The answer to the question, what does marketing automation do to streamline the revenue of an underperforming company lies with the efficiency that it infuses within an organization. While reducing marketing efforts for the business development team, marketing automation, simultaneously, save valuable process time and improves order-to-cash cycle for a business, charismatically, and opening avenues for additional revenue generation. Its implementation overall upon marketing efforts of a company can be estimated by following manner.
• It helps to optimize marketing investments by reducing administrative overhead cost by 3.4%. This way companies saves around 1.5% to 5.2% on overall operational cost.
• After the implementation of marketing automation, the pace of revenue generation increases to several times for a company by lead scoring increasing by 28% and sales productivity by 33%.
• It saves money as well as time for an organization by increasing number of sales lead by 50% and decreasing leads by 33% lower.
How to implement a marketing automation –plan for your business model?
Any of your marketing automation strategy should be planned around your exact business goals. An entire blueprint of implementing a marketing automation necessarily is required to be discussed among your marketing and business development team. A typical marketing automation plan for a business is consisted of following steps.
• Planning: If you can lie out exactly what you’re looking for and what you’re trying to accomplish, it will be easier for you and your stakeholders to evaluate and select an automation platform. Make a list of needs and wants and see which solution matches the most essential criteria. Ensure cross-functional alignment—sales and marketing need to work together in order to deliver results.
• Implementation: Once you have chosen the platform, figure out who on the team needs to use the system and have them trained accordingly. Someone needs to be the owner of the technology and the point person for questions. The right marketing automation solution helps unite all the people, tools, and processes on your marketing and sales teams. To that end, it should be a solution that integrates your CRM system, lead scoring, sales insights, and cross-department workflows. Once the marketing automation is up and running, check in frequently to ensure it’s working as desired.
• Measurement: Reporting and analytics help you prove the impact of your marketing efforts, making sure you measure all necessary data, account engagement, and the combined impact of sales and marketing activity. Understand which key performance indicators (KPIs) are the most important to track, and which areas of marketing provide the best ROI.
• Optimization: Once data and KPIs start coming in, you will have the opportunity to optimize for better results. When you are able to spread the revenue over multiple activities, you know which marketing activities are effective for top of the funnel versus bottom of the funnel. For example, you could determine that trade shows are great for getting leads, whereas webinars are more effective for pushing leads through the funnel. Without multi-touch attribution, it’s hard to learn this information, and your campaigns may not be as successful. You should know your audience and what works for them.
Around so much of data penetrating from different streams into a business development process, marketing automation makes the process of lead generation and conversion faster, efficient and transparent.