Marketing automation software has the potential to streamline your marketing campaign, increase the potential for lead generation, and reach a wider demographic of consumers. However, marketing automation software isn't a panacea, and it still takes a marketing data strategy to ensure the success of the marketing campaign. By avoiding a few common mistakes, you can glean more benefit from your marketing automation software and increase your revenue potential. Here are the primary ways people blow through their marketing automation budget without reaching their full potential.
1. Your content marketing strategy is lacking. Marketing automation software is simply a tool to boost your marketing potential; it isn't a marketing campaign on its own. By allowing key aspects of your marketing campaign to suffer, your marketing automation will be less effective and lead generation will falter. Inbound marketing can save about 13 percent of the cost per lead, so neglecting your content strategy will ultimately result in wasted funds.
2. You aren't tailoring your approach as needed. Effective marketing is fickle, and adhering to the same approach month after month won't allow you to make the most out of your strategy. The key perk of marketing automation software is the abundant data and analytics it provides you. Schedule a time every week to study the analytics of your marketing automation to ascertain which aspects of your campaign are working, and which aspects are failing to generate leads. By updating your approach as needed, you'll be able to stretch your marketing budget further and make greater returns on investment.
3. You falsely anticipate scalability. Keep in mind that the effectiveness of marketing fluctuates. There are countless variables involved in lead generation, and the effectiveness of the marketing strategy is just one of those variables. While your Google ad may have produced $5,000 in returns the first week, this doesn't guarantee it will be replicated next week. Before investing the bulk of your assets into more Google ads, review the analytics of your marketing automation to determine which aspects of your campaign are responsible for increased sales and lead generation. Sales can be influenced by the time of year, the economy, the availability of products, and your competitors, so you shouldn't automatically attribute sales fluctuations to your marketing strategies.
4. You've forgotten about your current customers. Marketing isn't just about attracting new clientele. It's also focused on enhancing client retention. The cost of acquiring a new customer is six to seven times greater than the cost of keeping a current customer. While attracting new clients is important, if the entirety of your marketing campaign hinges on attracting new clientele, you are setting yourself up for financial disaster. Marketing automation can also help to improve client retention by strengthening the marketing tactics that cater to existing customers. This will enable you to boost client retention and make more of your marketing budget.
5. You have unrealistic expectations. Your marketing automation software isn't going to do the work for you. If you're anticipating a massive sales increase but are unwilling to put the time and money into making it happen, your marketing strategy will rapidly hit a dead end. Marketing automation will get results. However, to boost the potential for lead generation, you have to regularly assess and alter your strategy, analyze new data and trends as they emerge, and invest accordingly based on your desired returns.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.