Most businesses have a difficult time effectively managing interactions with prospects, converting those prospects into customers, and optimizing relationships with their existing customers.
Maximizing Close Rates
Following-up with qualified leads is often done in a sporadic, ad-hoc way. Typically, someone will contact the prospect and attempt to set-up an appointment. If the prospect is not ready to buy now, the opportunity often slips through the cracks.
The ultimate objective is to make a sale, and this is done by guiding and educating (i.e. nurturing) the prospect through every phase of the decision making process.
The goal in each phase is to convert. By getting prospects to agree to take an action, they are making some level of commitment to proceed.
By engaging prospects and delivering valuable information through the decision making process, an organization optimizes its probability of success – thus increasing its close rate.
Maximizing Relationships with Existing Customers
One of the most valuable assets any business possesses – and often the single most squandered asset – is its customer base.
When a business does secure a customer, it usually does not take long to lose visibility. To not keep in contact with customers is to alienate them. An organization should never presume its customers will always be there for them. This is a complacent approach that can lead to lost customers and a death spiral.
When a sale is made, the job is not done. On-going, value based communication is essential to maintaining long-term relationships.
Marketing Automation to the Rescue
Lead nurturing, conversion and post-sales activities can be overwhelming, especially when an organization attempts to perform these activities manually.
A relatively new class of software, Marketing Automation, is designed to facilitate intelligent, on-going communication with prospects and customers for the purposes of:
- Nurturing leads so conversion rates are optimized with both “now buyers” and “future buyers”
- Optimizing the post-sales process to maximize retention and drive incremental revenue through up-selling/cross-selling or referrals
Marketing automation is a critical component within an online marketing infrastructure, and its core elements are:
Marketing Database: A centralized repository of all prospect and customer data.
Workflow Automation: Supports the ability to provide prospects and customers the right content at precisely the right time. Follow-up can be based on triggers (e.g. prospect responding to a call to action) or events (e.g. number of days after attending a seminar).
Email Distribution: Marketing automation systems have integrated email distribution systems, so online marketing communication activities can be executed though one system.
Gathering Insight/Preferences: Marketing automation systems incorporate methods to capture valuable insights about prospects and customers. This insight can then be used to “score” or “tag” them based on preferences or specific areas of interest. The ultimate goal is to engage in “one to one” marketing.
Analytics: Marketing automation technologies include analytics that allow businesses to track and test things such as email open rates, click-throughs to landing pages, how many times people have clicked on a certain link, bounce rates on landing pages, and referral source activity (e.g. links from social media).
There are many marketing automation platforms available – the good news is this technology is accessible to companies of all sizes. Examples that are well suited to small and mid-sized businesses are Hatchbuck (www.hatchbuck.com) and Infusionsoft (www.infusionsoft.com).
Lead nurturing, conversion, and post-sales activities must be supported by online marketing activities. They are virtually impossible to execute manually, but very much within the realm of possibility with the use of marketing automation technology; regardless of the size of the business.
>> Is marketing automation missing within your online marketing infrastructure? Do you want more information on this subject? Check out our free Online Marketing Seminars held at the Glen Abbey Golf Course. The seminars help business owners and executives like you learn how to make online marketing an integral part of your business development strategy.
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