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Power your customer acquisition with marketing automation today

Learn how marketing automation can power customer acquisition for insurance and financial services marketers!

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Power your customer acquisition with marketing automation today

  1. 1. A Digital Solutions Firm delivering Marketing and Technology Solutions New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi 0 Power your customer acquisition with Marketing Automation
  2. 2. 1 What Research reveals...
  3. 3. Less than 2% of penetration of the big 4 suites (that provide marketing automation) in Insurance/Financial Services 2 Low adoption of Marketing Automation in Financial Services • The current MAP penetration in B2B today is 15.5% across all industries. It’s highest in IT (65% penetration), high in Business Services and moderate in Manufacturing (38%). Penetration is still low in Financial Services (4%) – Sirius Decision Summit 2014 • As per a survey conducted among 896 marketing automation software buyers in 2013, the prospective buyer penetration of marketing automation in Banking is around 6%, while high tech rules the roost with 23% penetration. – Software Advice
  4. 4. Challenges for Marketing Automation Success in Financial Services 3 Financial Service organizations struggle with complexity Unique sales channels/ complex distribution channels Large buyer segments Large product offerings Compliance
  5. 5. 4 Marketing Automation overview What a marketing automation model looks like Source:Mintigo
  6. 6. 5 1 2 3 4 BENEFITS SHORTEN LEAD CYCLE OF COMPLEX SALES INCREASE LEAD VOLUME ENGAGE BROKERS 1:1 MARKETING –SEGMENTATION AND TARGETING 5 6 BUYER INSIGHT REDUCE INEFFICIENT SPEND
  7. 7. 6 70% Companies that invest in marketing automation solutions see 70% faster sales cycle times and 54% improvement in quota achievement. Bulldog Solutions
  8. 8. 7 1 2 3 4 SHORTEN LEAD CYCLE OF COMPLEX SALES INCREASE LEAD VOLUME ENGAGE BROKERS 1:1 MARKETING –SEGMENTATION AND TARGETING 5 6 BUYER INSIGHT REDUCE INEFFICIENT SPEND
  9. 9. 8 45% COMPANIES USING MARKETING AUTOMATION SOURCE 45% MORE PIPELINE THAN THOSE WHO DON’T USE MARKETING AUTOMATION Marketo
  10. 10. 9 1 2 3 4 SHORTEN LEAD CYCLE OF COMPLEX SALES INCREASE LEAD VOLUME ENGAGE BROKERS AND ADVISORS 1:1 MARKETING –SEGMENTATION AND TARGETING 5 6 BUYER INSIGHT REDUCE INEFFICIENT SPEND
  11. 11. 10 Enabling brokers and advisors BROKERS NEED TO BE ENABLED TO HAVE 1:1 DIGITAL CONVERSATIONS WITH CUSTOMERS ? Source: Distribion
  12. 12. Agent Engagement and Empowerment Across the lifecycle, an engagement marketing strategy can improve retention and producer effectiveness 11 •Transaction alerts and updates •Policy reminders •CRM • Email automation • Allowing producers to run campaigns based on templates •Newsletters •Automated training/education campaigns •Surveys •Webinars • Integration with offline events •Acquisition campaigns •Data enrichment •Messaging •Analytics Inbound acquisition Educating agents Enabling Empowering agents agents •Demand gen/acquisition •Product updates •Reminders/Alerts •Surveys, polls, events, webinars •Tools and calculators • Integration with website/CMS, CRM, customer portal •Preference management
  13. 13. 12 1 2 3 4 SHORTEN LEAD CYCLE OF COMPLEX SALES INCREASE LEAD VOLUME ENGAGE BROKERS 1:1 MARKETING –SEGMENTATION AND TARGETING 5 6 BUYER INSIGHT REDUCE INEFFICIENT SPEND
  14. 14. 13 87% 87% OF TOP-PERFORMING MARKETERS SAY TARGETING CAMPAIGNS TO AUDIENCE SEGMENTS IS THE LARGEST VALUE DRIVER, WITH 78% LISTING SEGMENTATION AS THE #1 MARKETING-AUTOMATION CAPABILITY THEY CAN’T LIVE WITHOUT. Gleanster
  15. 15. 14 1 2 3 4 SHORTEN LEAD CYCLE OF COMPLEX SALES INCREASE LEAD VOLUME ENGAGE BROKERS 1:1 MARKETING –SEGMENTATION AND TARGETING 5 6 BUYER INSIGHT REDUCE INEFFICIENT SPEND
  16. 16. 15 70% 70% OF BUYERS PURCHASE A MARKETING AUTOMATION SOFTWARE FOR BETTER REPORTING / MARKETING ANALYTICS Gleanster
  17. 17. 16 1 2 3 4 SHORTEN LEAD CYCLE OF COMPLEX SALES INCREASE LEAD VOLUME ENGAGE BROKERS 1:1 MARKETING –SEGMENTATION AND TARGETING 5 6 BUYER INSIGHT REDUCE INEFFICIENT SPEND
  18. 18. 17 12.2% MARKETING AUTOMATION DRIVES A 14.5% INCREASE IN SALES PRODUCTIVITY AND A 12.2% REDUCTION IN MARKETING OVERHEAD Nucleus Research
  19. 19. 18 What to look for in a marketing automation solution?
  20. 20. 19 Is generating online leads enough?  On an average only 25% of new leads are sales ready.[Source : Marketo]  60% of marketers prefers quality of lead over quantity.[ Source : Marketing Prof]  10 % increasein lead quality is equivalent to 40% increase in sales.[Source : Marketo]  Companies that get lead scoring right have a 192% higher average lead qualification rate than those that do not.[Source: Technical marketing]  For the companies using lead scoring , close rates increased by 30%, company revenue increased by 18%, and revenue per deal increased 17%. [Eloqua Lead Scoring Solution Guide]  Organizations that nurture their leads experience a 45% lift in lead generation ROI over those organizations that do not [Source: Marketing Sherpa]
  21. 21. 20 Common situations and pain points  Multiple individual broker/agency websites that are used by respective agents for demand generation  Insurers/FS companies may provide templates, content and collateral for these agency websites  50-70% of agents do not use Insurers/FS companies’ CRM  Analytics on Insurers/FS companies and agency websites are either basic or have limited value and there are limited insights/trends available  Leads are being acquired through distribution/email lists or through Search, Social and Display campaigns  There is no de-duplication of lead data in place so actual incoming leads are lower in number than anticipated and poorer in quality  There is no marketing automation infrastructure in place for central execution and tracking of campaigns
  22. 22. 21 Way ahead for Insurers/FS companies  Explore and evaluate: evaluation of your current lead generation, qualification of leads, nurture and handoff process in entirety and introduction of best practices for strong alignment between you and producers  Digital body language:setup of advanced web analytics to track how prospects are engaged on your site, what are they doing,, downloading, etc.  Passing on insight:Driving key insights from your website/acquisition analytics on to your agents so that they are better prepared to service and nurture leads you distribute to them  Data Enrichment:using data providers such as Epsilon and Axciomto enrich the quality of data on inbound leads before passing it on to your producers  Thought leadership:evaluation of your content/collateral assets and mapping them to what prospects would look for at different stages/basis different needs  CRM:using central CRM where carriers have all their major producers on boarded to allow for updated customer and prospect information
  23. 23. 22 Improving marketing infrastructure A marketing automation platform might be a potentially good fit for you Marketing automation platform is your delivery tool  Think Objectives:Customer acquisition, agent recruitment or distribution channel revenue – it is the business objective that drives the need for automation.  Think Strategy:How will you get the best channel partners and how will they be able to sell effectively to end customers?  Think Programs:Every strategy should lead to a program with a logical outcome through your automation platform.  Don’t think only emails :Your platform delivers emails but emails are tied to marketing and revenue objectives.  Marketing Automation:When you use the tool to market to your channel and end customer across their lifecycles, you achieve true automation. eDynamic, Friday, December 5, 2014
  24. 24. 23 Leading platforms Big 4 in FS include Oracle/Eloqua, Salesforce/ExactTarget/PardotAdobe/Neolane, Marketo eDynamic, Friday, December 5, 2014
  25. 25. 24 Journey to marketing automation success
  26. 26. 25 The road to success  Roadmap  Understand the buyer  Create a lead management architecture  Content strategy  Manage compliance  Reporting  Best of breed technology
  27. 27. 26 The road to success  Roadmap
  28. 28. 27 Marketing is a Journey – Understand where you are and where you need to be Moving from a Spray and Pray Email Blaster to a Predicting Marketing Wizard is the key to success
  29. 29. 28 Creating the Roadmap Job#1 – Blueprint and Framework  Current State:  Understand & document Current State  How do your customers decide to buy today?  How are sales leads generated today?  What does a good lead look like to sales?  What is marketing's role in this process?  How are leads qualified for inside/field sales?  What happens to dormant/inactive leads?  Future State: Design an Achievable & Measurable Future State  Where do you want to be in 1,2,3 years?  Buyer Needs, Organization, Processes, Metrics, Technology  Getting There: Steps & Milestones along the way with measurable progress
  30. 30. 29 Typical Roadmap Strategy and Planning Lead Forward/Revenue Back Database Analysis Plan and Design Demand Gen Framework Vertical-specific (Acquisition) Campaign Planning CM (Customer) Campaign Planning Evaluate Sales Impact and Adoption Vertical-specific (Acquisition) Campaign Process Adjustment Q1 Q2 Q3 Campaigns Launch Install and Integrate Launch Campaigns Evaluate and Optimize Plan and Design Reporting/Analysis Framework Ongoing Refinement Lead Management Marketing Measurement Campaign Management Initial Planning and Installation Install and Configure Marketing Automation • Data Model • Email Templates • Form and Landing Pages • Lead Scoring V1.0 • Web Form Integration • CRM Integration CM Campaign Real-time Sales Alerts Sales Lead Queues Scoring and Routing Closed-loop Reporting Lead Scoring Review and Adjustment Add new campaigns
  31. 31. 30 The road to success  Understand the buyer
  32. 32. 31 Who is Your Customer? Define your Ideal Customer Profile 1. A Lead Forward, Revenue back analysis will not only provide insights into a lead management process but will also tell you who your ideal customer is 2. Criteria:  Technical Buyer, Economic Buyer, User Buyer, Coach  Job Role/Function  Industry  Motivations  Pain Points
  33. 33. 32 Buyer is informed Buyer Journey is dynamic and cross channel Buyer has little attention The customer has changed
  34. 34. 33 Understand the Buying Process By identifying who our customers are and how they buy will help us segment and map out the way we engage with them Interest Learn Evaluate Justify Purchase Qualified Lead Sales Accepted Lead (SAL) Prospect $$ Suspect Sales Qualified Opportunity (SQO) Customer’s Buying Process Sales & Marketing Process Marketing validates quality of interest Marketing nurtures to sales ready Sales validates and accepts ownership Sales validates BANT criteria Sales closes revenue opportunity COLD WARM HOT
  35. 35. 34 User Journey has changed Unknown User Website page Unknown User Web page on any device Retargeting Offline relevant event invite, webinar promotion Drip Marketing Sales Ready Lead Unified data to store and validate profiles for repeat visits Reads Content Reads Content Subscribes Offer Nurture EITHER OR
  36. 36. 35 The demand funnel needs to be supported by technology at each stage
  37. 37. 36 The road to success  Content strategy
  38. 38. 37 Content Marketing Trends “Inbound marketing delivers 54% more leads into the marketing funnel than traditional outbound leads.” • Trends: • Create targeted content for specific audiences • Repurpose and promote on multiple channels (COPE) • Focus on distribution as much as creation • Understand this is an iterative process; you get what you put in.
  39. 39. 38 Develop a Content Strategy Content…in context
  40. 40. 39 Content Creation and Distribution: Distribution is the Key Source: BrainSINS
  41. 41. 40 Develop a Content Strategy Content…with a purpose: Assemble and categorize content by objective Attract Qualify Nurture
  42. 42. 41 Key Elements of an Acquisition Strategy Your assets and strategies across the acquisition process need to be aligned. Acquisition Process Driving Traffic Conversion Nurturing Sales • Listening to the customer • Multiple methods to drive traffic • Social media marketing • Lead management • Dynamic experiences • Analytics • Lead scoring • Personalization • Lead nurturing tactics • Email and marketing automation • Marketing and sales enablement • Sales force automation Website Limited use in FS
  43. 43. 42 The road to success  Create a lead management architecture
  44. 44. 43 Lead Management Architecture Create an Automated Lead Management System that nurtures and moves prospects through the buying cycle to close Lead Creation Thank You Follow-up Pre- Qual Score Sales (Qual) Nurture I Nurture II Nurture III Close LOSS ND Nurture IV YES NO NO CONTACT ME CONTACT ME CONTACT ME CONTACT ME CONTACT ME CONTACT ME Whitepapers Facebook/PPC/DM/Telesales/Banners to site General website Outbound Programs Online Events Tradeshows Intro I CONTACT ME Other sources ( D&B List Buy, Association Lists, Partner Channels) SFDC MAP
  45. 45. 44 Lead Management Architecture Continue to communicate to Customers with relevant, personalized and timely communications Data Standardize + Segment Email? Other Channels Drive to Web CM Nurture I CM Nurture II NO Yes Customer Referral SFDC MAP Data Feed Data Sign Up CM Nurture III • Communicate changes in program / product terms & conditions via targeted email • Execute servicing & marketing client level communications via email • Advocacy and Referral Campaigns • Email Opt-in/Preference Center • Bill Paper-off Campaigns • Delinquency alerts WEB • Benefits: • Reduce costs across all communications; improved ROI • Improve customer experience through relevancy of communications to clients
  46. 46. 45 Effective Lead Nurturing – #1 Use a scoring system to identify your segments Low level of engagement (Low level of how much the lead wants to talk to us) High level of engagement (High level of differentiation driving purchase intent) High level of Profile Match (High level of how much we want to talk to the lead) The Buying Zone The only leads we should be feeding to the sales field Low level of Profile Match (Low level of how much we want to talk to lead)
  47. 47. 46 The road to success  Best of breed technology
  48. 48. 47 Best-of-Breed Tools are not solving the problem The Reason: Most often the activities across applications are disconnected 1. No holistic view of the customer 2. Need for  Process,  Content  Well configured, truly integrated technology ecosystem 3. Align messaging with where the customer is in the buying cycle or post-purchase engagement lifecycle.
  49. 49. 48 Unified Customer Experience Aligning the technology “islands” to deliver consistent context-driven multi-channel messages for improved engagement Consistent message and experience Web Content Management (WCMS) Marketing Automation Customer Relationship Management (CRM) Community
  50. 50. 49 Integrate the Tools Integrate platforms for a common view of the customer across channels
  51. 51. 50 Revenue is driven by an integrated eco-system
  52. 52. 51 Campaign Planning Map your messages
  53. 53. 52 Create a Calendar of Activities Volume and Velocity of activity is critical as multiple interactions result in better scoring and identifies highly engaged prospects
  54. 54. 53 The road to success  Reporting
  55. 55. 54 Roadmap for analytics Source: Pedowitz consulting
  56. 56. 55 Tracking and Reporting Email Performance Website Visitors Inquiries Start Simple
  57. 57. 56 Finally… but most important Empower your sales team/agents/brokers Courtesy: Eloqua Discover for Salesforce
  58. 58. 57 The road to success  Manage compliance
  59. 59. 58 Manage Compliance Managing compliance is critical for success of marketing automation programs in Financial Services • Create a governance model • How often can you communicate with a customer? • What data needs to be secured, and how? • Security and permissions to execute campaigns • Approval process to launch campaigns • Ongoing audits • Risk • Many platforms do not provide adequate compliance coverage
  60. 60. 59 Move from offline to digital and do more with less...
  61. 61. 60 Value of marketing automation A marketing automation platform might be a potentially good fit for you  Reduce time to market and improve ROI by up to 10X  100% automation of marketing programs such as events, emails, webinars, video marketing  Low operations cost and low cost of acquisition  Ability to run a marketing machine smoothly for various digital campaigns  Personalize your content with customer profile and context  Reach your customers where they are at any time  Be relevant and persistent through scoring and nurture  Try, try, try till you succeed – cost of failure is low  Improved quality of acquisition
  62. 62. 61 Connect with us www.edynamic.net contact@edynamic.net 1-877-339-6264 twitter.com/edynamic youtube.com/1999dynamic facebook.com/edynamic.net

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