Marketing Automation & Best Practices

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Outline of our Discussion:

Who is StratMG?

Manufacturing Landscape and Challenges

Strategic Approach to Marketing

Marketing Automation:DefinitionHow-to?Current LandscapeCritical Factors

Case Study – Comfort Audio, a manufacturer of Assisted Listening

Devices

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Who is StratMG?

Parin ModyManaging Partner,

pmody@stratmg.com@mparin

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Your company …

Goal – Grow by double-digits YoY

Tried everything so far … Increased spend on R&DLaunched products in new marketsHired new skillsCommissioned Market Research, Customer Sat. Surveys, etc.

But have only 1% to 3% YoY growth to show for, so far

Times have changedNew competition – global and/or localLess perceived value or differentiation leading to price warsCustomers have changed the way they buy but you still use the traditional methods - lack of sync in the go-to-market model

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..but wait.. there’s more …

Mfg output in the US is set to increase at ~3.5% and that’s it!

How can you grow @ 10+% when the entire manufacturing segment is growing @ 3.5%??

Problem – The pie is not getting bigger in the US

Answers for Growth:1. Acquisition2. Over-seas expansion3. Grab competitor market-share

The third option is the easiest and the most cost-effective.

Given that, the question is – How?

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A

B

C

D

A

B

C

D

Identify Short & Long Term Opportunities

Retain & Optimize

High ValueLow OpportunityOptimize Investment

A

Assess

Low ValueLow OpportunitySelective Investment

B

Explore, Test& Grow

Low ValueHigh OpportunityOptimize Investment

C

Acquire, Nurture& RetainHigh ValueHigh OpportunityHigh Investment

D

Strategic Approach

Customer Strategies

Marketing Planning

Channel Strategies

Offer Management

Leverage Customer 3600 Insights to Drive Planning Efforts

Use Analytics to Create Customer Value Tiers

Values

Behaviors

Preferences

Values Behaviors Preferences

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Current Marketer Challenges

Emerging Marketing Channels, Technologies

and Best Practices

Lack of Credibility for the Marketing Team

Do More With Less (Lack of Budget)Aggressive

Business Goals

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It Takes a Village

The anatomy of a marketing team today consists of a multitude of highly-skilled experts.

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Specific marketing challenges in Manufacturing …

Multi-Channel Execution

Make Leads

Manage Leads

Convert Prospects

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Data Management:·  Data Profiling·  Data Acquisition·  Data Hygiene

Analytics:·  Campaign metrics·  Conversion metrics·  CxO metrics

Campaign Management:·  Segmentation·  Decision-based Personalization·  Multi-Channel

Lead Management:·  Nurturing·  Scoring·  Routing

MAP: Complete Marketing Process Management

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Marketing Automation - Introduction

Definition:Technology that enables seeding, creation, nurture & acceleration of demand among prospects and customers

Goal:Marketing to be a revenue generator and not a cost centerJust like Sales, quantify Marketing contributions

Expected Outcomes:Automated process that allows marketing to do ‘more with less’Optimized and quantified marketing spend

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MAP – How-to? .. Starts w/due diligence

1. How is marketing gauged?• % of sales pipeline

generated?

2. Cross-functional support?• Expectations w/Sales, CxO,

IT

3. Marketing Plan•Channels to be used?

4. Current infrastructure• CRM integration?

5. Internal Databases• Prospects – completeness?

6. In-house capabilities• Analytics? Technology?

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MAP – Current Landscape

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Critical Factors to evaluate a MAP

FlexibilityHow much customization is needed compared to an out-of-the-box install?A smaller vendor may be more amenable than a larger one like Oracle-Eloqua

ImplementationHow quickly can you go from drawing board to dashboard?How easy are reporting and analytics functionalities?

Platform Architecture & MaturityHow long has the platform been around and how many customers are currently using it?Some will allow one campaign across all channels whereas others may require one

campaign per channel. Does that affect tracking and reporting?

ScalabilityFor the longer-term, can the platform scale to your needs?What does the 3rd Party eco-system look like?

Customer ServiceHow well is the customer service rated in the industry?What training programs, documentation & online communities are available? At what cost?

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Case Study: Comfort Audio, mfg of ALDsGoal:

Sales, Sales, Sales! (Push prospects to have a conversation with sales)

Strategic Approach:Tiered customers – Distributors, Schools, End-Users, etc.Allocated marketing resources based on top & bottom line performing customers

Tactical ApproachImplemented a MAP and personalized marketing campaigns

Mapped marketing campaigns to the respective prospects’ buying stages – interest learn evaluate purchase

Aligned sales and marketing efforts to create a seamless experience for a prospectTracked online behavior in order to dynamically adjust positioning and messaging as neededAllowed for a metrics-driven approach to recalibrate based on prospect engagement

Results:33% organic sales – marketing generated and qualified a lead prior to sales contact54% of sales influenced by marketing – engagement via marketing campaigns prior to close1500+ Unique prospects engaged with the brand via request for more info, meetings, etc.Distributor spend went from -16% YTD to 18% YTDIncreased online traffic by 200+%

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..One last thing …

Reference

Case Study: Comfort Audio, manufacturer of assisted listening

devices

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Marketing StrategyKey Goals:

Continue to grow prospect database to drive trials Build brand equity & credibility with Audiologists & Speech PathologistsPush prospects to have a conversation with sales

Strategic Approach:Cultivate a relationship with Audiologists/Speech Pathologists – brand history, product quality, benefits

Establish Comfort Audio as a brand they can trust to use for their schools and one they would refer to clients.

Tactical ApproachBuild a Prospect DatabaseImplement a marketing automation platform and develop awareness campaigns

Aligns sales and marketingAligns marketing campaigns to the respective prospects’ buying stages – interest learn evaluate purchase

Allows for online behavior tracking in order to dynamically adjust positioning and messaging as neededAllows for a metrics-driven approach to recalibrate based on prospect engagement

Develop US SEM Keyword StrategyBrand AwarenessDrive the “right” contacts to the site to generate additional inbound leads/sales

Partner with distributors to increase traction with their customer base

Outcomes:A consistent flow of quality leads proven by online engagementA sizeable prospect database that is engaged with the brandA transparent, streamlined and quantifiable marketing and sales process

Results:33% of sales were organic – marketing generated and qualified a lead prior to sales contact54% of direct sales influenced by marketing – engagement via marketing campaigns prior to close1500+ Unique prospects have engaged with the brand via request for more info, meetings, etc.Increased online traffic by 200+%Distributor spend went from -16% to +18% compared to the previous year

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Tactical Plan: Automation/DevelopmentImplementation of Marketing Automation Platform/CRM has allowed for:

Ability to leverage engagement/behavior of each lead when calling/emailing prospects and leadsMore streamlined sales processes Collecting data beyond standard contact information to be utilized in marketing programs and future sales follow-up

Lead Type (i.e. Educational Audiologist, Court, Speech Pathologist, etc.) Lead Stage (Requesting More Information, Meeting, Trial, etc.) Current ALDs being used Biggest Challenges Currently Faced

Tracking and performance review to continue to improve marketing campaigns and sales processesOverall activity (opens, clicks, information requests…)Activity by Segment and Job TitleCustomer Journey performance (performance by timing of channel mix and offer type)

Implementation of Lead Scoring which allows sales to:Quickly identify “hot leads” to be called on

Leads with multiple activities to product pagesSchools with multiple leads showing interest

Focus on those leads that are most interested rather than “All” leads, shortening lead lifecycle

Note: Lead Scoring rates a lead based on a combination ofBehavior – a lead’s activity (opens, clicks, webinar attendance, forwards, etc.) and the recency of the activities Demographics – What we know about the lead that tells us more about their ability to purchase or influence a purchase (i.e. title)

Awareness Intent Purchase

Customer

What you can do to keep the conversation going throughout the buying cycle

Deciding

Webpage/SEO

Banner Ads

Sponsored Content

Print Ads

Newsletters

Events

Rich Media

Partner Mailings

Inserts

Response Cards

Sponsored

Email

Whitepapers

Webcasts

Referrals

Listing

Quotes

E-

Commerce

Direct

TargetGroup

Advertising/Promotion

LeadGeneration

Channel and Content Strategy

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Email Samples

Interest Learn Evaluate Justify Purchase

$InquiryMarketing Qualified

Lead

Sales Accepted

Lead

Suspect

Sales Qualified

Lead

Customer Buying Process mapped to the prospect journey offered by the company

Sales & Marketing effectiveness determines volume and velocity

Marketing validates quality of interest.

Marketing nurtures to

sales ready.

Sales validates and

accepts ownership.

Sales validates

BANT criteria

Sales closes revenue

opportunity.

Sales-Marketing Alignment

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CRM Sample: Activity Data Available to Sales

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Current Sales Funnel

88

76

8

13

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More Information

Appointment

Trial

Quoted

Closed: Lost- 194 number of total leads generated~ 50% of the leads generated are strong prospects in the short and long-term.- Revenue Potential @ ~$15K per deal = $1M to $1.5M

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Learnings: Performance by Message Type

  Open % Click %

Informational 27.60% 4.50%

Tradeshow 20.50% 1.40%Comfort Audio – Intro & Product Overview 18.20% 2.10%

Whitepaper 15.80% 2.70%

Webinar 15.70% 1.50%

Sales Promotional 15.30% 0.60%

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% Opens and Non-Opens by Segment(Compared to Total Database)

Edu Private Speech Path0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

% Of Database%Single Open%Multi Opens%Non Opens

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% Clicks and Non-Clicks by Segment(Compared to Total Database)

Edu Private Speech Path0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

% Of Database%Single Click%Multi Clicks%Non Clicks

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Activity by Source

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Results

Sales33% of sales resulted from marketing acquiring & qualifying a prospect prior to any sales contact54% of direct sales was influenced by marketing via engagement prior to closeDistributor spend increased from -16% to +18% compared to previous year

MarketingIncreased Brand Awareness

8,000+ professionals have opened and read emails1,500+ unique professionals have engaged with the brand by taking specific action such as requesting more information, visiting the website, etc.371 unique professionals have engaged with the brand at least 3 or more times thus expressing on-going trust and credibility

Set a webinar attendance record that was more than double the previous highest attendance!

Exhausted the maximum quota for webinar attendees via email campaigns with 95+% staying for the entire session.

Increased online trafficNew SEM Keyword Strategy launched in June set all time high paid website traffic

Website visitors 200%+New visitors 230%+Bounce Rate 1%+