What is Marketing Automation and why do you need it?
Marketing automation is a software that makes the process of converting prospects into customers with whom you can establish retentive relationships easier. In a nutshell, the software automates marketing actions which offers multiple benefits. Let us examine 4 of these.
Can integrate with CRM platforms
Marketing automation software, when combined with your CRM, can become an incredibly valuable tool. Marketing, sales and customer activities can be centralised into one place, giving you a complete operational overview of your Forex business. The QoreFX platform for instance has many applications pre-integrated to perform a variety of marketing functions, for e.g. MailChimp, allowing you to send targeted email campaigns in bulk, directly to your contacts already loaded into your system (be they leads, opportunities or actual customers).
Consistent messaging for each audience
Marketing automation software eliminates the need to manually send out individual emails or any other type of marketing content. By integrating the software into your CRM, you can formulate and send optimised messages / marketing collateral through your system to audiences (contacts in your CRM database) segmented by where they are in the sales funnel. Examples include a promotional offer, a new customer welcome email, a lead nurturing message, an email reaching out to an inactive prospect to get them re-engaged with your product, and more. This results in an effective and consistent communication workflow, improving the customer experience.
Saves you time and money
Marketing automation can save a considerable amount of time according to the following statistics from imPACT:
- When you automate your social posts and ads, on average, you save more than 6 hours per week
- You can increase your reply rate by 250% by automating your outreach and follow up emails
- You can save 80% more time by setting client appointments or meeting with an automated tool
This enables your sales team to focus on other more important tasks such as lead generating activities, converting leads into customers and closing deals. Saving time also saves you money, improving ROI.
Analytics – tracking and monitoring campaigns
Marketing automation software optimises the tracking and monitoring of marketing campaigns. The Digital Marketing Institute explains this best: “Automation software collects and analyses data regarding leads, customers, sales, campaign success, and so on. This helps marketers to assess the effectiveness of past and current campaigns and predict which strategies will work well in the future. The reporting from these auto-analytics allows each stage of your marketing process to learn and improve.”