Make the Most of Your
Maximize the Value of Your Investment
Meghan Peterson, Director — Technical Solutions
Many organizations have invested in technology to support their sales and marketing efforts. But once a platform is installed, how do you make sure you’re getting the most from your investment? Here are some tips for maximizing the value of your marketing technology.
- Mine the data in your platform. Take a periodic inventory of who orders materials from your marketing technology platform and with what frequency they do so. Which items are popular with your sales channels, and which are never ordered?
- Correlate usage with revenue. Do you spend the most on marketing your most successful channels? If not, your marketing initiatives might not be serving them as much as you planned. Enlist the help of a marketing advisory council to analyze and interpret this data.
- Segment your customers. Consider segmenting your user base by saturation — that is, the portion of tools and programs they access from the total spectrum offered. Then, plan ways to encourage greater utilization of tools by sharing best practices from peer advocates.
- Avoid one-size-fits-all communication. Target your messages to acquisition, expansion and retention. Some success stories will resonate more with certain types of customers than others will.
- Leverage your supplier base. Encourage suppliers to engage in honest dialogue about what’s working and what’s not. Install feedback loops to ensure that remarks made to customer service teams are properly gathered and analyzed.
- Spend where it makes the most sense. Be deliberate and intentional in your allocation of staff resources. Focus on high-performing programs and tools that agents, brokers, dealers, distributors and/or other channels will readily embrace. But leave time to develop new techniques, too. You might get a jump on the competition on newer media channels.
- Don’t just train — explain. Develop tips and training guides to help users understand your programs. Don’t forget training on the tried and true as well as stretch techniques. Also, explain how you’re spending national advertising funds and hold yourself accountable to them.
On average, 51% of companies are currently using marketing automation. More than half of B2B companies (58%) plan to adopt the technology. — “The Ultimate Marketing Automation Statistics Overview” (emailmonday 2019)