Marketing Departments often get a bad reputation for being an expense rather than a resource. In the past, data from marketing campaigns was difficult to access, and results were difficult to determine. Today, this is anything but the case. With so much data available through marketing automation software, the results of marketing efforts are becoming increasingly more insightful and easy to measure.
In a 2014 Forbes Insights survey of more than 300 American marketing executives, results showed that marketing departments using data-based marketing tactics had triple the likelihood of developing a competitive advantage in customer engagement and loyalty compared to laggards (74% vs. 24%). The same survey showed that firms using data-driven marketing were nearly three times as likely to experience increased revenues (55% vs. 20%).
With so much data now readily available to marketing and sales departments, there are plenty of benefits to take advantage of. If you want to find out more about how using data from marketing automation can help your company, here is a list of some of the top benefits:
Establish Marketing ROI
Traditionally, marketing has been seen not only as expensive, but also as difficult to measure the success of. With this in mind, it’s easy to understand why marketing often has a negative stigma attached to it. Luckily for today’s marketers, the substantial amount of data available from marketing automation software allows for the easy measurement of key campaign indicators. Marketers can now easily see and understand the connections between their campaigns and tangible results. Data such as number of impressions, interactions, leads generated, and even the number of deals closed, can now easily be viewed and reported on.
Know What’s Working
A successful marketing strategy is made up of a unique marketing mix. Research from the book Traction – A Startup Guide to Getting Customers, shows that as a company moves through different stages, the ideal mix will vary and evolve. Instead of relying on the tried and true, or doing guess work around what the best marketing mix will be, a successful marketer will rely on data to choose their marketing focus. By using data from marketing automation, companies can see which tactics are generating the highest return at any given time, and strategically pursue these. As a company’s channels evolve over time, they will be able to see emerging trends and adapt accordingly.
Spend Time in the Right Places
The data available from marketing automation is more than just handy for reporting. It’s highly actionable. By understanding which marketing efforts are generating the best results, and which aren’t working, companies can strategically allocate their resources. By focusing time and budget on the areas that are proven the most effective, companies can develop a more efficient and effective marketing strategy.
Sales Cycle Insight
The data available from marketing automation software isn’t just useful for the marketing department. It provides highly valuable sales and business development information. The buying process for offerings like professional services can be complex, and purchase decisions don’t happen overnight. Instead of wasting resources on following up with leads that aren’t yet ready to buy, advanced marketing automation technology allows sales departments to strategically focus their efforts. Advanced technologies can provide sales teams with lead scoring data that helps them to prioritize follow ups, and identify where their efforts can be focused most effectively.
Engage with Prospects at the Right Time with the Right Message
Aside from scoring and facilitating prioritization, marketing automation software allows companies to view and analyze behavioural data for their online leads. This type of insight includes seeing which services a lead has expressed the most interest in, and even how they were generated. Knowing which service areas to focus on with a prospect makes follow ups much more efficient and effective for sales teams.
With so much data available through marketing automation software, companies can prove what’s working, work more efficiently, and generate a higher return on investment. With so many benefits to be gained, it’s time to consider adopting a more data-driven sales and marketing strategy with marketing automation software.