Your customers are giving you all the information you need to nurture and convert them from leads to customers and from customers to advocates. You just might not know where all this data is, how to find it, how to analyze it, and how to use it. This is where the marketing technology "stack" promises to help--a set of tools and resources that analyze everything from back end data (customer information) to front end behavior (ads viewed, emails opened, blogs frequented, purchases made). The stack provides a single view of your prospects, and an automated process to convert them.
Still not convinced you need such a toolset? Here are 10 reasons you might reconsider a marketing stack.
- Your competitors are doing it. Gartner famously predicted that marketing technology budgets will exceed IT budgets by 2017. This means companies are investing heavily in technology to personalize, automate, measure, and improve marketing processes. Don't let them beat you to it.
- The S*&t works. Consider the following: a. Businesses that use marketing automation to nurture prospects experience a 451% increase in qualified leads. (Annuitas Group). b. Companies that excel at lead nurturing generate 50% more sales ready leads at 33% lower cost. (Forrester Research). c. Companies that automate lead management see a 10% or greater increase in revenue in 6-9 months. (Gartner)
- Honestly, that should be enough. Your competitors are doing it, and it works. What else do you need?
- OK. Here's more. The metrics rock. Never before have marketers been able to get such immediate gratification when it comes to measuring results of campaigns. You can just about see the funnel filling as offers are clicked, shopping carts filled and checkouts are completed. Gone are the days of fluffy numbers like impressions and engagements. You get hard numbers, fast.
- It makes customers happy. Marketing today isn't about tricking people into buying something they don't want or need. It's getting the right offer in front of people just when they need it. To quote Hubspot, a company that offers inbound marketing automation tools, this is the era of creating "marketing people love". The big data you're harnessing allows you to deliver the right offer to the right person at the right time.
- It's fun. Really. To watch effective marketing stacks in action is to behold a thing of beauty. You see the prospects become leads and the leads become customers, and it all unfolds before you like a perfectly executed football play. The defense is powerless when you are giving people content they want about problems they have and offering products they need.
- There's far too much data to analyze in silos or to triangulate from disparate sources. There's just too much consumer information being generated too fast to do it manually or to try to integrate multiple tools. That's why you still get credit card offers when you already have the card they're selling. They don't know who you are!
- Data Geeks get even cooler. Never before have number crunchers had such a fast track to executive land. The art director might be the cool one with the art books in his office, but the marketer is the one the decision makers want to talk to: What's selling? Why? What should we do next? How can I help you? The hoodie is the new black turtleneck.
- Related to number 2: Marketing gets "bulls%$*t" removed from its name. Have you ever heard someone tell a customer reviewing marketing material: "That's just marketing BS. Let me tell you about the technology." Well, it's not BS if it's growing sales in measurable ways. Scott Adams can no longer refer to the marketing department as the never-ending happy hour in Dilbert cartoons. Marketing is working harder than anyone to grow the company.
- Oh, the places you'll go. Analyzing big data is applicable to almost every field. Nate Silver went from analyzing baseball statistics to predicting the outcome of presidential elections. Wow! The ability to predict and influence human behavior is priceless. See where it takes you.
If you've seen the Marketing Technology Landscape below, then you know that you have some choices and decisions to make when building your marketing stack. Keep in mind that ALL of these marketing technologies can be deployed via Ensighten.
image via ChiefMartec.com