Multinational corporations (MNC’s) frequently face a difficult and seemingly insurmountable task. When their marketing efforts, both offline and online, work so well that they are continuously getting new leads. The obvious problem is how they will keep up with the demand regarding production. However, what people don’t see is the problem that MNC’s are facing – how do they manage the new leads at the same as they keep their old customers happy?
This is especially important now. Since the rapid rise of online marketing has enabled large manufacturers and companies to engage their customers directly. Back in the old days, manufacturers had to rely on retailers and distributors for communicating with their customers. With the rise of the Internet, manufacturers have begun to use a direct to consumer model to maximise their profits and control their marketing. For example, Nike, the leading brand in sports apparel, is planning to grow direct to consumer engagement by 250 percent during 2017. This is because the company is predicting a 16-billion-dollar haul from direct to consumer (DTC).
Here is where marketing automation steps in. MNC’s around the world are in need of something to keep their customers engaged all while getting quality leads. Marketing Automation is the software that helps them achieve this. In a nutshell, marketing automation automates and measures various marketing tasks. It also streamlines workflows so that companies can focus on getting the best leads and closing more sales.
How Marketing Automation Benefit The Big Brands
A whopping 91 percent of users agree that marketing automation is critical to the overall success of their marketing across channels. But why? To answer this question, let us go in depth and relay the main reasons why marketing automation is essential to the big brands.
Focus On The Hottest Leads
Marketing automation’s ability to profile and prioritise leads is one of the main reasons why MNCs just love using this software. In fact, marketing automation’s ability to target the hottest leads accounts for why 30 percent of current users are so enamoured with this tool.
The software uses forms, landing pages, and real-time leads activity to collect valuable data. Marketing automation allows you to have a grading system to determine which leads are ready to be pursued.
This is a great tool to use for small to medium sized businesses. But imagine MNC’s that have to deal with thousands of prospective leads. Marketing automation will make it easier for them to sift through every lead and prioritise the ones who are the easiest to convert into customers.
Nurture Existing Customers
Getting new customers is great, but selling to existing ones are even better. MNCs are always trying to expand their customer database, but they also know that keeping their current clientele happy and get them to recommend their services to others is even more important. And why is this so important? Well, according to Invespcro, the cost of acquiring new customers is actually five times as high as the cost of keeping existing customers!
According to the same source, the probability of selling to an existing customer is somewhere in the 60-70 percent range. How about a new customer? Try a 5-20 percent possibility.
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Interestingly, 40 percent of companies are focusing on acquiring new customers compared to 18 percent focusing on retention. This does not make much sense considering how easy it is to sell to existing customers. Fortunately, companies can now use the power of marketing automation. They do not have to choose one over the other as much.
Marketing automation gives you valuable insight on your existing customer’s intent. This will give companies the ability to predict what customers want and when they need it, leading to better selling opportunities.
The software can also send out emails to existing clients through a time set by the user. You can segment customer into groups based on their preferences and send each group a personalised email. Marketing automation is the best software for MNC’s who’s got thousands or millions of customers but want a deeper and more personal connection with them.
Employ Data-Driven Decision
Large companies like using big data and that is why a lot of them are quick/eager to adopt marketing automation. Marketing automation can keep track of your customer and lead’s behavioural data. It means that companies will have valuable data regarding what social and web interactions that are an engaging customer the most so they can act accordingly.
Marketing automation also keeps purchasing data and customer support issues. The data on customer support issues help companies figure out what the customers need. Obtaining data, on the other hand, helps the sales force know whether one of their clients is already running out of their product. And if it might be a good time for a healthy reminder that they may need to purchase again.
A good example of marketing automation at work is WGSN, a world leader trend authority on fashion and creative sectors. They use marketing automation in such a way that when one of their customers buy a WGSN product, a marketing campaign is triggered directly to that user based on their region and language. This helps the company get future sales as well as build deep and meaningful bonds with their customers.
Know What Is Working And What Is Not
Did you know that over $1 Billion USD annually is wasted due to inefficient marketing? A good chunk of this figure comes from small to medium-sized businesses. And a good portion of it is also attributed to the big brands and their marketing. If you have been using social media for the past few years, you would have most likely encountered a lot of marketing campaigns from big brands that ended in negative publicity.
Marketing automation can significantly lessen ineffective campaigns by using data. You can create campaigns using customer behaviour and the right type of message. Through open rates and click-through rates, companies can pool together email campaigns that are effective and weed out the ones that are not.
Focus On Sealing The Deal
By eliminating too much guesswork and carrying the bulk of nurturing thousands of customers, then what is the marketing and sales team left to do? Simply put, with marketing automation doing all the heavy manual lifting. The teams would put all their resources in analysing data and closing deals.
This means marketing teams will lessen ineffective marketing efforts and sales teams won’t be chasing cold leads. With proper analysis and more time to focus, conversions should go up while keeping the sales and marketing force lean. According to Snaptactix, marketing automation users have seen an average increase of 34 percent in their sales revenues. This just goes to show the impact that marketing automation has regarding getting deals done.
Marketing Automation Make MNCs Nearly Invincible
While there is no precise prediction of the life cycle of a company, marketing automation is sure to make the big brands even more formidable. With marketing automation’s ability to nurture leads and score the best prospects, this nifty software is something that all large corporations should already be using.
By 2019, global automation marketing will reach $5.5 Billion. This will be led by the top companies, 25% of which are already using this software. The race is definitely on when it comes to companies using marketing automation to their advantage.
Do you have any stories or experiences with using a marketing automation software? Then do share them with us in the space below! We would love to hear from you.