What are the key functions of marketing automation software? Although people may differ over the exact definition of ‘marketing automation’, one thing that can be agreed upon is the benefits. Marketing automation software provides a mix of benefits, which include improved sales and improved marketing and sales relations. Now that you’ve decided to use marketing automation, you should understand the main functions that bring about these many more benefits.
Identifying Effective Campaigns
Identifying which campaigns could work for your company and which ones won’t is very time consuming. Often times these educated guestimates do not go without potential risks (and there are a lot of them). Marketing automation software takes the guess work out of effective campaign identification. Through sophisticated data, this software accurately identifies which campaigns are worthwhile and which are not. This not only saves time, but also gives you a bigger return on your company’s marketing campaign investments.
Identifying Quality Leads
This is the lifeline of your company. The sales and marketing departments need to work together to see a potential buyer from the query stage to an actual sale. However, this is not always easy. Why? Because both departments often disagree about what constitutes as a quality lead. This translates to a loss of time and the potential oversight of sale. Marketing automation gathers information from your website such as demographics and behavioral data to identify quality leads. This information is then passed on to sales who can follow-up directly with the potential buyer.
Improving Marketing Content
A lot of businesses rely on stale content to ‘seduce’ a potential buyer into a purchase. However, trouble comes when the information isn’t what the potential buyer needs, or when the content doesn’t address the questions or concerns of a potential buyer. Marketing automation software identifies the needs of the potential customers, which helps the marketing team to create appropriate content.
These three main functions can be split and dissected into literally hundreds of benefits that can profit your business. Most marketing automation software programs have the same basic key functions, although they may work differently to achieve the same goal.
Are you searching for a post sales follow up process to implement at your company? This article provides suggestions. Don’t forget to use marketing automation technology to pre-configure a post sales process like this that automatically schedules tasks for your sales people in your CRM such as Salesforce.com. You’ll be well on your way to a systematic approach for post sales follow up.
This document covers a proposed process companies could follow with a new customer after making the sale. Being proactive about your customer relationships is not only beneficial for cultivating referrals, it’s preventative medicine when it comes to client defection. Most clients defect to a competitor due to perceived indifference on the part of their current solution provider or vendor. Experts estimate defection rates are over 70 percent. Defection due to price or finding superior product generally occurs at a much lower rate.
Create a Referral Kit
To support your post sales follow up process we suggest creating a Referral Kit. Shall a customer agree to your Referral Program send them a Referral Kit. The Referral Kit includes essential documents and links they can pass on to other companies.
Benefits of a Post Sales Follow Up Process
Following this process provides your company with the following benefits:
1) Up-sell and cross-sell opportunity – New products – Edition upgrades 2) Stronger relationships 3) Referral opportunities – Customer’s partner network – Customer’s competitors – Individual’s personal network 4) Public Relations (PR) opportunities – Press releases – Testimonials/quotes for our website – Displaying logo on our website – Video testimonials – Reference letter (which we can include in our standard Proposal)
Incentives for Client Referrals
If a customer is interested in a Referral Agreement you should provide some incentive to them. Every use case will be different and may require a different offer. An offer should only be valid for an opportunity that closes as a result of a referral. Here’s a list of possible offers to consider extending (primarily for subscription-based businesses):
1) Reduction in annual subscription for the next Contract Year (5% or 10%) for every referral that closes. 2) 5% to 10% commission on a sales resulting from a referral. 3) Free upgrade for every two (2) referrals that close. 4) AMEX gift card for $500 for every deal that closes. 5) Discount on first year subscription license for referred customer (5% up to 20%).
Example Post Sales Follow Up Process
An example post sales follow up process that spans a period of 12 months is below.
Day 1
Thank them for being a customer.
Send standard Thank You email that is already created using Lead Liaison’s platform.
1 Month
Assess the overall experience.
1) How was the On-Boarding experience? 2) By the way, when is your birthday? Note, get birthdays for the key folks 3) Send Thank You note 4) How are things going? 5) What are you unhappy with? 6) How can we do a better job? 7) Does anyone need personal training?
3 Months
Elicit product feedback. Ask them to be a reference.
Feedback Questions 1) What improvements in our product/service would you like to see? 2) What feature(s) are you using the most? 3) What feature(s) are you not using at all? 4) What new feature(s) would you like to see and how would you prioritize those? 5) What’s different now compared to your expectations going in? 6) Is there anything that you don’t understand or anything that doesn’t make sense to you and/or your team?
Reference Questions 1) Would you be willing to act as a reference for us? 2) If yes, could we also add you to our Referral List which we hand out to prospects who request it? 3) What’s the best way to work with your company on PR opportunities (see #4 above under “Benefits”)?
6 Months
Secure referrals. Invite them to share experiences on blog.
1) Who do you know that might appreciate knowing about our company’s products/services? 2) After you get the first name, say, “Who else do you know?” Repeat the process until your client runs out of names. 3) Would you be interested in establishing a formal Referral Partnership with us? 4) Would you be interested in ghost blogging on our blogging platform (asked to head marketer)?
9 Months
Express gratitude. Warm them up for renewal.
Send key employees a company a T-Shirt.
11 Months
Secure critical feedback to prepare for renewal.
Send customer survey (using Lead Liaison’s software). Update of any contact info – new people, phones, email, office location.
Repeat Cycle Every 3 Months
Keep the relationship warm.
Schedule phone calls every 3 months after the first year. Look for referral, reference and up-sell/cross-sell opportunity
Need a copy of a Referral Agreement? Want to take a look at our Referral Kit? Ping us.
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Why do CEOs need marketing automation? Are you struggling to justify marketing automation within your organization? Use these 5 reasons to sell CEOs on why they will fall in love with marketing automation:
Marketing Automation Can Provide Accurate Metrics for ROI
One of the biggest complaints CEOs have about spending marketing dollars is that there rarely is enough data provided about anticipated ROI. CEOs need to have the ability to accurately ascertain the ROI on every dollar spent on marketing. Until now, this knowledge has been elusive. Marketing automation and lead management processes offer CEOs the visibility they require.
Sales Cost Decrease With Marketing Automation
Why do sales teams ignore more than 80% of incoming marketing leads? The reason is clear; they don’t value the quality of those leads. Companies expend valuable resources to retain sales reps, therefore, the productivity associated with the resources is critically important. CEOs naturally favor ensuring that these resources are used in the most productive ways. Marketing automation can assist in passing qualified leads to sales by providing more sales intelligence. Sales reps can now increase the likelihood of success on incoming leads.
Marketing Automation Helps CEOs Understand How Marketing Impacts the Bottom Line
Most CEOs are frustrated with marketers who keep talking about brand value and brand equity that can’t be directly linked back to results that truly matter: market valuation, revenue, sales, and EBIT. Although marketing automation doesn’t directly assist with determinations on the money spent on branding efforts, it can help with assessing the ROI of marketing campaigns; this can shed light on how to best spend those branding dollars.
CEOs Can Effectively Track Increases in Revenue
The ultimate goal of marketing automation is to increase revenue and maximize resources. Over time, marketing automation should assist in providing warmer leads for sales reps. This ultimately leads to quicker closes. Additionally, greater intelligence and insights provide sales reps with a better chance of finding people when they are actively interacting with the website, landing pages, and campaigns.
CEOs Can See How Lead Management Evolves Into a Competitive Advantage
Marketing automation coupled with a process that spans lead generation will inevitably evolve into a competitive business advantage. Marketing automation is one component that leads to revenue increases, qualified leads and frees companies up from bloated and costly legacy processes.
Take Action – Like Barbie!
It’s clear that marketing automation can make things easier and lead to revenue increases and qualified leads. CEOs can measure the data provided on marketing efforts, sales costs decrease, and CEOs can understand how marketing efforts affect the bottom line. Once CEOs are able to effectively track revenue increases and see how lead management leads to a competitive advantage, CEOs will be more willing to invest more resources into marketing.
It’s time to streamline the sales process and achieve a greater percentage of sales successes. Marketing automation can deliver these results quickly and efficiently. Choose to take advantage of the benefits marketing automation can offer now. Your CEO will appreciate the effort and the convenience this resource can offer.
Are you a CEO or C-Level employee that wants to learn more about Lead Liaison’s Revenue Generation Software™ providing marketing automation technology? Ping us!
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Sources: The Aberdeen study performed in 2009 concluded that 80% of marketing efforts to generate leads are ignored by sales teams.
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What is marketing automation anyways? Companies need to look for ways to develop marketing strategies in the highly competitive business world today and produce satisfactory results. Studies have shown that companies who have achieved high annual revenue and return on marketing investment were four times more likely to implement market automation.
When it’s time to make a strong business case to upper management for implementing marketing automation solutions, it helps to understand where the benefits can be achieved and what functions can be performed. Before we discuss the tangible and intangible benefits, let’s take a look at what marketing automation means.
Basically, marketing automation is software that automates marketing processes such as defining, scheduling, tracking and creating marketing campaigns.
The benefits to a company are listed below.
Marketing Automation Benefits
● Improved engagement with customers and prospects resulting in more deepened relationships. ● Repetitive tasks reduced so the marketing team can focus on marketing strategy. ● Improved customer satisfaction and retention resulting in quality of sales being improved. ● Reduced costs and increased productivity. ● A marketing strategy can be reviewed and approved through an automation process resulting in quick decisions. ● Marketing campaigns can be stored in a centralized system for easy access to all team members.
There are many functions that can be performed by market automation. Let’s focus on what these functions can do for your company.
Marketing Automation Functions
● Lead Management – This process can score prospects and move them up and down in the sales funnel based on who they are and what they do. Only the best leads will be passed to the sales team thereby reducing time wasted on customers who are not ready to buy. ● Build Emails – Emails can be automatically created using a database of customers and delivered at the ‘right time’ based on their behaviour on social media or visits to your web pages. ● Track Marketing Campaigns – By tracking results of phone or email campaigns you can improve the ones that work and abandon the ones that fail. ● Provide Metrics – Reports can be created to provide for strategic planning. Metrics can be obtained from your website by looking at who is visiting your site, what pages they are visiting and what actions they are taking. ● Data Collection – Data can be collected from numerous databases to effectively target customers. ● Automate Inquiries – Processes can be put in place to handle sales inquiries and comments. Faster response times will increase conversion rates. ● Customer profiling – Data can be gathered for a campaign based on demographics such as geography, age, gender, interests, etc.
Marketing automation technology is here to stay. It has become a critical component for organizations and it will be very difficult to compete without it.
We encourage you to learn more about how Lead Liaison’s Revenue Generation Software™ provides marketing automation technology that harnesses the benefits and functionality mentioned above.
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Does your target market strategy involve selling to a finite set of accounts? Is your Total Available Market (TAM) a small list of companies you can list on one or two pages of a word document? Does your company avoid buying marketing lists and limit outbound marketing to the masses? If the answer is yes to any of these questions then Revenue Generation Software™, driven by marketing automation technology under the hood, will boost your business to the next level and drive your target market strategy.
Here are six ways you can make the most out of your well-defined target market:
Relationship Marketing
Competitors are chasing the same target market as you are. It’s vital to differentiate your company from your competitors. One way to do that is to invest in building relationships. Use Revenue Generation Software™ to automatically and intelligently interact with prospects to create meaningful conversations that keep prospects thinking about you, not your competitor, first. Pre-configure relationship nurturing tracks that enable sales people to instantly drop strategic contacts into a nurturing program. Consistent, company-generated messaging will permeate your target account better than disparate, sales-generated messaging. Make sure to leverage technology to build relationships as part of your target marketing strategy.
Prospect Tracking
Sales people have a challenging job breaking into strategic accounts; it is not easy navigating an organization from the outside in. Many calls and emails can be sent with zero visibility as to the effectiveness of a sales person’s outreach. Use desktop software that streams business to business website visitor traffic in real-time to get feedback on sales outreach. Sales people will know when a strategic account responds to a call or clicks a link in an email with software that alerts the sales representative when the strategic account visits your company’s website.
Account Profiling
Unless they know an insider, sales people have a tough time finding whom to call without an organization chart. Use Revenue Generation Software™ to build a list of employees and their roles and map out an organization. Find a contact you need to call then instantly import the contact into your CRM, such as Salesforce.com, saving time on data entry. Also, business intelligence information such as description, revenue, headquarter location, financials, executives, jobs and more are available to help profile companies.
Competitive Landscaping
Once your company identifies an ideal target identify their competitors. Use Revenue Generation Software™ to augment sales prospecting by quickly viewing competitors of a target account. Then start relationship marketing efforts with your strategic account’s competitor.
Marketing Engagement
Relationship marketing helps businesses and sales people stay in touch with their target market. It’s also important to engage your target market. Use surveys to stimulate interaction and engage your audience. Make sure to process the results and respond. Shield competitors from your finite account base by showing prospects your company is inquisitive and ready to listen.
Personalized Selling
Generic, company-to-company or company-to-person communication might be effective for businesses blasting out emails to massive marketing lists. However, if you know your target market and never buy lists there’s a good chance each of your target accounts, leads and contacts have been assigned a lead owner by your company. Use Revenue Generation Software™ to send closed-loop email messages from the lead owner and make communications personalized and intimate, vital for building relationships.
We encourage you to learn more about how Lead Liaison’s Revenue Generation Software™ can amp up your target market strategy and help your company break into strategic accounts. Even if your company only sells to a finite set of target accounts our technology can deliver immediate value and help your company increase revenue.
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There are a few free lead nurturing software packages out there; however, don’t be fooled. My momma always said, “son, there’s no such thing as free”. Free usually comes with a cost. Whether its license limitations, an underperforming product or poor support/backing – nothing is free. If it doesn’t cost now then it will cost later. In my professional experience I’ve seen companies opt for free or less expensive solutions over slightly more expensive solutions that are higher quality. They implemented alternative solutions just to save a few thousand dollars. These companies got so deep into the implementation that they couldn’t back out. A poor performing, feature-limited and license right-limited product ended up costing them more money in the long run. What people don’t realize is it’s not all about cost. It’s about value, quality, direction and a partnership you (hopefully) get from a vendor. Seek out a partnership, not a vendor-customer relationship. Seek out an investment, not a low cost solution.
Lead nurturing is such a critical part of any B2B operation – don’t sell it short. Bringing a “freemium” or free lead nurturing solution into your organization could introduce serious ramifications. Go with lead nurturing software that’s easy to use, modular, and extensible with no limitations. I’ve seen some solutions in the marketing automation space that limit the number of emails that can be sent or the number of users than can create and/or deliver nurturing. There are also some scary, difficult to use user interfaces to build lead nurturing campaigns but we won’t go there. If you stumbled across this article for free lead nurturing software then you’re probably looking for a lead nurturing solution. If so, here are a few things to look out for:
• Free attracts the wrong crowd that you don’t want to be involved with. Companies/individuals inundating a system, overloading it and/or taking advantage of it for purposes different than what it was intended for. That could have adverse effects on your business and implementation such as performance hits. • If you need help with your lead nurturing strategy you probably won’t get much attention from a vendor if you’re not paying them. Consider the whole solution necessary to drive results. Usually, the whole solution is product plus people. • What’s next after the free version? How much do you have to pay? What are the boundaries of the free license?
Fill out the form on the top right if we’ve convinced you to stay away from free. We’re not free, but we’re worth every penny. Don’t look at lead nurturing as an added cost to your business, think about it as an investment in your business. Learn more about Lead Liaison’s lead nurturing software today!
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A few times a week I get calls from businesses asking if I can provide a contact or prospecting lists for them to buy. They usually want the list to include specific criteria based on demographic, industry, title, revenue and email. I don’t sell lists, but I love this question because it gives me an opportunity to ask: “If you have a list of 1000, what do you do with it?” Most tell me that they split the list up based on state or territory then hand it over to their sales people. Some tell me that marketing will load them into their CRM and then they send out an email blast. These types of answers allow me to ask the most important question: “After that first step, what do you do with the ones that didn’t respond to your outreach?”
Just last week I had this exact conversation with a Director of Marketing. She was honest enough to tell me that most of them fall into a black hole. As much as we hate to admit it, this is not uncommon. It doesn’t matter if you purchase a prospecting lists, obtain lists from tradeshows and conferences, the most important thing is to make sure that you get the best results out of this investment and turn as many of those leads into revenue as soon as possible.
A CRM system alone cannot manage your leads and contacts effectively. It’s important that you have complimentary technology that can do what your CRM cannot do for sales and marketing. Lead Liaison’s Revenue Generation Software™ is a cost effective solution that will compliment your CRM and help you shorten time to revenue with key features such as; sales prospecting tools, real time lead capture, lead qualification, lead nurture and much more.
It doesn’t matter where your data comes from – cold calling prospecting lists, conference lists, email lists, or working from referrals – it matters most how you manage the information for maximum results. Lead Liaison is the solution to improve revenue generation and bring together sales and marketing synergy which you need for increased revenue.
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Looking for happy customers? The solution is not that far away. Marketing automation technology has many use cases. Businesses often think about using marketing automation as a prospecting tool. Why not use marketing automation with existing customers? Creating new clients is very challenging not to mention expensive. When you break down the numbers new customer acquisition costs can be very high. See how expensive it is to acquire your new customers by using this tool from Panalysis. Once you see how expensive it is to obtain new customers you’ll realize that keeping them is vital to the health of a business. Customer retention is even more important for businesses that have a subscription-based business model. Subscription-based businesses are faced with the challenge of keeping their customers happy through the entire term of the relationship, not just in the beginning. Waiting until renewal time to contact your subscription client is bad business. Marketing automation helps businesses stay in touch with their customers, keep relationships warm and keep communication levels high. This makes perfect sense, but it’s near impossible for companies to do without the proper tools.
I bet 80% to 90% of all business make the sale and move into a completely reactive mode, responding only to customer support inquiries. A paradigm shift is necessary for companies with a reactionary model. They’ve got to start thinking about proactive communication. The purpose is not to add administrative overhead, but to reduce risk of customer churn. Also consider the benefit of
• Up-selling customers by keeping them updated on new products or services, • gaining referrals from customers as they’ll now be keeping your top of mind, • accelerating word of mouth marketing as customers can forward informative content to their colleagues, industry contacts and friends, • educating your customers with new product information and/or ways they can get the most out of your product by tapping into features they may not be aware of, • brokering communication with your clients which fosters feedback and product growth, • training customers using methodical, automated communication that ties in lessons, delivered via email, quizzes delivered via surveys and answers delivered via email
Marketing automation technology can also help you create a risk score for your clients. A risk score serves as a key indicator of the likelihood your client will stay or leave. If there’s a low lead score then you’ve got reason to be concerned; however, if there’s a high lead lead score you’ve got reason to feel good about keeping your customer. Lead scoring can take into account the recency of activity. For example, if the client has not recently logged in, watched a webinar, downloaded a document or engaged with your brand in over six months they might be losing interest.
We hope you put these tips to good use and use marketing automation with your customers. Not using marketing automation technology yet? Try Lead Liaison’s Revenue Generation Software™ and start creating happy customers today.
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We’re doing many presentations with new prospects these days. One of the most challenging terms for many of them to grasp is the concept of closed loop marketing automation. The idea of a “closed-loop” is especially confusing for companies using email marketing as their primary (and usually only) marketing solution. Traditional email marketing solutions do not give companies and their sales and marketing team a deep level of insight into prospect activity. Consequently, sales people only see present activity and have no way of closing the loop on prospect’s other activities.
Closed-loop marketing automation is the process of identifying a prospect’s, customer’s, competitor’s or partner’s past, present and future engagement with your brand and tying that activity to the first step (lead source) and last step (revenue) in your revenue cycle. Past activity could be anonymous website visits, present activity could be real-time lead scanning to identify who’s on your website and what they’re interested in and future activity could be future website visits. Once a lead converts (changes from unknown/anonymous to known – we have a name) closed-loop marketing automation can associate past, present and future activity with the known person.
Let’s look at a simple example of Tom who is an IT manager at Microsoft. Suppose Tom is interested in finding IT solutions for Microsoft’s IT network and begins his research online – where most B2B buyers start. Let’s also assume your company’s name is IT ‘R US and you’re selling IT solutions and using Lead Liaison for your closed-loop marketing automation system.
1. Tom types “Intel Hyper Thread Servers” into a Google search and sees a Google PPC ad for “IT Solutions” from IT ‘R US. He clicks on the link. Lead Liaison automatically tracks the Lead Source as PPC, adds the prospect to the “November Marketing” Program and “Google PPC – IT Solutions” Campaign and tracks the keywords Tom used to find the Google PPC listing. 2. Tom clicks four pages during the same visit then moves on to his next search. He never fills out a web form. Lead Liaison automatically tracks Tom’s pages viewed, how long Tom spent on the site, his status (online/offline/chatting/exact page he’s viewing) in real-time and much more. 3. Tom comes back six days later and visits IT ‘R US’ website again. This time he views five pages and finds an article named “Are Your IT Solutions Up to Snuff?” The article leads Tom to a landing page where he downloads a checklist document. Tom fills out the short form to get the document. Lead Liaison knows the same visitor six days ago was Tom and associates his present visit with his past visit to compile a holistic view of Tom’s interest. As an added benefit – Lead Liaison allowed IT ‘R US to visually build the web form and landing page in less than 60 seconds by dragging/dropping items. Lead Liaison’s tracking technology changes Tom’s name from “Anonymous” to “Tom Sanders”. All other form field information such as company name, email, etc. is captured, tracked and tied to his profile. 4. Tom is still not ready to speak with a sales person at IT ‘R US yet so he waits five more days and visits IT ‘R US’ website one more time. Once again, Lead Liaison tracks this activity (future activity) and associates it with Tom’s profile. 5. When Tom finally reaches out to IT ‘R US the IT ‘R US sales person will have lots of information on Tom before they speak. The sales person will know what Tom was looking for (search words – “Intel Hyper Thread Servers”), what interests Tom (pages viewed), what documents Tom has (landing pages and forms submitted) and now understands how Tom engaged with IT ‘R US. Marketing also benefits by being able to measure the impact of their contributions (marketing ROI).
Marketing delivered sales a wealth of pre-sales information, sales was more effective in their sales cycle and Lead Liaison’s Revenue Generation Software™ provided organizational efficiency and sales effectiveness. Check back next week and we’ll publish part two of closed-loop marketing automation which will expand on the use case above.
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If you’re researching marketing automation vendors then you’ve found the right spot. Marketing automation helps companies drive revenue by converting leads into customers. It’s a necessary technology to be competitive; however, vendor selection is not easy. The marketing automation space is growing rapidly – double digit growth year-over-year. Vendors of all types are clamoring to get into the space. All in all, there have been over 100 companies reportedly classified as “marketing automation vendors”. With all these choices, how can you decide?
Marketers have never been faced with the challenge of making a major software purchase. The plethora of choices makes this software purchase even more difficult. To put this into perspective, if a marketer spent two hours researching each vendor they’d spend 200 straight hours, or a little over a month, tied up in vendor analysis. By all means, let us make the decision simple for you. Here are a few reasons why companies of all sizes choose Lead Liaison:
Why companies choose Lead Liaison…
1. Flexible business model with no limitations 2. Hands down the easiest user interface and user experience 3. Best-in-class CRM integration 4. Optimized for marketing *and* sales 5. Breadth of platform 6. True real-time performance 7. Post-sales experience 8. Best-in-class technology
Here’s a shortlist of the top marketing automation vendors. We’ll keep this list updated as new vendors come online:
List of Marketing Automation Vendors (in Alphabetical Order)
