Learn the ROI on Marketing Automation
A marketing team’s time is best used away from more menial tasks like email scheduling — that’s where marketing automation comes in. Marketing automation can take over your daily tasks by helping to bring you traffic that is likely to convert. But what is marketing automation exactly, and how will it help your company’s overall ROI? Continue reading to learn more about this innovation, its value, and what we can expect from marketing automation in the future.
What is Marketing Automation?
Marketing automation is when a company uses software or another form of automated technology to streamline nearly everything about the marking process — from sending email campaigns to accessing data.
This automation helps marketing teams work smarter, not harder. This extra time will allow your marketing team to learn more about their prospects and customers on a personal level.
Consider Your Marketing Inputs
When shifting to marketing automation for your business, it’s important to understand the inputs that are currently driving the marketing efforts. Of course, the normal marketing inputs are people, time, money, and ideas. Ask yourself questions surrounding these inputs, like:
Can you automate tasks to save your workers some time?
How can technology streamline the ideation and conversion process?
Where are the knowledge gaps in our sales and marketing teams?
Which campaigns and platforms bring in the highest ROI?
Once you understand how to automate your marketing inputs concerning your team and the challenges they currently face, you’ll be better prepared to find automation software that best fits their needs.
How is Marketing Automation Valuable?
Now that you’ve identified some questions surrounding marketing automation and its future relationship with your team, it’s time to solve them. Consider hiring an outside marketing automation company to help you solve your problems and increase your ROI.
Marketing Automation Effectiveness
In today’s technology-driven world, it’s no surprise that 75% of all companies use some form of automated marketing. Not only can it boost your business’ productivity, but it can also increase the efficiency and effectiveness of sales and marketing activities.
How Marketing Automation Affects Your Sales Team
It’s no secret that sales and marketing go hand in hand. The marketing team generates leads and then brings qualified leads to sales, while the sales team communicates what marketing tactics are driving conversions.
However, if you find that your company has cracks in the communication workflow, you may benefit from automating it — or else you may suffer serious consequences. This streamlined marketing automation between the sales and marketing teams will add a hefty boost to ROI.
How to Calculate the ROI of Marketing Automation
If you’re scratching your head when it comes to calculating your marketing automation’s ROI, you’re not alone. It may seem intimidating on the surface but it’s actually quite easy.
To start, subtract your marketing cost from your sales growth. Then, divide that number by your marketing cost to determine the return of your marketing investment.
This formula will show you the direct benefit of your marketing efforts and convince upper-level management to invest in more automated services.
How to Capitalize on Marketing Automation Long-Term
Capitalizing on marketing automation services is easy, as long as you stick with them — they provide a better ROI the longer you use them. The longer you use the service, the more data you’ll have to analyze, which will help you make more valuable business decisions.
Here are some quick tips when it comes to capitalizing on marketing automation services:
Dedicate time and workforce resources to set up the automation software properly. Use this time for in-depth training and onboarding processes.
Give your software at least six months before you try to calculate the ROI.
The Future of Marketing Automation
The future of marketing automation is bright. The industry is growing rapidly, and it’s up to individual businesses to catch up.
Not only can marketing automation improve your ROI, but it can also save your employees some much-needed time and energy. Marketing automation will someday integrate AI technology into the workflow from top to bottom, from customized trigger campaigns to customer service chatbots.
