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How Automation Sets You Up for Big Growth

23 Jan

 

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If you have not embraced the AI revolution in marketing, you will soon find your business squarely behind the eight ball in your industry. Automation is one of the core implements/takeaways/precursors of artificial intelligence. Its proper use sets you up for big growth in every aspect of business. Here’s how:

Cost Reduction

Big growth doesn’t start with big revenues. You need to shore up your supply side first, and automation in either your production or your marketing can help tremendously.

Production automation has been a part of our business culture since the Model-T Ford assembly lines. The modern version of this automation actually helps in the procurement of more personalized vehicles – the money a company makes from selling the base model aids in customization for special customers. The same is true of your marketing department – use automation to cut down on your manpower and overhead in customer acquisitions to redirect those resources into loyalty programs, PR, and mid-level sales funnel functions.

Customized Manpower

Big growth comes from big ideas. Big ideas don’t come from your CRM, logistics or administration software. No matter how robust those platforms may be, they can only organize and feed off of the data that your employees put into it.

If your employees spend all day on repetitive tasks, they are demoralized and otherwise unable to deliver the unique ideas that give your company its unique personality and core competencies. When they are relieved of tasks that require only a rote knowledge of procedure and mental function, they respond with customized ideas that lead to higher ROIs (even if most of them are never implemented). This is why Facebook and Google give their employees 20% of the workday to brainstorm and even fund some of the best ideas from those sessions. You may not have Facebook and Google money, but you can do the same thing on a smaller scale by giving your employees the gift of marketing automation.

Higher Revenues

Automation in your marketing department can lead directly to higher revenues. If you find a message that resonates with a certain buyer profile, that message should be repeated. There is no reason to employ a human to key in this message over and over – this is when automation is most useful. Modern automation platforms allow you to imprint cursory personalization modifiers into a repeated message for a more sophisticated communication.

Many companies forego marketing automation because they believe the technique is see-through. The true strength of marketing automation is that your clients know you are using it. You are in the B2B marketplace – most of your clients are probably serving their clients using the same techniques! Your buyers are more interested in your professionalism while using the tactic. Can you keep up with your own lines of communication? Do you direct the correspondence to the correct person? Do you know when in the sales funnel to create truly personalized messages?

Channels for Outreach

You can synchronize your communications channels through modern automation. Your social media outreach should be high on your list of priorities to automate as much as possible.

You can easily save time and money by updating all of your social media channels as you update one of them. IFTTT is a great resource to begin the process, although there are more sophisticated platforms out there.

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Your Best Demand Generation Practices for 2018

18 Jan

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The new buzzword for improving interest in your products and services is demand generation, which is fast becoming a vital metric for many companies. Not only does good demand generation help the supply chain, it also leads to happier customers and more alignment between sales and marketing. Here are some of the best demand generation strategies that you can use in 2018.

Automate and Centralize

Marketing automation platforms have made processes in the middle of the sales funnel far more efficient than ever before. Over half of all B2B firms are now using automation to nurture leads and, believe it or not, create more personalized content. Around the top of the funnel, centralizing the source of your leads gives you additional efficiency for the automation that you employ around the mid-level processes such as closed-loop reporting, vendor management, and standardization/enhancement.

Using Account Based Marketing Strategies

Email blasting cold contact lists is no longer viable in the modern business landscape. There are plenty of new tools that can precisely target accounts based on directed strategies. Segmenting your accounts from the beginning can help immensely when it is time for your sales and marketing teams to align themselves to go in for the kill.

A New Focus on Data Quality

Big data is so 2014. If you are not properly segmenting and organizing your data, then you will find scaling your demand generation to be a big problem. The tips above can help you avoid wasting money on low-quality leads, which will usually create a higher conversion rate for the business. You must also try to enhance your current leads with more precise data points. The entire subdiscipline of MarTech is focused on this, so get digging and find the right tools.

Your Qualified Lead Velocity Rate (QLVR)

You should be looking at a hard growth in your qualified leads on a month over month basis. This growth should be consistent, as your real-time rate is the best predictor of future growth and revenues. The revenues that you report in the current month usually do not represent the leads that were converted in that month – lead times for B2B firms is usually half a year to a year. The calculation for QLVR: your current month’s MQL (marketing qualified lead) conversion/ last month’s MQL. Multiply by 100 for the final metric.

Customer Service Communications

You can expect a 36% increase in customer retention if you purposefully align your sales and marketing teams. Alignment means that sales and marketing shares vision and metrics, communicate on a regular basis, and share in each other’s successes. Improved communications in your customer service line obviously lead to better customer experiences, and your marketing team will benefit from the input from sales. Marketing can increase demand generation from the additional information about the buyer’s journey, and the department will also have more leverage to support upselling and cross-selling.

Direct Client Interface

Your marketing team must take on the new responsibility of engaging directly with clients. Your frontline salesmen have knowledge about your buyers that is unique. Your marketers need the same sort of vision in order to increase demand generation. Clients may also help your marketing team identify opportunities and industry trends that are difficult to see from high rise offices away from the streets.

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