It was an incredible Connections for regulated industries marketers. With more than 30 dedicated sessions for both financial services and health and life sciences across our entire product portfolio, there were more opportunities to share best practices, network with peers, and engage with experts than ever before.
If you missed a few sessions, or weren’t able to make it to Chicago, we’ve compiled a list of our top takeaways that will help you up your digital marketing game.
Data. Data. Data.
From the keynote touting a 360 degree view of your customers to the regulated industries session where panelists discussed the challenges of maintaining data compliance, the importance of data-driven marketing was front and center.
The message was clear: it’s no longer an option for marketers in regulated industries to use regulation as an excuse for bad marketing.
Personalization is key and the path to personalization is paved with first-, second-, and third-party data.
At Wunderman Thompson Health, third party data plays a key role. According to William Martino, managing director at the agency, third party data is primarily used to enhance existing first-party data.
For example, the agency will use first-party location data, paired with third-party weather data to make predictions about flu outbreaks or allergy prominence and adjust their offers accordingly.
Making sure you are using clean data is also key. In the panel discussion, Building a Lifeline with Patients and Providers, CRM Manager at Indiana University Health, Olivia Goh Kidder, encouraged the audience to “not build the plane while you fly it.” That was a lesson learned for Goh Kidder and the IU Health team. “We were building journeys while we were trying to integrate data,” she said.
“If I could have done it over again, I would have taken more time for discovery prior to implementation, and that would have reduced shift along the way.”
Change Management is Critical
Let’s face it, change is hard for any industry, but it can sometimes feel nearly impossible for institutions unaccustomed to the pace of digital innovation. In the session Partnership is the Prescription for Success, Claire Loran from Otsuka described how her team implemented Marketing Cloud and pulled in data from several disparate systems using Mulesoft in just four months by partnering with Intouch B2D.
Initially daunted by the scale and pace of the work, B2D jumped in focusing first on stakeholder alignment, a technical assessment, and road mapping. They went through an iterative execution phase where they worked to mitigate risk through a transparent approach that helped quell some of the stress that accompanies change.
“That level of transparency is critical to maintaining belief that the project will be successful,” said Paul Pierce, Senior Vice President of Development Services at Intouch.
Mike Sorice, Executive Director of Consumer Analytics and CRM at Mercy, felt similar pressures when moving the large hospital system toward a patient-focused digital marketing effort. “As much as we tried to anticipate the challenges, we underestimated the impact of everyone having their ‘cheese’ moved,” he said.
Sorice recommends spending substantial time “reverse engineering the process” to better understand the downstream impacts of the changes you’re implementing.
ABM is the strategy of choice
According to Constellation Research, 92% of companies have a plan to start an ABM program, but only 19% are confident in their ability to execute. In the session B2B Marketing in HLS: Grow HCP Relationships with Pardot, Danielle Freedman, a Product Marketing Manager at New England Biolabs, shared how her team scales personalized customer outreach with a small sales team.
The company’s sales process frequently starts with a request for a sample, but the sales teams found it difficult to balance reaching out to key accounts and following up on the large number of samples distributed.
To fix the problem, Freedman and her team created a simple nurture program that generated a series of automated follow-up emails that appeared as though they were sent from a sales rep. If a prospect responded to provide feedback on their free trial, the sales rep would get that response and have full visibility to how the prospect liked (or did not like) the trial. Now 100% of sample requests are being fully followed up with and sales can balance these tasks while also continuing to manage strategic account relationships.
“We picked Pardot for the tight integration with Salesforce,” she said. “It’s allowed us to overhaul our processes and get extremely efficient. Sales reps can now prioritize their follow-up and our customers always feel connected.”
Then, join us for our free webinar, Successful ABM Starts with Being Account-First, on July 16 at 1 p.m. ET.
Sales and Marketing Alignment are Key to Success
At the end of the day your marketing efforts are meant to do one thing: bring in business, but if your sales and marketing are siloed, it’s very difficult to understand the true return on your investment.
“Visibility across marketing and sales is critical,” said David Gore, Manager of CRM at Assurant, during the session Pardot for Financial Services: Relationship Marketing on the World’s #1 CRM.
Aligning on a single platform as the single source of truth is critical to these efforts. It’s the only way to empower sales with the marketing insights and ability to run their own campaigns successfully.
In the session 7 Ways Financial Services Marketers can Lead Digital Transformation, President of DBS, Lisa Nicholas emphasized the importance of developing the back-end processes to handle incoming form submissions, phone calls, and chats.
You might be crushing the lead funnel, but if you don’t have the processes in place to convert those leads, your work will stop short of the finish line.
Learn how Piedmont Healthcare increased the volume and quality of communications while enabling more personalized targeting, driving increased open rates and click throughs with a single source of truth on their consumer, patient and physician interactions. According to an independent ROI study, the provider recognized an 83% ROI with a payback of just 1.8 years.
Learn more in our upcoming webinar, Top 10 Takeaways from Connections 2019.