How Marketing Automation is Transforming Financial Services Firms

A Digital Solutions Firm delivering Marketing and Technology Solutions

New York . Toronto . Phoenix . Los Angeles . London. Dubai . New Delhi

Marketing Automation in

Financial Services

22

What the Research is telling us

3

• 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. – Software Advice

Low adoption of Marketing Automation in Financial ServicesLess than 2% of penetration of the big 4 suites use marketing automation in Financial Services

4

Challenges for Marketing Automation Success in Financial ServicesFinancial Service organizations struggle with complexity

Unique sales channels/ complex distribution channels

Large buyer segments

Large product offerings

Compliance

5

Marketing Automation overview

What a marketing automation model looks like

Source:Mintigo

66

1

2

3

4

SHORTEN LEAD CYCLE OF COMPLEX SALES

INCREASE LEAD VOLUME

ENGAGE BROKERS

1:1 MARKETING – SEGMENTATION AND TARGETING

5

6

BUYER INSIGHT

REDUCE INEFFICIENT SPEND

BENEFITS

7

70%Companies that invest in marketing automation solutions see 70% faster sales cycle times and 54% improvement in quota achievement.Bulldog Solutions

88

1

2

3

4



ENGAGE BROKERS


5

6

BUYER INSIGHT


9

45%COMPANIES USING MARKETING AUTOMATION SOURCE 45% MORE PIPELINE THAN THOSE WHO DON’T USE MARKETING AUTOMATIONMarketo

1010

1

2

3

4



ENGAGE BROKERS AND ADVISORS


5

6

BUYER INSIGHT


11

Enabling brokers and advisors

BROKERS NEED TO BE ENABLED TO HAVE 1:1 DIGITAL CONVERSATIONS WITH CUSTOMERS

Source: distribuon

12

Enabling brokersAcross 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

Empowering

Enabling

1313

1

2

3

4



ENGAGE BROKERS


5

6

BUYER INSIGHT


14

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

1515

1

2

3

4



ENGAGE BROKERS


5

6

BUYER INSIGHT


16

70%70% OF BUYERS PURCHASE A MARKETING AUTOMATION SOFTWARE FOR BETTER REPORTING / MARKETING ANALYTICS

Gleanster

1717

1

2

3

4



ENGAGE BROKERS


5

6

BUYER INSIGHT


18

12.2%MARKETING AUTOMATION DRIVES A 14.5% INCREASE IN SALES PRODUCTIVITY AND A 12.2% REDUCTION IN MARKETING OVERHEADNucleus Research

19

Journey to marketing automation success

20

The road to success Roadmap Understand the buyer Create a lead management

architecture Content strategy Manage compliance Reporting Best of breed technology

21

The road to success Roadmap

22

Marketing is a Journey – Understand where you are and where you need to be

Moving from a Spray and Pray Email Blaster to a Predicting Marketing Wizard is the key to success

23

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

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 CampaignsEvaluate 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

The road to success

Understand the buyer

26

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

Marketing and Business Development have a key role to play in the new world of salesMarketing and business development will engage and influence the buyer

28

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 JustifyInterestCustomer’s Buying Process

Sales &MarketingProcess

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

The road to success Content strategy

30

Content Marketing Trends

“Inbound marketing delivers 54% more leads into the marketing funnel than traditional outbound leads.” • Trends: • Create targeted content for specific

audiences • Repurpose and promote on multiple

channels (COPE) • Focus on distribution as much as creation • Understand this is an iterative process; you

get what you put in.

31

Develop a Content Strategy

Content…in context

32

Content Creation and Distribution: Distribution is the Key

Source: BrainSINS

33

Develop a Content Strategy

Content…with a purpose: Assemble and categorize content by objective

Attract Qualify Nurture

34

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

The road to success Create a lead management

architecture

36

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

LOSSND

YES

NO NO

CONTACT ME

CONTACT ME

CONTACT ME

CONTACT ME

Close

CONTACT ME

CONTACT ME

WhitepapersFacebook/PPC/DM/Telesales/Banners to siteGeneral websiteOutbound ProgramsOnline EventsTradeshows

Intro ICONTACT

ME

Other sources( D&B List Buy, Association Lists, Partner Channels)

SFDC MAP

37

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

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

The road to success Best of breed technology

40

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

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

Integrate the Tools

Integrate platforms for a common view of the customer across channels

43

Revenue is driven by an integrated eco-system

44

Leading platforms

Big 4 in FS include Eloqua, Marketo

45

Campaign Planning

Map your messages

46

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

The road to success Reporting

48

Roadmap for analytics

Source: Pedowitz consulting

49

Email Performance

Website Visitors

Inquiries

Tracking and Reporting

Start Simple

50

Finally… but most important

Empower your sales team

Courtesy: Eloqua Discover for Salesforce

51

The road to success Manage compliance

52

• 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

53

Connect with us

1-877-339-6264

www.edynamic.net

[email protected]

twitter.com/edynamic

youtube.com/1999dynamic

facebook.com/edynamic.net

How Marketing Automation is Transforming Financial Services Firms

Marketing

marketing

low level

high level

buying cycle

business development

financial

profile match

success