Tag Archives: CRM

New MarTech Trends for the Building Materials Industry

21 Sep

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Marketing technology continues to grow as a dynamic hybrid discipline that is highly relevant to the building materials industry. As a niche industry that nonetheless moves billions of dollars every year, successful companies in building materials must take advantage of the new marketing technique that technology provides.

You can bet that new MarTech trends will lead the industry down some very interesting pathways in the future. Here are some of the trends that you should be aware of;

Improved MarTech Applications

Marketing technology is no longer a novel buzzword to insiders – tools including multichannel attribution, view-ability measurement, demand side platform, cross device tracking and programmatic TV are now actively being studied by marketers who are in the know. It is definitely to the advantage of your marketing to identify the MarTech strategies that are most relevant to your business and drill down into their applications very soon.

Precision Prospect Hunting

Modern CRM and marketing automation systems now come equipped with artificial intelligence (AI), machine learning capabilities and predictive analysis functions. As long as the data input to the system is valid and properly scaled, pinning down new prospects will be easier than ever. These prospects will not be random; rather, the systems will identify and even tier prospects by their past behavior patterns and ability to purchase. Armed with this kind of tool, the savvy marketer will be able to take full advantage of buying signals specific to an individual prospect or trends from general news sources.

Increased Social Outreach

Marketers face a consistently stricter environment in terms of outreach through mass channels, most notably email. This is especially true for materials companies who are doing business overseas, as the EU and Canada are beginning to crack down on solicitations of all kinds. MarTech improves a company’s ability to employ inbound marketing, content marketing and social marketing for outreach. Organic techniques will soon dominate the landscape, and MarTech will lead the way.

Holistic Attribution Across the Customer Life Cycle

Quantifying both offline and online aspects of a marketing campaign is much easier with the current generation of MarTech. Even using managing multiple channels, MarTech experts will be able to watch prospects through the entire sales funnel, considering attribution throughout the total time frame. Marketers will be able to compute ROI holistically, determining the impact of each step for future analysis and improvements.

Higher Budgets for MarTech

You can expect your competition to continue directing funds towards MarTech in the future. CMOs love the overlap between marketing and tech. They were raised on it, and the proliferation of data creates more opportunities for programmatic buying in media. MarTech allows for the cultivation of big data, and the companies that apply it sooner will take hold of a strong competitive advantage in the marketplace.

If you have been toying with the idea of employing MarTech as a priority in your marketing, now is the time to make it happen. Money is moving into the discipline with an increased vigor, and you do not want to be the last one in the field. Building materials is a small community that requires a great deal of detail. People will not forget how you treat them, and the right technology helps you connect in a more personal way.

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How Today’s B2B Marketers Are Pushing Customer Centricity

13 Jun

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Placing the customer at the center of your business strategy is best for all companies, not just the B2C world. Creating a positive sales experience for clients throughout the entire funnel now can mean the difference between success and stagnation. The effect is quantifiable: B2B companies with marketing based centrally around the customer reported an average of 31% more growth in revenue. An additional report found that customer-centric marketing increases return on marketing (ROM) by up to 30%.

Market leaders in all major industries are making a push to this new customer centered marketing model. Here are some of their best techniques.

More Efficient Data Aggregation

Leading companies are making huge investments in full scale teams of marketing analysts to helm new software packages based around datacentric CRM. Many of these companies are taking their entire analytics operations online to take advantage of the wealth of resources in spaces such as the Oracle Marketing Cloud.

These aggregation strategies are also accompanied by engagement strategies. Companies such as Juniper Networks have taken great pains to close the gap between their marketing and sales teams. They are using the precision data they cultivate from social media and information grabs to ramp up their marketing campaigns with an eye to continuous improvement.

Customers Are Now Top Marketing Executives

Do not take that subheading seriously if these customers are not actually titled within the company; however, this is to the company’s advantage, because they do not actually have to pay their most insightful workers! Companies such as Wells Fargo are paying more attention than ever to the customer journeys they initiate with their sales funnels. They are developing personas around these journeys and segmenting their investments in advertising around these more detailed personalities.

For instance, the same company may run three completely different marketing campaigns on the same social media network depending on the age, gender, income, hobbies and other psychographics of its audience. Most top distribution platforms (Facebook, Twitter, LinkedIn) are more than robust enough to accommodate these segmented, customer centered efforts.

Redesigning Internal Company Functions

Many new strategies run into friction at the top executive levels. Old-school executives have a problem moving into new patterns of marketing. The most efficient companies are restructuring their entire hierarchy to represent a more socialized approach to change.

Cross functional teams that involve several departments into a single function are more common now than ever. Many companies are employing or outsourcing the role of traffic controller to monitor the movement of data between departments. The role of executives has been scaled back in the sense of actually executing individual strategies, although they still retain the ability to change the overall vision of technical focus points within the company.

Considering the Customer Narrative

Marketing teams are now taking the lead in sponsoring digital transformation rallies around companies. These rallies are focused more on driving value than clicks – the old quality over quantity platitude that actually means quite a bit in the world of customer centric marketing.

Many companies have created a new role, the CX strategist, to keep marketing campaigns aligned directly with customer objectives. Although many technologies are quite able to follow the movements of customer segments, it still takes a human touch to apply the data streams that are created into a viable program. This is especially true because of the highly transient nature of customers in B2B product industries such as high tech, fashion and entertainment.

With more focus on the customer than ever, you can expect personalized solutions and companies that are very interested in what you have to say as a patron. It is definitely a good time for the consumer, and things are only looking up.

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How Building Product Marketers can Define their Customers in 6 Steps

13 Nov

Building Product manufacturers must understand their customer to define their data. 

Being involved with Building Product customer data for most of my career, I have found that a universal struggle is defining the customer in the business-to-business (B2B) environment.  Don’t end up selling ice to Eskimos! Here are 5 steps to help define your customer and develop a data plan.

1.    Define your goals and objectives.

  • Identify your objectives before defining your data needs
  • Is the primary goal to provide the sales force a tool for managing customer/prospect data, then the objective is much different from managing a customer-centric marketing database.

2.    Establish if your customer is company or contact drive.

  • This is crucial in establishing a CRM structure.  Commonly CRM rules define a data structure as company driven with contacts related to a company.  Each contact must roll-up to a company.

3.    Define company types.

  • This is an important step when determining who and how a building product marketing campaign will target the customer.  Are you targeting manufacturers, distributors, etc.?

4.    Establish contact types.

  • Your CRM strategy must target a contact within a company to be effective; therefore, your contacts must be segmented.  What is the building product contact target type; marketing manager, general manager, builder, sales rep, etc.?

5.    Source data must be maintained, thus establish a source table.

  • How did your company obtain the customer/contact information?  The method that building product marketers obtain customer/prospect information is called a “source”.

6.    Establish a data audit trail for all customer/prospect records, this will identify the last person to alter the record.

  • Data integrity is crucial, establish an audit trail to maintain data integrity and accuracy.

CRM (Customer Relationship Marketing), this acronym was mainstream 10 years ago, and the principles remain valid today, understand your customer.  Building product companies must understand their customer, determine their data sources, and identify their goals and objectives before launching a communication plan or developing a sales force management system.

TIP:  A hot-topic with integrated communication within the Building Product industry, as your customer how they would like to receive communication and honor their request.  Today we have many options and tools to receive communication, provide the message in a format they want to consume.

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