“Data is the new oil,” announced Clive Humbly in 2006. Just recently the CEO of IBM updated the phrase, explaining that ‘big data’ is the new oil. It is an essential resource that powers the information economy, in the same way that oil powers the industrial economy today. But it ignores the fact that some companies don’t have the means or ability to process data, once they have it. And just like crude oil, big data is almost useless if it’s not refined.
The solution to refining this process is marketing automation. Marketing automation is a tactic that allows an organisation to nurture prospects with personalised content aiming to convert prospects into leads. It does this by streamlining and measuring your marketing efforts. It’s about maintaining the relationship with a prospect through all stages of the sales funnel, making the user journey as efficient as possible.
Furthermore, a marketing automation system offers the ability to manage all of your digital channels from one platform. By Processing a lead from initial engagement to an opportunity, you’re able to build and nurture workflows in line with the objectives of your business. Reactive analytics will score and grade each visitor interaction on the basis of profile and behaviour, resulting in a prioritised marketing database.
Despite these benefits, only a handful of organisations has deployed a marketing automation system. The main reason for this is a poorly aligned marketing and sales strategy – or lack thereof, and until sales and marketing align their objectives, no technological solution will work.
Companies with effective sales and marketing alignment accelerate their revenue 20% faster than their peers. Why? Because they’re building stronger relationships with their audience by interacting with potential buyers in meaningful ways.
The end result of marketing automation done well is to have a defined and targetable list to market to, as well as:
- The ability to nurture your leads beyond conversion
- A consistent brand presence on multiple channels
- A more useful and detailed customer profile
The analogy that big data is the new oil is useful. Marketing automation allows you to enjoy the benefits of big data, whilst preserving fertile ground for personal development.
To discover how marketing automation can work for you, contact SuccessFlow on 0845 680 5409.