how marketing automation is transforming financial services firms
DESCRIPTION
Learn how marketing automation is reshaping financial services firms.TRANSCRIPT
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Marketing Automation in
Financial Services
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What the Research is telling us
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• The current MAP penetration in B2B today is 15.5% across all industries. It’s highest in IT (65% penetration), high in Business Services and moderate in Manufacturing (38%). Penetration is still low in Financial Services (4%) – Sirius Decision Summit 2014
• As per a survey conducted among 896 marketing automation software buyers in 2013, the prospective buyer penetration of marketing automation in Banking is around 6%, while high tech rules the roost with 23% penetration. – Software Advice
Low adoption of Marketing Automation in Financial ServicesLess than 2% of penetration of the big 4 suites use marketing automation in Financial Services
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Challenges for Marketing Automation Success in Financial ServicesFinancial Service organizations struggle with complexity
Unique sales channels/ complex distribution channels
Large buyer segments
Large product offerings
Compliance
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Marketing Automation overview
What a marketing automation model looks like
Source:Mintigo
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SHORTEN LEAD CYCLE OF COMPLEX SALES
INCREASE LEAD VOLUME
ENGAGE BROKERS
1:1 MARKETING – SEGMENTATION AND TARGETING
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BUYER INSIGHT
REDUCE INEFFICIENT SPEND
BENEFITS
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70%Companies that invest in marketing automation solutions see 70% faster sales cycle times and 54% improvement in quota achievement.Bulldog Solutions
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SHORTEN LEAD CYCLE OF COMPLEX SALES
INCREASE LEAD VOLUME
ENGAGE BROKERS
1:1 MARKETING – SEGMENTATION AND TARGETING
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BUYER INSIGHT
REDUCE INEFFICIENT SPEND
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45%COMPANIES USING MARKETING AUTOMATION SOURCE 45% MORE PIPELINE THAN THOSE WHO DON’T USE MARKETING AUTOMATIONMarketo
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SHORTEN LEAD CYCLE OF COMPLEX SALES
INCREASE LEAD VOLUME
ENGAGE BROKERS AND ADVISORS
1:1 MARKETING – SEGMENTATION AND TARGETING
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BUYER INSIGHT
REDUCE INEFFICIENT SPEND
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Enabling brokers and advisors
BROKERS NEED TO BE ENABLED TO HAVE 1:1 DIGITAL CONVERSATIONS WITH CUSTOMERS
Source: distribuon
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Enabling brokersAcross the lifecycle, a broker engagement marketing strategy can improve retention and producer effectiveness
• Demand gen/acquisition• Product updates• Reminders/Alerts• Surveys, polls, events, webinars
• Tools and calculators• Integration with website/CMS, CRM, customer portal
• Preference management
•Transaction alerts and updates•Policy reminders•CRM email automation•Allowing producers to run campaigns based on templates
•Newsletters•Automated education campaigns
•Surveys•Webinars• Integration with offline events
•Acquisition campaigns•Trigger based multi-touch On-boarding process
•Orientation email campaign•Analytics
Recruiting Educating
Empowering
Enabling
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SHORTEN LEAD CYCLE OF COMPLEX SALES
INCREASE LEAD VOLUME
ENGAGE BROKERS
1:1 MARKETING – SEGMENTATION AND TARGETING
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BUYER INSIGHT
REDUCE INEFFICIENT SPEND
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87%87% OF TOP-PERFORMING MARKETERS SAY TARGETING CAMPAIGNS TO AUDIENCE SEGMENTS IS THE LARGEST VALUE DRIVER, WITH 78% LISTING SEGMENTATION AS THE #1 MARKETING-AUTOMATION CAPABILITY THEY CAN’T LIVE WITHOUT.Gleanster
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SHORTEN LEAD CYCLE OF COMPLEX SALES
INCREASE LEAD VOLUME
ENGAGE BROKERS
1:1 MARKETING – SEGMENTATION AND TARGETING
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BUYER INSIGHT
REDUCE INEFFICIENT SPEND
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70%70% OF BUYERS PURCHASE A MARKETING AUTOMATION SOFTWARE FOR BETTER REPORTING / MARKETING ANALYTICS
Gleanster
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SHORTEN LEAD CYCLE OF COMPLEX SALES
INCREASE LEAD VOLUME
ENGAGE BROKERS
1:1 MARKETING – SEGMENTATION AND TARGETING
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BUYER INSIGHT
REDUCE INEFFICIENT SPEND
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12.2%MARKETING AUTOMATION DRIVES A 14.5% INCREASE IN SALES PRODUCTIVITY AND A 12.2% REDUCTION IN MARKETING OVERHEADNucleus Research
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Journey to marketing automation success
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The road to success Roadmap Understand the buyer Create a lead management
architecture Content strategy Manage compliance Reporting Best of breed technology
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The road to success Roadmap
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Marketing is a Journey – Understand where you are and where you need to be
Moving from a Spray and Pray Email Blaster to a Predicting Marketing Wizard is the key to success
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Job#1 – Blueprint and Framework Current State:
Understand & document Current State
How do your customers decide to buy today?
How are sales leads generated today?
What does a good lead look like to sales?
What is marketing's role in this process?
How are leads qualified for inside/field sales?
What happens to dormant/inactive leads?
Future State: Design an Achievable & Measurable Future State Where do you want to be in 1,2,3 years?
Buyer Needs, Organization, Processes, Metrics, Technology
Getting There: Steps & Milestones along the way with measurable progress
Creating the Roadmap
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Typical Roadmap
Q1 Q2 Q3
Strategy and Planning
Plan and Design Demand Gen Framework
Campaigns Launch
Lead Forward/Revenue Back Database Analysis
CM (Customer) Campaign Planning
Vertical-specific (Acquisition) Campaign Planning
Install and Integrate
Launch CampaignsEvaluate and Optimize
Plan and Design Reporting/Analysis Framework
Ongoing Refinement
Lead Management
Marketing Measurement
Campaign Management
Initial Planning and Installation
Install and Configure Marketing Automation• Data Model• Email Templates• Form and Landing Pages• Lead Scoring V1.0• Web Form Integration• CRM Integration
Vertical-specific (Acquisition) Campaign
CM Campaign
Real-time Sales Alerts
Sales Lead Queues
Scoring and Routing
Closed-loop Reporting
Lead Scoring Review and Adjustment
Evaluate Sales Impact and Adoption
Add new campaigns
Process Adjustment
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The road to success
Understand the buyer
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1. A Lead Forward, Revenue back analysis will not only provide insights into a lead management process but will also tell you who your ideal customer is
2. Criteria: Technical Buyer, Economic Buyer, User Buyer, Coach Job Role/Function Industry Motivations Pain Points
Who is Your Customer?
Define your Ideal Customer Profile
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Marketing and Business Development have a key role to play in the new world of salesMarketing and business development will engage and influence the buyer
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Understand the Buying Process
By identifying who our customers are and how they buy will help us segment and map out the way we engage with them
$$Prospect Qualified Lead
Sales Accepted
Lead (SAL)Suspect
Sales Qualified
Opportunity (SQO)
Evaluate PurchaseLearn JustifyInterestCustomer’s Buying Process
Sales &MarketingProcess
Marketing validates quality of interest
Marketing nurtures to sales ready
Sales validates and
accepts ownership
Sales validates
BANT criteria
Sales closes revenue
opportunity
COLD WARM HOT
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The road to success Content strategy
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Content Marketing Trends
“Inbound marketing delivers 54% more leads into the marketing funnel than traditional outbound leads.” • Trends: • Create targeted content for specific
audiences • Repurpose and promote on multiple
channels (COPE) • Focus on distribution as much as creation • Understand this is an iterative process; you
get what you put in.
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Develop a Content Strategy
Content…in context
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Content Creation and Distribution: Distribution is the Key
Source: BrainSINS
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Develop a Content Strategy
Content…with a purpose: Assemble and categorize content by objective
Attract Qualify Nurture
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Key Elements of an Acquisition Strategy
Your assets and strategies across the acquisition process need to be aligned.
Driving Traffic Conversion Nurturing Sales
Acquisition Process
• Listening to the customer
• Multiple methods to drive traffic
• Social media marketing
• Lead management
• Dynamic experiences
• Analytics• Lead scoring• Personalization
• Lead nurturing tactics
• Email and marketing automation
• Marketing and sales enablement
• Sales force automation
Website Limited use in FS
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The road to success Create a lead management
architecture
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Lead Management Architecture
Create an Automated Lead Management System that nurtures and moves prospects through the buying cycle to close
Lead Creation
Thank You
Follow-up
Pre-Qual Score
Sales(Qual)
Nurture I
Nurture II
Nurture III
Nurture IV
LOSSND
YES
NO NO
CONTACT ME
CONTACT ME
CONTACT ME
CONTACT ME
Close
CONTACT ME
CONTACT ME
WhitepapersFacebook/PPC/DM/Telesales/Banners to siteGeneral websiteOutbound ProgramsOnline EventsTradeshows
Intro ICONTACT
ME
Other sources( D&B List Buy, Association Lists, Partner Channels)
SFDC MAP
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Lead Management Architecture
Continue to communicate to Customers with relevant, personalized and timely communications
Data
Standardize + Segment Email?
Other Channels Drive to
Web
CM Nurture
I
CM Nurture
II
NO
Yes
Customer Referral
SFDC MAPData Feed
Data
Sign Up
CM Nurture
III
• Communicate changes in program / product terms & conditions via targeted email
• Execute servicing & marketing client level communications via email
• Advocacy and Referral Campaigns• Email Opt-in/Preference Center• Bill Paper-off Campaigns• Delinquency alerts
WEB
• Benefits:• Reduce costs across all communications;
improved ROI• Improve customer experience through
relevancy of communications to clients
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Effective Lead Nurturing – #1
Use a scoring system to identify your segments
Low level of engagement(Low level of how much the lead wants
to talk to us)
High level of engagement(High level of differentiation driving
purchase intent)
High level of Profile Match(High level of how much we want to talk to the lead)
The Buying Zone
The only leads we should be feeding to the sales field
Low level of Profile Match(Low level of how much we want to
talk to lead)
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The road to success Best of breed technology
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1. No holistic view of the customer
2. Need for Process, Content Well configured, truly
integrated technology ecosystem
3. Align messaging with where the customer is in the buying cycle or post-purchase engagement lifecycle.
Best-of-Breed Tools are not solving the problem
The Reason: Most often the activities across applications are disconnected
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Unified Customer Experience
Aligning the technology “islands” to deliver consistent context-driven multi-channel messages for improved engagement
Consistent message and
experience
Web Content Management
(WCMS)
Marketing Automation
Customer Relationship
Management (CRM)Community
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Integrate the Tools
Integrate platforms for a common view of the customer across channels
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Revenue is driven by an integrated eco-system
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Leading platforms
Big 4 in FS include Eloqua, Marketo
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Campaign Planning
Map your messages
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Create a Calendar of Activities
Volume and Velocity of activity is critical as multiple interactions result in better scoring and identifies highly engaged prospects
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The road to success Reporting
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Roadmap for analytics
Source: Pedowitz consulting
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Email Performance
Website Visitors
Inquiries
Tracking and Reporting
Start Simple
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Finally… but most important
Empower your sales team
Courtesy: Eloqua Discover for Salesforce
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The road to success Manage compliance
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• Create a governance model• How often can you communicate with a customer?• What data needs to be secured, and how?• Security and permissions to execute campaigns• Approval process to launch campaigns• Ongoing audits
• Risk• Many platforms do not provide adequate compliance coverage
Manage Compliance
Managing compliance is critical for success of marketing automation programs in Financial Services
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