Market Research is the key to develop any target-oriented business development plan. While in the past it was challenging to understand marketing practices of competitors in an industry, today’s online marketing is not only measurable but also more transparent and informative about who is active in what marketing channel and where.
Understanding the marketing environment used by your competition allows you to decide whether you want to compete against them, find new channels, or reach another target market. Based on your research results, you set up your online marketing plan, which will be guiding you in your next steps.
Benefits: Collected business and industrial intelligence is the key to a successful marketing plan. It enables you to develop specific strategies to achieve your defined goals.
Web Development today is more than just creating an online brochure of information. Over 4 billion people are using the internet daily, but it is getting more and more difficult to attract even the attention of a few to your online offering. There are millions of websites visited by a few people, but millions of people visit only a few sites!
A website does not only consist of content and design. It all serves a purpose. The pages need to offer a pleasant visitor experience, structured in a way to lead the visitor to the desired goal with a clear and well-placed call to actions. The popular programming language used will allow you to simplify updates, but another language may increase security breaches.
Benefits: A modern website provides your visitors with practical solutions. This is the ideal first contact for all online and offline marketing activities. Web development is much more than just an online brochure filled with information.
TRACKING & MONITORING
Offline advertising practices in various media channels are expensive, and most of the time not measurable. The power of online marketing lies in its characteristic of being measurable. With solid campaigns set up and a well-configured website to monitor visitor actions, the ROI-Return On Investment is an essential indicator on what marketing channel to bet the next buck on.
To take reasonable marketing steps based on past data collected is the essence of Performance Based Marketing. Monitoring marketing, resulting number of visitors, their engagement, and bottom line spent is key to determining Online ROI, design buyer personas, target markets, and budget marketing spent.
Benefits: Data is the new currency. The more structured this information is, the more valuable it is for your company. Decisions based on data better explain a certain behavior pattern. At the end we get an overview of the whole company and at the same time understand which decisions we want to focus on.
CRM – CONTACT RELATIONSHIP MANAGEMENT
A CRM described in the past, mainly Customer Relationship Management Software. But this primarily data-driven environment is not only interested in customer data but also data from leads, prospects, and entire companies.
A relationship develops in phases from an unknown contact to a customer. While CRMs were used in the past, mainly by sales personnel, today all departments can benefit from a well kept complete CRM. Important is to feed the CRM with data from different sources which can be done efficiently through API integrations or also by exporting/importing the desired data.
Benefits: A well-organized CRM is a company’s nervous system, also known as a digital hypothalamus. Many people understand the benefits of CRM, but very few of us understand the added value that CRM can bring. A well-structured CRM reduces the dependency on other systems or employees and thus makes your company transferable.
ARTIFICIAL INTELLIGENCE (AI)
AI is able to mimic intelligence identical to human. AI-based programs are capable of their own thinking, planning, learning, understanding and even interpreting language, based on the result of years of research in the field of cognitive science. AI is smart enough to take advantage of the user’s actions and interactions. Based on the data, AI finds answers to complicated questions, but also can own interpretation of behavior, and thus the ability to predict and anticipate actions or behaviors before they even happen.
“The fourth industrial revolution is about to take off before our eyes. Learning computers will drastically change our lives. More than a wheel, electricity or the Internet.”
– Jen Hsun Huang – CEO of Nvidia
Benefits:At the same cost of acquisition, AI will be an average of up to 20% more conversions from smart campaigns compared to the regular MA. Here you can clearly see what unique opportunities artificial intelligence offers in marketing. AI will also help to minimize the risk of errors that are most often made by people and the current marketing automation. In the future, consumers will make purchasing decisions based on AI results that have already analyzed ideas, past searches and user preferences.
Managing Marketing activities means understanding what channels provide access to what target market and what conditions need to be to reach desired results. Not all businesses are successfully promoted on search engines. There are over 4000 social media channels, and not all of them allow you to build a community where your offering is of interest.
In general, it is good to keep a very realistic attitude towards all options and think about who benefits from restricted features or access to over 3 billion people over the internet? In general, is it recommended to gain your first experiences in the company of a professional. But no channel will do the work for you to exactly know what to sell to which audience and where in terms of channels.
Benefits: Marketing management explains where your market comes from and how to communicate with it. Before leads can be directed to the sales department, they must be authorized. In order to do this, it is your job to find enough information to fully understand that this is a potential customer.
Not every sales activity is so straight forward like some E-commerce solution online. Most B2C businesses benefit from this simplicity, but B2B has a more complicated way of closing a deal. Offline, a good sales representative has options to charm or convince a potential lead with more than just words. But online, besides using images, videos, we are also limited to words, & therefore companies charm with content & touchpoints.
Good content is vital, but repetition builds trust. However, sales management looks into more than the one sale but professionally done; it offers additional opportunities to sell more without affecting the built up relationship negatively. An often underestimated but critical component of Sales Management is Pricing!
Benefits: Know who is prepared to pay when at what price. It is easier and much cheaper to sell to an existing customer than to a new contact. Managing sales means to understand multiple sales opportunities and understand enough to develop reasonable customer journeys.
MARKETING & SALES AUTOMATION
Marketing & Sales Automation refers to software platforms and technologies designed for marketing and sales departments and organizations to more effectively market on multiple online channels and automate repetitive tasks. Marketing & Sales Automation has been around since the end of the last decade but has only now gained serious attention.
This is partly due to the lack of well maintained CRM or ERP data & know-how in understanding business processing. There is also fear that such solutions affect negatively the job market, which cannot be further from the truth. Marketing & Sales Automation ensures that mostly necessary but tedious, repetitive tasks on online channels are completed so employees can focus on what really matters.
Benefits: Analyze and standardize marketing and sales processes to minimize headcount and maximize output. Marketing & Sales Automation expands engagement with your leads generated by marketing activities. This ultimately increases the chance of converting your visitors into customers.
Digitalization is a trendy word that is seldom described what it consists of. IT solutions have been developed for nearly every aspect of any business. None of them cover all aspects of a company and therefore is the integration business, which means building connections between different solutions, a vast industry.
The recent past has shown the benefits of bringing marketing and sales closer to collaborate more efficiently, but the big bump is to make operations like production or distribution benefit from all the marketing and sales data collected. While ERP solutions usually monitor finances and other resources, progressive CRMs focus on marketing and sales. The ultimate power will reside in digitalizing operations based on data collected in marketing and sales.
Benefits: The digital connection of marketing, sales and operations, in which processes affect all important departments, describes a company based on the latest technology. It enables the company to invest in the right opportunities by collecting data and to react efficiently to market changes.