One of the major focus areas for businesses is revenue generation. After all, any business need money to grow.
So, targets are set, marketing strategies formulated, campaigns developed, and then follows the execution.
Developing a strategy, and subsequent long and short-term plans is a difficult enough job.
The stress increases as you go higher up the reporting chain. Resources should be utilized in coming up with innovative ways to generate leads and convert them rather than just blasting out bulk emails and SMS’s, hoping for the best.
That is why a lot companies right from the fortune 500 to small businesses are incorporating digital , online marketing automation to execute their marketing strategies better and help develop better ones in the future.
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Marketing automation is basically automating marketing processes across all channels, Email, Web, Social Media, etc.
Through software, websites, enterprise systems, etc. A way of performing routine marketing tasks more efficiently and effectively.
It aims to maximise revenue generation, by helping convert potential leads into eventual customers.
This is achieved by providing customised, relevant content at the right stage to help leads engage , build trust. This helps create a simpler, interactive and effective sales process.
A few marketing automation examples could be the messages and notifications for Sales or discount from sites like Myntra, Amazon, Uber Etc. To the tons of emails and SMS’s you get from all sorts of companies about their products
A marketing automation tool is a software or system that enables automating market practices. It includes things like lead management system, analytics platform, SEO, web traffic optimisation and so on.
For Example- Hubspot marketing- A marketing automation software , which is almost synonymous to digital marketing software providing tools that can help your company with blogging, SEO, social media, email, landing pages, marketing automation, and web analytics.
Marketing automation for small businesses can be really helpful in optimising their entire process.
In fact, the point of it is to make a more cohesive and easily scalable model. So it is applied right from lead generation and nurturing to analytics and management, across all channels, Email, Social media, website.
Marketing automation is a supplemental mechanism and not replacement like in manufacturing. That is why it is not exactly plug and play and requires significant investment of both time and money to make good use of it.
But when it is done right, it can open up a lot of avenues for revenue generations and thus justify the effort of going through the automation process.
ex. Companies using marketing automation to deliver personalized push notifications, improving user engagement and customer lifetime value.
For CEOs, CMOs, managers and marketers alike, the power to calculate what customers might be worth is alluring.
That’s what makes customer lifetime value (CLV) so popular in so many industries. CLV brings both quantitative rigor and long-term perspective to customer acquisition and relationships.
“Rather than thinking about how you can acquire a lot of customers and how cheaply you can do so,” one marketing guide observes, “CLV helps you think about how to optimize your acquisition spending for maximum value rather than minimum cost.”
By imposing economic discipline, ruthlessly prioritizing segmentation, retention, and monetization, the metric assures future customer profitability is top of mind.
To provide a basic perspective on the use of CLV you can refer to the calculator provided in the link below. It will provide you a perspective on how to maximize the earnings per customer.
Even with the sincerest of efforts and dedications of significant resources, marketing automation is not an easy change to undergo. While there are obvious benefits, getting it right takes time and training.
Here are few do’s and don’ts that’ll help you maximise the benefits
Marketing automation is a powerful supplemental mechanism to help you maximise the return from your marketing program. There are however a few things that need to be kept in mind before you implement it. Here is how you can effectively utilize marketing automation
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In essence, marketing automation is hard task to master, but it is worth the effort and now even more so , because of the prevalence of social media and the consumer’s disinterest in conventional mass marketing methods.
Personal attention and engaging content is what prospects look for before they actually end up being involved enough actually to become customers.
Marketing automation is making all this possible on a large scale and proving worth the effort to adapt to the new changes.