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How Marketing Automation is Transforming Financial Services Firms

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edynamic
edynamic

This document discusses marketing automation in the financial services industry. It finds that adoption of marketing automation is currently low in financial services at around 4-6% penetration. Some key challenges for financial services include complex sales channels, large buyer segments, and compliance requirements. The document then outlines steps for a successful marketing automation strategy, including understanding buyers, creating a content strategy, developing a lead management architecture, focusing on best of breed technology, reporting, and managing compliance.

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A Digital Solutions Firm delivering Marketing and Technology Solutions New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi Marketing Automation in Financial Services
11 What the Research is telling us
2 • 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. – SoftwareAdvice Low adoption of Marketing Automation in Financial Services Less than 2% of penetration of the big 4 suites use marketing automation in Financial Services
3 Challenges for Marketing Automation Success in Financial Services Financial Service organizations struggle with complexity Unique sales channels/ complex distribution channels Large buyer segments Large product offerings Compliance
4 Marketing Automation overview What a marketing automation model looks like Source:Mintigo
55 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND BENEFITS
6 70% Companies that invest in marketing automation solutions see 70% faster sales cycle times and 54% improvement in quota achievement. Bulldog Solutions
77 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
8 45% COMPANIES USING MARKETING AUTOMATION SOURCE 45% MORE PIPELINE THAN THOSE WHO DON’T USE MARKETING AUTOMATIONMarketo
99 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERSANDADVISORS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
10 Enabling brokers and advisors BROKERS NEED TO BE ENABLED TO HAVE 1:1 DIGITAL CONVERSATIONS WITH CUSTOMERS Source: distribuon
11 Enabling brokers Across the lifecycle, a broker engagement marketing strategy can improve retention and producer effectiveness •Demand gen/acquisition •Product updates •Reminders/Alerts •Surveys, polls, events, webinars •Tools and calculators •Integration with website/CMS, CRM, customer portal •Preference management •Transaction alerts and updates •Policy reminders •CRM email automation •Allowing producers to run campaigns based on templates •Newsletters •Automated education campaigns •Surveys •Webinars •Integration with offline events •Acquisition campaigns •Trigger based multi- touch On-boarding process •Orientation email campaign •Analytics Recruiting Educating EmpoweringEnabling
1212 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
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
1414 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
15 70% 70% OF BUYERS PURCHASE A MARKETING AUTOMATION SOFTWARE FOR BETTER REPORTING / MARKETING ANALYTICS Gleanster
1616 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
17 12.2% MARKETING AUTOMATION DRIVES A 14.5% INCREASE IN SALES PRODUCTIVITY AND A 12.2% REDUCTION IN MARKETING OVERHEAD Nucleus Research
18 Journey to marketing automation success
19 The road to success  Roadmap  Understand the buyer  Create a lead management architecture  Content strategy  Manage compliance  Reporting  Best of breed technology
20 The road to success  Roadmap
21 Marketingis a Journey– Understandwhereyou are and whereyou needto be Moving from a Spray and Pray Email Blaster to a Predicting Marketing Wizard is the key to success
22 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 Creating the Roadmap
23 Typical Roadmap Q1 Q2 Q3 Strategy and Planning Plan and Design Demand Gen Framework Campaigns Launch Lead Forward/Revenue Back Database Analysis CM (Customer) Campaign Planning Vertical-specific (Acquisition) Campaign Planning 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 Vertical-specific (Acquisition) Campaign CM Campaign Real-time Sales Alerts Sales Lead Queues Scoring and Routing Closed-loop Reporting Lead Scoring Review and Adjustment Evaluate Sales Impact and Adoption Add new campaigns Process Adjustment
24 The road to success  Understand the buyer
25 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 Who is Your Customer? Define your Ideal Customer Profile
26 Marketing and Business Development have a key role to play in the new world of sales Marketing and business development will engage and influence the buyer
27 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 $$Prospect Qualified Lead Sales Accepted Lead (SAL) Suspect Sales Qualified Opportunity (SQO) Evaluate PurchaseLearn JustifyInterest 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
28 The road to success  Content strategy
29 Content Marketing Trends “Inboundmarketingdelivers54%moreleadsintothe marketingfunnelthantraditionaloutboundleads.” • Trends: • Createtargetedcontentforspecificaudiences • Repurposeandpromoteonmultiplechannels(COPE) • Focusondistributionasmuchascreation • Understandthisisaniterativeprocess;yougetwhatyou putin.
30 Develop a Content Strategy Content…in context
31 Content Creation and Distribution: Distribution is the Key Source: BrainSINS
32 Develop a Content Strategy Content…with a purpose: Assemble and categorize content by objective Attract Qualify Nurture
33 Key Elements of an Acquisition Strategy Your assets and strategies across the acquisition process need to be aligned. Driving Traffic Conversion Nurturing Sales Acquisition Process • 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
34 The road to success  Create a lead management architecture
35 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 Nurture IV LOSS ND YES NO NO CONTACT ME CONTACT ME CONTACT ME CONTACT ME Close 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
36 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 MAPData 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
37 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)
38 The road to success  Best of breed technology
39 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. Best-of-Breed Tools are not solving the problem The Reason: Most often the activities across applications are disconnected
40 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
41 Integrate the Tools Integrate platforms for a common view of the customer across channels
42 Revenue is driven by an integrated eco-system
43 Leading platforms Big 4 in FS include Eloqua, Marketo
44 Campaign Planning Map your messages
45 Create a Calendar of Activities Volume and Velocity of activity is critical as multiple interactions result in better scoring and identifies highly engaged prospects
46 The road to success  Reporting
47 Roadmap for analytics Source: Pedowitz consulting
48 Email Performance Website Visitors Inquiries Tracking and Reporting Start Simple
49 Finally… but most important Empower your sales team Courtesy: Eloqua Discover for Salesforce
50 The road to success  Manage compliance
51 • 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 Manage Compliance Managing compliance is critical for success of marketing automation programs in Financial Services
52 Connect with us 1-877-339-6264 www.edynamic.net contact@edynamic.net twitter.com/edynamic youtube.com/1999dynamic facebook.com/edynamic.net

More Related Content

How Marketing Automation is Transforming Financial Services Firms

  • 1. A Digital Solutions Firm delivering Marketing and Technology Solutions New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi Marketing Automation in Financial Services
  • 3. 2 • 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. – SoftwareAdvice Low adoption of Marketing Automation in Financial Services Less than 2% of penetration of the big 4 suites use marketing automation in Financial Services
  • 4. 3 Challenges for Marketing Automation Success in Financial Services Financial Service organizations struggle with complexity Unique sales channels/ complex distribution channels Large buyer segments Large product offerings Compliance
  • 5. 4 Marketing Automation overview What a marketing automation model looks like Source:Mintigo
  • 6. 55 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND BENEFITS
  • 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. 77 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
  • 9. 8 45% COMPANIES USING MARKETING AUTOMATION SOURCE 45% MORE PIPELINE THAN THOSE WHO DON’T USE MARKETING AUTOMATIONMarketo
  • 10. 99 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERSANDADVISORS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
  • 11. 10 Enabling brokers and advisors BROKERS NEED TO BE ENABLED TO HAVE 1:1 DIGITAL CONVERSATIONS WITH CUSTOMERS Source: distribuon
  • 12. 11 Enabling brokers Across the lifecycle, a broker engagement marketing strategy can improve retention and producer effectiveness •Demand gen/acquisition •Product updates •Reminders/Alerts •Surveys, polls, events, webinars •Tools and calculators •Integration with website/CMS, CRM, customer portal •Preference management •Transaction alerts and updates •Policy reminders •CRM email automation •Allowing producers to run campaigns based on templates •Newsletters •Automated education campaigns •Surveys •Webinars •Integration with offline events •Acquisition campaigns •Trigger based multi- touch On-boarding process •Orientation email campaign •Analytics Recruiting Educating EmpoweringEnabling
  • 13. 1212 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
  • 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. 1414 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
  • 16. 15 70% 70% OF BUYERS PURCHASE A MARKETING AUTOMATION SOFTWARE FOR BETTER REPORTING / MARKETING ANALYTICS Gleanster
  • 17. 1616 1 2 3 4 SHORTENLEADCYCLEOF COMPLEX SALES INCREASELEADVOLUME ENGAGEBROKERS 1:1 MARKETING – SEGMENTATIONAND TARGETING 5 6 BUYERINSIGHT REDUCEINEFFICIENTSPEND
  • 18. 17 12.2% MARKETING AUTOMATION DRIVES A 14.5% INCREASE IN SALES PRODUCTIVITY AND A 12.2% REDUCTION IN MARKETING OVERHEAD Nucleus Research
  • 20. 19 The road to success  Roadmap  Understand the buyer  Create a lead management architecture  Content strategy  Manage compliance  Reporting  Best of breed technology
  • 21. 20 The road to success  Roadmap
  • 22. 21 Marketingis a Journey– Understandwhereyou are and whereyou needto be Moving from a Spray and Pray Email Blaster to a Predicting Marketing Wizard is the key to success
  • 23. 22 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 Creating the Roadmap
  • 24. 23 Typical Roadmap Q1 Q2 Q3 Strategy and Planning Plan and Design Demand Gen Framework Campaigns Launch Lead Forward/Revenue Back Database Analysis CM (Customer) Campaign Planning Vertical-specific (Acquisition) Campaign Planning 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 Vertical-specific (Acquisition) Campaign CM Campaign Real-time Sales Alerts Sales Lead Queues Scoring and Routing Closed-loop Reporting Lead Scoring Review and Adjustment Evaluate Sales Impact and Adoption Add new campaigns Process Adjustment
  • 25. 24 The road to success  Understand the buyer
  • 26. 25 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 Who is Your Customer? Define your Ideal Customer Profile
  • 27. 26 Marketing and Business Development have a key role to play in the new world of sales Marketing and business development will engage and influence the buyer
  • 28. 27 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 $$Prospect Qualified Lead Sales Accepted Lead (SAL) Suspect Sales Qualified Opportunity (SQO) Evaluate PurchaseLearn JustifyInterest 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
  • 29. 28 The road to success  Content strategy
  • 30. 29 Content Marketing Trends “Inboundmarketingdelivers54%moreleadsintothe marketingfunnelthantraditionaloutboundleads.” • Trends: • Createtargetedcontentforspecificaudiences • Repurposeandpromoteonmultiplechannels(COPE) • Focusondistributionasmuchascreation • Understandthisisaniterativeprocess;yougetwhatyou putin.
  • 31. 30 Develop a Content Strategy Content…in context
  • 32. 31 Content Creation and Distribution: Distribution is the Key Source: BrainSINS
  • 33. 32 Develop a Content Strategy Content…with a purpose: Assemble and categorize content by objective Attract Qualify Nurture
  • 34. 33 Key Elements of an Acquisition Strategy Your assets and strategies across the acquisition process need to be aligned. Driving Traffic Conversion Nurturing Sales Acquisition Process • 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
  • 35. 34 The road to success  Create a lead management architecture
  • 36. 35 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 Nurture IV LOSS ND YES NO NO CONTACT ME CONTACT ME CONTACT ME CONTACT ME Close 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
  • 37. 36 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 MAPData 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
  • 38. 37 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)
  • 39. 38 The road to success  Best of breed technology
  • 40. 39 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. Best-of-Breed Tools are not solving the problem The Reason: Most often the activities across applications are disconnected
  • 41. 40 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
  • 42. 41 Integrate the Tools Integrate platforms for a common view of the customer across channels
  • 43. 42 Revenue is driven by an integrated eco-system
  • 44. 43 Leading platforms Big 4 in FS include Eloqua, Marketo
  • 46. 45 Create a Calendar of Activities Volume and Velocity of activity is critical as multiple interactions result in better scoring and identifies highly engaged prospects
  • 47. 46 The road to success  Reporting
  • 48. 47 Roadmap for analytics Source: Pedowitz consulting
  • 50. 49 Finally… but most important Empower your sales team Courtesy: Eloqua Discover for Salesforce
  • 51. 50 The road to success  Manage compliance
  • 52. 51 • 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 Manage Compliance Managing compliance is critical for success of marketing automation programs in Financial Services

Editor's Notes

  1. KD: I didn’t get anything for this one.