If you’re looking for an email marketing platform, or a solution that can offer better segmentation, you’re probably weighing a lot of factors. How well will this solution integrate with your current systems? How much does it cost? What kind of resources does it require? And while there may be a checkbox for each of these questions on your evaluation checklist, what you’re really looking for is a system that will help you generate revenue — whether it’s an email marketing solution, a social media marketing tool, or an analytics platform.
When it comes to generating revenue, no other tool has quite the same returns as marketing automation. With the ability to nurture prospects over time, segment lists based on interests and needs, and measure the impact of all campaigns, marketing automation can be a very powerful revenue-generating tool.
Let’s take a look at a few ways that you can use marketing automation to start increasing your ROI:
Using the segmentation capabilities of a marketing automation system, you can target your messages based on interest, stage of the sales cycle, location, and more. This ensures that your messages are always relevant, and increases the chances that prospects will reach back out to you in the future.
With detailed prospect tracking and analytics, where your prospects are in the sales cycle is never a mystery. Knowing what prospects are engaging with, as well as what they’re not engaging with, can tell you what they’re interested in and what their pain points are. Your sales reps can use this real-time tracking to strike while the iron is hot, while tailoring their conversations based on the information their marketing automation system has gathered.
Without a marketing automation system, a majority of the people who go to your website will continue to be anonymous visitors. Marketing automation gives you the ability to place forms and landing pages on your site, which will help you collect prospect information that can be passed on to your sales team for follow-up.
During the marketing to sales handoff, cold leads often slip through the cracks, resulting in lost revenue when these leads become active again in the future. Using lead nurturing, these cold leads can be placed on nurturing tracks that will “drip” marketing content to them over time, keeping your company top of mind and reinforcing the need for your product or service (for more on this, check out our Lifecycle of B2B Nurturing Campaigns Flowchart).
“Companies that excel at lead nurturing generate 50% more sales-ready leads at 33% lower cost.” (Forrester Research)
Closed-loop reporting allows you to tie revenue back to campaigns, connecting marketing spend with the revenue generated and providing insight into campaign influence. Using closed-loop reporting, you’ll be able to see where your best and worst leads are coming from, which marketing initiatives are contributing the most to revenue growth, and which programs can stand to be improved (or axed).
With marketing automation, the focus shifts away from vanity metrics like shares, click-through rates, and cost per click, and instead sheds some light on more powerful statistics like cost per lead, cost per opportunity, and the number of leads and opportunities in the sales pipeline. By tracking data that impacts your bottom line, you can tie campaigns back to closed new business and ensure that your marketing dollars are going to the right place.
The Lifecycle Report, which combines all of your marketing and sales reports into one dashboard, can help diagnose the health of your sales funnel and show where prospects are in the sales cycle — including areas where prospects are stalling and areas where they are moving at an optimum pace. Having this detailed insight gives you the information you need to ensure maximum speed through the pipeline.
These are just a few of the ways that marketing automation can help you generate revenue. If you’d like to learn more about what automation can do for your marketing team, check out our Marketing Automation Success Kit.