Easily Transform Your Business Using 3 Key Marketing Automation Shifts
The tremendous growth that the marketing automation industry has been showing as of late does not exactly reflect the length of time that it has been around because it is in its infancy and only starting to pick up. Marketing Automation Insider reports that the industry has in the last five years alone seen acquisitions valued at more than $5.5 billion being made, while aggregate vendor revenues rose more than sevenfold to $1.65 billion from $225 million.
This article examines three core shifts in this industry and the kind of impact they are expected to have on your businesses, both at the micro and macro level.
1) With Predictive Analytics, No More Guessing
Key players in the marketing automation industry are increasingly turning to predictive analytics, machine learning and employing their immense power to improve sales enabling them make crucial marketing decisions. They are using elaborate statistical models to predict their customers’ next course of action and applying that knowledge to target them with their products.
Three years ago in 2012, online retail giant Amazon filed for a U.S. patent on a system that would employ predictive analytics to enable them to predict what products their customers are likely to buy and therefore start shipping them before they can even be ordered. Crazy as this may seem, it would help Amazon tremendously cut down on their shipping times.
In addition to the myriad other benefits employing this technology brings, when it comes to marketing automation, it helps sellers avoid a lot of guesswork.
In the context of a lead nurturing sequence, how much time should one wait between sending two emails? What type of content -- ebooks, blogs, etc. -- should one send to what kind of lead? How does one succeed in scoring a lead from a certain marketing channel? Though many would expect the most satisfactory answers to these queries to come from experience, predictive analytics is also capable of providing dynamic answers that improve over time to an extent that they even surpass experienced marketing.
What this means is that, ultimately, marketing and sales are going to be less of guesswork and those companies that will be employing predictive analytics are going to be at a better competitive advantage position than those that will not adopt this new technology.
2) Intelligent Multi-channel Marketing is Rapidly Gaining Ground
According to recent research, marketers who use the double-target strategy of going for customers both through email and on Facebook using a matching ad have a 22% higher chance of convincing the customer to buy than those that use email alone. Another advantage is that marketing automation also allows you to add an extra level of personalization into the mix.
For example, imagine that you run the marketing department of a firm that does online sales for kitchen appliances. You realize that a prospective customer by the name Rod has visited your site, added a refrigerator to his shopping cart, entered his details but never completed the transaction till check out.
In such a case, your multi-channel strategy could be something like the following:
- About half an hour after the aborted transaction, your marketing automation system triggers an automated email and sends it to Rod encouraging him to complete his order; just in case he had been distracted by something earlier.
- Apply retargeting via a sync between the system and Facebook, Rod comes across a personalized ad saying “Rod, are you currently refurbishing your kitchen?” that links to a landing page. If he engages this page, he would then be taken to an entirely new sequence containing upsells, offers and incentives to further encourage him to purchase more products.
- If after a day Rod has still not yet purchased the fridge, then your system could send him a text message inquiring if there is anything that your customer support team can help him with.
- But if in the following few days he still has not completed the purchase transaction, then your system could trigger another separate ad campaign, both on email and Facebook, targeting Rod with a variety of freezers and fridges relating to his initial search criteria.
Such hyper-personalized multi-channel marketing strategy like the one we have gone through above is very effective because:
- Its use is quite low, despite its effectiveness. However, this is expected to change in the coming few years as more businesses realize its immense power.
- Having more channels enables marketers to capture more and more data from their customers, resulting into more relevant and more personalized targeting, and subsequently a higher conversion rate.
- It is much more difficult to lose a prospective buyer to distraction since the marketer is able to reach and communicate with them via various platforms and devices and at different periods of time.
- More and more individuals and businesses are expected to warm up to the idea of multi-channel marketing in the coming year or two, and further into the future, especially as marketing automation tools up both their features and offerings, and as more and more case studies emerge to support the use of this powerful strategy.
3) More Businesses are Adopting Marketing Automation as a Tool
In the marketing automation industry, there currently are two colliding waves coming together to create a tsunami-like rush of businesses showing a lot of interest in marketing automation.
The waves are:
- The enhanced awareness of the immense value of marketing automation.
- The rising impact and power that marketing automation software have.
Beginning in 2012, the number of articles, case studies, events and webinars on marketing automation has simply exploded, leading to more businesses being aware of the kind of success that incorporating a marketing automation solution could bring to them.
At the same time, marketing automation software is gaining more and more power. New features and functionality are being added, real-time individualization and adtech-geared functionalities, the number of experts who are ready to share their expertise and best practices is rapidly rising and the scope of what these software can do continues to widen. In addition, word -- and excitement -- over the new technology is spreading like wildfire.
The two waves are also leading to the expected result, an increasingly higher number of businesses -- your competition alike -- are starting to implement the marketing automation solution. It is therefore very important that you begin taking your marketing automation campaigns out to the masses early enough. Be ahead of your competition!
Image source: www.marketingtechreport.com
An ordinary person with great love for internet business