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How to decide if you should get a marketing performance management platform

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What is marketing performance management and how can it help you?

A marketing performance management (MPM) platform employs statistical modeling and machine learning to holistically evaluate the performance of a company’s marketing initiatives on bottom-line impact. It helps marketers allocate future spend and bring it in line with business goals.

Read next: What is marketing performance management and how can it help you?

Committing to and implementing an MPM platform has implications for every aspect of your marketing operations and business as a whole. To evaluate the suitability of an MPM for your organization, do a comprehensive assessment of business needs, staff capabilities, management support and financial resources. Considering the following questions:

  1. How would we use a marketing performance management platform? What are the first problems that we would use it to solve?
  2. How do we currently manage our marketing campaigns? How many and what martech and adtech systems are employed in executing campaigns? Is one the “master” or dominant system?
  3. Are they tied together in any way? How many and what channels do we typically deploy campaigns on? Depending on the complexity of your campaigns and the length of the typical purchase cycle you’re measuring, you may not need the advanced capabilities offered by a dedicated marketing performance management solution.
  4. How do we currently analyze success? Is there a central analytics solution? How flexible is the system? Are we able to arrive at insights that are actionable?
  5. How do we currently determine how much budget is allocated to marketing and how that spend is distributed internally and through media expenditures?
  6. Is your organization ready for a marketing performance management platform and ready to act on the insights gained by such a system? Do you have the staffing to use the tool to its full capacity or would you need to hire data analysts or train existing employees? Looking at your marketing spend in a more holistic way and allocating it accordingly may not be compatible with a department divided into media-specific silos. It may be necessary to dramatically reconfigure how staff resources are deployed, possibly resulting in a need to eliminate positions or provide training.
  7. How will we define and benchmark the success of a marketing performance management system? One challenge with this type of system is that it requires the commitment of resources that might otherwise be applied to campaign management martech or ad tech. Though research suggests this is likely to pay off, it’s important to determine how you’ll gauge success.
  8. Do we have management buy-in? You’ll be much more successful if the C-suite advocates for rolling MPM out across the company.
  9. What is the total cost of ownership? Be sure to consider things like adding staff, training existing staff and development costs for integration.
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MPMs’ capabilities make them very attractive to marketers. However, their expense and the additional resources needed to operate them must be weighed carefully when considering one. You also must to assess whether your organization needs everything an MPM platform can do. If it doesn’t, look for less expensive solutions to add to your existing stack. Finally, is your company capable of getting the most out of such a system? Do you have the staff and organizational alignment this will take?

Download the MarTech Intelligence Report: Enterprise Marketing Performance Management Platforms: A Marketer’s Guide


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About The Author

Pamela Parker is Research Director at Third Door Media’s Content Studio, where she produces MarTech Intelligence Reports and other in-depth content for digital marketers in conjunction with Search Engine Land and MarTech. Prior to taking on this role at TDM, she served as Content Manager, Senior Editor and Executive Features Editor. Parker is a well-respected authority on digital marketing, having reported and written on the subject since its beginning. She’s a former managing editor of ClickZ and has also worked on the business side helping independent publishers monetize their sites at Federated Media Publishing. Parker earned a master’s degree in journalism from Columbia University.

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MARKETING

What is Sales Acceleration?

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What is Sales Acceleration?

We exist in a fast-paced world where everyone wants to get things done quickly. Businesses are expected to deliver products and services in the shortest time possible. They also have to reply to customer queries as soon as possible.

When it comes to sales operations, companies have to prioritize speed and efficiency. So most sales teams are always under pressure to meet targets. And it’s more difficult when dealing with outdated technology and inefficient processes.

What is sales acceleration?

Sales acceleration involves a set of strategies, processes, and software that help to automate and streamline the entire sales process. Such software enables sales teams to prospect, qualify leads, and close more deals in no time.

A sales CRM tool allows companies to easily manage their relationships with prospects or customers. Some CRMs provide acceleration features such as sales engagement tools, power dialers, forecasting tools, etc.

How can sales acceleration tools benefit businesses?

According to the stats, 40% of sales reps say prospecting is the most difficult part of the sales process. When trying to convert prospects into customers, you should ensure that your sales funnel is well-optimized for success. Here are some benefits of using sales acceleration tools:

  • Increases connection and call-back rates

Sales acceleration empowers businesses with the ability to reach out to more prospects and customers. According to Intelliverse, sales reps average around 20 calls a day without sales acceleration software. This increases to around 40 calls a day with sales acceleration software. That equates to approximately 1200 more dials and 14 more appointments per month.

  • Increases efficiency in the overall sales process
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According to Crunchbase, sales reps spend an average of 6 hours per week researching sales prospects. With the help of sales acceleration, sales teams won’t have to perform lots of manual tasks. It can boost efficiency in sales prospecting and every other step of the sales journey, i.e. lead scoring, sales engagement, tracking sales activity, sales forecasting, etc.

  • Improves sales and revenue generation

Since sales acceleration is all about efficient processes and automation, sales teams will be able to reach their targets more quickly. 2 out of 3 sales teams saw a return on investment in the first 6 months of implementing sales acceleration software. Over half of businesses surveyed that implemented sales acceleration software reported double-digit revenue growth.

What are the features of sales acceleration software?

Sales acceleration software often provide many features that enable sales reps to optimize their sales operations. Below are features/tools that are included in a sales acceleration software:

Email tracking tools allow sales teams to track their email marketing efforts. They can easily access valuable data such as email open rates, clicks, and attachment downloads. This helps companies to create more compelling email copy and establish more effective schedules.

  • Inbound and outbound call tracking

Inbound call tracking helps to track the source of inbound sales calls and determine which campaigns are attracting leads and prospects. While outbound call tracking software allows sales reps to track outbound calls, automate voicemails, and analyze phone conversations.

Contact management software makes it easier to organize and manage the contact details of leads, prospects, and customers. With such a feature, sales teams would keep accurate lists of contacts and track interactions with them.

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After going through the process of generating and qualifying leads, sales reps have to figure out a way to manage these leads. But a sales acceleration software with a lead management feature will simplify the prospecting process.

Sales dialers are software that can dial phone numbers automatically. They help to eliminate the need for repetitive tasks such as dialing numbers and leaving voicemails or messages. With it, sales reps can focus on conversations.

Sales acceleration software often allows sales teams to predict future sales opportunities. This feature works by using prediction algorithms to analyze customer data and past performance. It helps to spot potential issues, determine favorable periods and estimate future revenue.

Salesforce automation involves using tools or software to automate the repetitive tasks that sales teams are required to do. SFA helps to reduce their workload so they can actually spend more time on selling and converting.

Sales acceleration software should include a feature for data analytics. This would help sales teams to make sense of complex data. It allows them to gain useful insights from their numerous prospects or customer data.

Conclusion

Sales acceleration is a good way to optimize your sales process and get more done quickly. It’s also a good idea to incorporate automation into your overall business strategy to improve efficiency and scale your business faster.

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