities Planning big data activities Pilot and implementation of big data activities IBM Institute for Business Value and the University of Oxford
  28. 28. Adoption Curve Varies by Size 29 Sources: • Gartner, 2012 Top Industry Predicts 2012: Industries Face intensified Consumerization and Technology Disruption • HBR.com, May 2013 http://blogs.hbr.org/2013/05/a-futurist-looks-at-the-future/ • Topline Strategy Group - Independent study of 80 US health Systems, 2013 0% 10% 20% 30% 40% 50% 60% 70% $25M to $100M $100M to $500M $500M to $1B Over $1B Share of Health Systems Who Have Deployed a Hospital Grade CRM System by Size of the Hospital System
  29. 29. How do you move beyond budgeting and strategic planning based on “old school” methodology? Use Your Data.
  30. 30. 33 touchpoints needed to reach one sale!
  31. 31. Type of Touchpoint Matters Source Days to Deposit Touch Points Other 562 42 Referral 241 28 Online 338 35 Marketing Efforts (Direct Mail, Events) 600 29 Media (TV, Newspaper, and Outdoor) 2,189 54
  32. 32. Pipeline Time Lapse Media I saw your ad on TV. Traditional Marketing Efforts I got an invitation in the mail to your event. Online Marketing I looked online for a retirement community. Referrals My friend lives there. … to point of sale 6 years 1.5 years 12 months 4 months
  33. 33. The Lead Base 0 200 400 600 800 1000 1200 1400 FY 15 FY 16 FY 17 "Mature" Leads Over Time Lost Lead Type Total Lost Lead Unknown Reason 1,364 Lost Lead No Interest 1,286 Lost Lead Dissatisfied 3 Lost Lead Competitor 249 Total 2,902
  34. 34. Reality vs. Perception
  35. 35. Sales Staff Performance Matters 0 500 1000 1500 2000 2500 3000 3500 4000 2005-1 2005-2 2005-3 2005-4 2006-1 2006-2 2006-3 2006-4 2007-1 2007-2 2007-3 2007-4 2008-1 2008-2 2008-3 2008-4 2009-1 2009-2 2009-3 2009-4 2010-1 2010-2 2010-3 2010-4 2011-1 2011-2 2011-3 2011-4 2012-1 2012-2 2012-3 2012-4 2013-1 2013-2 2013-3 2013-4 2014-1 2014-2
  36. 36. CyberKnife Case Study Outcomes 40% growth in qualified patients 23% growth in revenue 17 new referral sources outside of system Campaign details Total budget for campaign $182,000 Revenue from patient conversion of campaign = 7 times the campaign budget 2/3 of new patients were self referrals Results are a combined tracking of both the consumer and physician campaigns that occurred over the same time span.
  37. 37. In a recent study … 71 percent of FIs reported that information and analytics are creating a competitive advantage. • IBM 2010 New Intelligent Enterprise Global Executive Study and Research Collaboration • http://www.americanbanker.com/issues/178_135/how-zions-bank-is-conquering-big-data-for-marketing-campaigns-1060603-1.html Zions Bank Use Cases: • Commercial business card • Mobile remote deposit capture • Cross-selling • “Lifestyle score model” • Customer attrition
  38. 38. RECOMMENDATIONS: How should you proceed?
  39. 39. Marketing Considerations Focus on building brand awareness and loyalty by making products/services the proof points of your strategy Implement internal strategies to streamline resources and ensure consistency of brand Utilize a data driven approach to drive strategies, budgets—all centered on agreed upon measurements of success
  40. 40. Make the C-suite Your Best Friend Align with organization’s strategic plan Utilize a data/evidence-based approach Implement success measures Define financial assessments Track, measure and report!
  41. 41. Closing Thought … Make it sing visually.
  42. 42. Healthcare Data for Healthy CRM & PRM Wednesday, September 10 1 p.m. CST / 2 p.m. EST / 11 a.m. PST Q3 TrendLab Webinars Analytics and Big Data and ROI … Oh My! Data Trends for Financial Institutions Tuesday, September 16 1 p.m. CST / 2 p.m. EST / 11 a.m. PST
  43. 43. Thank You!