Our team will be attending the marketing event, TFM&A on the 26th and 27th February at Earls Court, London. David Beard, CRM Evangelist at Sage will be presenting ‘Market Smarter – How CRM can accelerate your marketing in 2013’ (CRM & Multichannel Theatre, 26th Feb, 13.30-14.00). If you can’t make it along to his talk pop over to stand F24 and say hello to David, Katie and the rest of our team.
So Marketers – What’s your biggest priority for 2013?
For me the all-important conversion rate is high on my agenda and apparently I’m not alone. Research conducted by the Direct Marketing Association in 2012 revealed that conversion rates were the number one priority for marketers – with 48 per cent identifying this issue as their main concern.
But why are conversion rates becoming the Holy Grail for Marketers?
Simple. Shrinking budget, growing business demands and fierce competition.
It is no longer appropriate to take the ‘scattergun’ approach, sending out generic content to your entire mailing list. Not only are you spending money in areas that are unlikely to deliver any results, your target audience will zone out, unsubscribe and become de-sensitised to your content.
In December 2012, Royal Mail revealed that almost half of the post delivered each day can be classified as ‘junk mail’ and IT security firm Symantec classifying more than 90 per cent of all emails delivered as ‘spam’.
The conclusion. Marketers now have to work harder than ever.
But don’t worry I’m not suggest we need to deliver more campaigns (and probably with less budget), we need to deliver better quality. Distributing relevant, engaging content that will cut through the competitor noise and deliver good quality, quick converting leads – boosting revenue and keeping the Sales function happy.
Hands up – who really uses their CRM?
So you’ve got you’re a CRM system, you use it to manage Prospect/Customer contact records, Telemarketing calling and Sales pipeline. But your CRM system also holds a wealth of data on individual customers, which can be invaluable if properly interpreted and acted upon.
In a McKinsey & Company pilot study, conducted in a retail environment, the use of CRM marketing techniques was shown to deliver a 60 per cent increase in website conversions. As such, the marketing return on investment rose by almost 30 per cent, with annual sales increasing by a fifth due to more effective targeting.
The intelligence drawn from CRM data gives you the opportunity to plan appropriate engagement strategies, suited to each individual customer. Knowing where a consumer, business or organisation is coming from – and what makes them tick – is the first step towards encouraging them to invest in your products and services. If specific needs, interests or requirements can be established, it is easier for vendors to deliver appropriate content which demonstrates where new purchases can add value.
Integrating your CRM as part of your Marketing strategy gives your greater intelligence and understanding of your customers – knowing their interactions, purchases, preference and behavioural patterns. Helping to deliver more sophisticated, more targeted, more cost-efficient marketing, which after all it going to see that Holy Grail become a reality.
Katie Slater, Sage CRM Team