Automate Marketing Processes for Increased ROI
Gartner has advice for companies who blindly cut marketing budgets during an uncertain economy. It said, the move can impair ca company’s ability to retain and grow customers, specially when the market stablises.
According to Kimberly Collins, managing vice president at Gartner, marketing budgets are most at risk during economic downturns.
Gartner has identified six marketing processes that can be automated to drive revenue, cut costs, maximise marketing budgets, and return on investments (RoIs). The analyst said by following these six processes companies will be able to churn of profitable customers, fewer budget cuts, and increase in revenues by at least 10 percent in the next six months.
Organisations should calculate profitability and value of customers, identify those they want to keep and develop retention programmes based on their customer segment and identified needs. Event triggers can proactively identify when a customer’s circumstances may be about to change and staff should be trained and empowered to recognise this.
Leveraging marketing insights, such as using marketing data and content to augment leads prior to sending them to sales.
Companies should identify and prioritise three to four online marketing initiatives and measure marketing RoI, increase budget programmes for those delivering high RoI.
Creative Production Management
Automating creative production or product launches reduces time to market and improves resource allocation and efficiency, cutting marketing costs without cutting programmes. A marketing resource management (MRM) module for creative production management can incorporate calendaring, tasks, project management, business rules and workflow, freeing up time for more creative work.
Marketing fulfillment solutions (often a module of MRM) provide 24/7 access to collaterals via portal, print-on-demand and procurement capabilities, helping companies save on paper, shipping and physical storage costs.
By creating a standard set of planning, budgeting and financial management processes for the marketing organisation that, in turn, include processes for monitoring and alerting, thus allowing for ongoing financial management and reallocation of funds.
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