Marketing Automation - Beyond Customer Acquisition
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Transcript of Marketing Automation - Beyond Customer Acquisition
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Marketing Automation – Beyond Customer Acquisition
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Today’s Presenters
Laura Ramos Vice President & Principal Analyst
Forrester Research, Inc.
Atri Chatterjee CMO
Act-On Software
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Chat
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#ActOnSW
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Topics for Today
• Importance of customer marketing
• Automating customer marketing
• Content’s role in customer marketing
• Measuring – and getting – results
• Budgeting and getting started
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WHY HAS THE BUYER’S JOURNEY CHANGED?
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© 2013 Forrester Research, Inc. Reproduction Prohibited 7
The Digital Age of the Customer is Here
Source: October 10, 2013 “Competitive Strategy in the Age of the Customer” report.
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© 2013 Forrester Research, Inc. Reproduction Prohibited 8
Information power favors buyers
• Your sales people • Google
• Your web site
• Peers/colleagues
• Experts
• Your customers
• Brand perception
• Brand perception
• Features/benefits
• Alternatives
• Brand perception
• Features/benefits
• Alternatives
• Comparisons
• Reputations
• Customer opinions
• …
Where buyers
get information
What buyers
know before
seeking sellers
Pre-Web Web 1.0 Social Web
Information Scarcity
Information Overload Attention Abundance
Attention Scarcity
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WHAT IS CUSTOMER MARKETING TODAY?
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© 2013 Forrester Research, Inc. Reproduction Prohibited 10
Customer marketing builds relationships across the life-cycle
The customer defines the actions and messages that
marketing and sales should take
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WHAT ARE THE BUSINESS DRIVERS?
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Why Does Customer Marketing Matter?
1) Source: Frederick Reichheld, Bain & Company, published in the Harvard Business Review
2) CEB Marketing Leadership Council Survey
Customer Retention vs. Customer Acquisition
Number of times more costly it
is to acquire a new customer
than retain an existing one 1
Amount of increased profits that can come from boosting
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
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DO MARKETERS INVEST IN CUSTOMER MARKETING?
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© 2013 Forrester Research, Inc. Reproduction Prohibited
Marketing’s Evolution
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© 2012 Forrester Research, Inc. Reproduction Prohibited
0% 5% 10% 15% 20% 25% 30% 35%
Radio, TV advertising
Pay per click advertising
Analyst relations
Tele-prospecting
Print advertising
Search engine optimization
Virtual events
Industry trade/user groups
Digital advertising
Public relations
Content marketing
Social marketing
Webinars
Company sponsored in-person events
Tradeshows
Email marketing
All respondents (N = 328)
Retention Marketing Looks Like Acquisition
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
What are the 4 most effective B2B demand management tactics for retention?
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© 2013 Forrester Research, Inc. Reproduction Prohibited
Source: December 2013, “Balance People And Process To Fund L2RM” Forrester report.
Customer Retention is Low Priority for Marketing Automation Investment
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CAN MARKETING AUTOMATION HELP BUILD CUSTOMER RELATIONSHIPS?
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Apply Science to Customer Marketing
Lead Nurturing Customer Nurturing
Advocates
Customers
Qualified Leads
Known Prospects
Anonymous Visitors
Inbound Marketing
Outbound Marketing
Sales Automation
Customer Success
Customer Advocacy
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© 2012 Forrester Research, Inc. Reproduction Prohibited
Automation Enhances Communication Across the Lifecycle
19
Understand
problem/opportunity
Investigate approaches
Commit to change
Build business case
Identify possible solutions
Acquire solution
components
Compare alternatives
Define requirements
Expand use of solution
Adopt and use solution
Measure and share results
Advocate for an approach
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WHAT TYPES OF CAMPAIGNS APPLY?
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© 2013 Forrester Research, Inc. Reproduction Prohibited 21
Relationships Start With Onboarding
Harland Clarke
found banks
that “onboard”
have attrition
rates 4-5%
below peers.
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Build Relationships Thru Enrichment
Customer enrichment campaigns delivered via
automated programs:
› Education
› Domain know-how
› Ongoing Product training
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© 2013 Forrester Research, Inc. Reproduction Prohibited 23
Build Relationships Using Community
LexisNexis
moderates
community to
design new
features
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HOW CAN I NURTURE CUSTOMER RELATIONSHIPS THROUGH CONTENT MARKETING?
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Content shows how you solve problems
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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.
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Use Nurturing Programs to Improve Education
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WHAT SHOULD I MEASURE?
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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
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Satisfaction Results in More Business
Source: Forbes.com
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WHAT BENEFITS CAN I EXPECT?
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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
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Qualitative Benefits Abound As Well
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HOW MUCH SHOULD I BUDGET?
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Base: 57 B2B marketing leaders
Source: Forrester/Business Marketing Association November 2013 Marketing Budgets Online Survey
B2B marketers short change retention
55% “Do you dedicate marketing
program budget to customer
retention or enrichment?”
“What % of budget dedicated to
customer enrichment or retention
vs. new acquisition?”
33%
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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
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HOW DO I GET STARTED?
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Ready to Learn More?
Interested in a demo
Call +1 (877) 530-1555
Email [email protected]
Web www.act-on.com