Presented by Financial Publishing Services

Taking the Mystery Out of

Bank Marketing Automation

In a white paper on digital age marketing and financial

services, Marketo describes marketing automation as a

must-have tool for financial services marketers to

streamline, automate and measure marketing tasks and

workflow, so they can increase operational efficiencies and

grow revenue faster.

Introduction

The reality is that relatively few organizations with

marketing automation platforms (MAP) are enjoying those

benefits.

According to Marketing Growth Strategies, only about

20% of large enterprises are using some form of MAP. Of

those who do have a system in place, deployment remains

a major challenge.

Introduction

Determining the ROI of marketing automation remains a

challenge as well. The research brief, Calculating the

Return on Automation, by Sirius Decisions notes that for a

marketing automation investment, demonstrating an ROI

has got to be more than showing an increase in marketing

campaigns and sales leads.

ROI

For automation to generate meaningful performance

improvement, marketing skills and processes must be

integrated with the technology. The Sirius report cautions

that companies using technology alone to improve demand

creation may see their marketing results deteriorate.

ROI

However, when combined with the proper processes and

skills, marketing automation can produce exceptional

results, the report states. Users discover more

functionality, increase conversion rates and ultimately

increase revenue.

ROI

Q & A

Matt Read

Marketing Automation Strategist

with Eric Mower and Associates

A. Marketing automation is designed to create a responsive, self-

operating two-way dialogue between your audience and your brand.

You’re feeding them content and they are giving back information.

This feedback helps you to determine where the prospect is in the buying

cycle. Knowing where the prospect is in the decision-making process

enables your automated system to send the appropriate information to

move the prospect further along the buying cycle, ultimately leading to a

sale.

Q. Marketo gives us a macro view description of what marketing automation is

designed to accomplish. How would you describe it from a marketer’s point of

view?

A. Aside from the upfront investment that implementing a marketing

automation system requires, banks, in particular, have data security

concerns. They’re hesitant to share their customer’s financial data,

account numbers, etc., for fear of it being hacked or otherwise

compromised.

While all major marketing automation platform vendors guarantee

security, the majority are *cloud-based services. At the same time, most

automation systems do integrate with the bank’s in-house systems, so

there’s some control over how much bank information is shared.

Q. That sale is what it’s all about isn’t it? So why do banks and other organizations

seem so hesitant to pull the trigger on the means to make it happen?

*Cloud services are available to users on demand via the Internet from the provider's

servers as opposed to originating from the company's own on-premises servers.

Firewalls can also be put in place for additional security. While security

is a well-founded concern, some risk is considered a cost of doing

business. And with the proper security systems in place, that risk is

minimal.

Banks can also circumvent concerns about

divulging secure information by limiting the

scope of the customer data they input into

their automated system to only a name and

email address as well as behavioral

information a customer shares that will feed

the buying cycle process.

(Q. …why do banks/organizations seem so hesitant?…)

Some banks have made the decision to move forward with a systems

purchase, but have not successfully implemented it. Often times this is

due to an unrealistic expectation—often set by the system’s seller--that

once a system is bought and installed it’s ready to go at the flip of a

switch. In reality that’s like buying a hammer and expecting a built house

to appear.

(Q. …why do banks/organizations seem so hesitant?…)

The marketing automation platform is just the engine that drives the

strategy. The strategy the bank develops determines the customer data

the MAP contains and the content that feeds it. Getting to the point

where both data and content can work together to achieve the desired

outcome is where the real work lies.

(Q. …why do banks/organizations seem so hesitant?…)

A. All stakeholders need to work together, particularly Marketing and

Sales. With all the talk about the disconnect between these two groups,

this is a great opportunity for those two units to work together and create

meaningful, measureable results that both will want to stand by.

They are the ones who will collectively determine what online behaviors

will trigger which content, so that clients and prospects are getting the

appropriate information to move efficiently through the buying cycle,

culminating in a sales engagement. This process is critical in that a poorly

planned data and content integration system is a difficult thing to unravel.

Q. How do organizations get to that point of data and content integration?

First you need to get the “right people” in the room, so to speak, to

determine who should see what content and when. And while Marketing

typically takes the lead in that decision, Sales must be an integral part of

the process.

Sales will be essential in helping identify and categorize target

audiences. And with their time and experience in the field, sales reps

also have insider knowledge on what content those targets might be

most likely to engage with. So really, Sales involvement is essential.

Q. Can you walk us through who does what in the collaboration you’ve just described?

During one of the marketing automation classes at a recent Marketo

conference, the instructor put it this way: “We are going to take your best

sales person and find out what they say to whom when they are out in the

field. Then we are going to replicate that via automation.” The impact of

that automation will be the equivalent of at least 50 sales people delivering

the same information manually.

(Q. …walk us through who does what …?)

With Sales and Marketing working transparently together in setting the

criteria for quality leads, and Marketing incorporating this field

intelligence from Sales to determine and develop the content, both

departments are now committed to a cooperative system that generates

far better results than either could achieve working alone.

(Q. …walk us through who does what …?)

Once you have qualified your leads, you can not only show the ROI, but

you can also measure cost-per-sale or cost-per-lead. With a system like

this in place, you can now measure the impact of lead nurturing content

and buying cycle behaviors.

You also can determine an actual cost per action or cost per sale. In

addition, you can track what results are happening in real time, and make

adjustments on the fly. You can better prepare for future marketing

planning, instead of just writing checks and crossing your fingers hoping

that marketing will drive sales.

Q. Philosophically this makes a lot of sense. Can you walk us through how the

philosophy turns into something that, excuse the pun, you can ‘take to the bank’?

That Marketing Automation Programs can reduce the average sales cycle

is also an important fiscal benefit. Today, your typical B2B sales cycle can

range from 18 to 24 months, from first outreach to closing the deal. With

that much time, it’s hard to follow up at the right moment, and whoever is

closest to the finish line is the one you’re going to want to spend the most

time with. What marketing automation does is eliminate that ‘spread too

thin to follow up’ aspect out of the equation. It allows Sales to maximize the

time they spend directly communicating with prospects who are ready to

buy.

(Q. Philosophically this makes a lot of sense. Can you walk us through how the

philosophy turns into something that, excuse the pun, you can ‘take to the bank’?)

Basically, your sales people will spend more time doing what they do

best: selling to qualified, interesting prospects. The more time they spend

with people at the end of the cycle, the more effective they and your

bank will be. So, a comprehensive MAP doesn’t just automate

interactions with the end user, it paves the way for an automated

interaction with the sales team.

(Q. Philosophically this makes a lot of sense. Can you walk us through how the

philosophy turns into something that, excuse the pun, you can ‘take to the bank’?)

A. For a Marketing Automation System to function as a sales tool, it needs to

be integrated with the organization’s CRM system.

For instance, say we are tracking the activity of a prospect listed in the

MAP database. Marketing and Sales have come to an agreement on lead

scoring and this person registers as someone that’s ready to talk to a sales

rep. That information is sent from the Marketing Automation System to the

CRM system, and it triggers a message to a sales person, typically by email,

that they just got a lead.

The sales person can then go to, let’s say Salesforce, and look at all of the

things that prospect did that led up to their score, such as downloads, opens,

views, etc. Now the rep has enough information in their arsenal to make a

very timely and relevant sales call.

Q. What do you mean by “paves the way”?

A. Most major players work with the other major players. For instance the

Microsoft and Salesforce CRM systems work well with most of the big

marketing automation systems, such as Marketo, Eloqua, and Oracle, to

name just a few.

Beyond that, home grown or off-the-shelf CRM systems can still work

together, but to do that, systems integration companies like ours usually

need to get involved.

Q. Do most of Marketing Automation Systems integrate well with CRM systems?

The purpose of system integration providers is to help organizations

become able to ultimately manage marketing automation on their own. The

only way this can happen is by working together to identify and categorize

the targets, establish trigger behaviors, formulate the content strategy and

integrate that strategy into the CRM system up front.

Once the strategy has been integrated and the system has been tested,

they should only need to call in their system integration partner if they want

to incorporate a new content strategy, or otherwise enhance or make major

changes to their current program. Any system ‘glitches,’ such as repeated

“user error” messages, should be worked out as part of that initial program

setup.

(Q. Do most of Marketing Automation Systems integrate well with CRM systems?)

In some cases, a bank may “turn over the keys” to a system integration

partner, because they don’t have the resources to manage the process

internally. They may say “we know using a marketing automation system is

the right thing to do, but we don’t know how to do it.” In that case, the partner

will ‘architect’ a system, helping the bank to choose a platform, and then

implement and manage it completely.

(Q. Do most of Marketing Automation Systems integrate well with CRM systems?)

It may sound surprising, but the choice often comes down to the human

component. A marketing automation supplier should be less like a vendor and

more like a partner. Good partners will continue to work with you after setup to

manage the entire process.

Service agreements can range from an expedited ‘walk through’ with a single

point of contact at the bank, to a few days of intense staff training, to a

contract where the partner provides ongoing monthly service.

Q. What would you say to a bank that’s in the process of selecting a marketing

automation platform?

Whatever level of service you require, you need to select a partner who’s

committed to the mantra of success—which is to deploy and then revise, revise,

revise to success. It comes down to believing that the partner you’re talking to

will view the challenge like you do.

Do the people you’re talking to have an in-depth understanding of marketing

automation? Are they passionate about marketing? Will they be passionate

about your brand?

If they know their marketing automation and digital marketing and answer those

other questions, you’ve got a good partner.

(Q. What would you say to a bank that’s in the process of selecting a marketing

automation platform?)

Founded in 1968, Eric Mower + Associates is a full service marcom,

advertising and digital services agency with offices across the United States.

With over 250 passionate, creative and tenacious personnel, EMA has won a

variety of B2B and B2C awards, and is recognized as one of the most

successful independent firms in the country.

To learn more about EMA and to see what a strategic partnership looks like,

you can call Matt Read at 315-413-4259 or e-mail at mread@mower.com

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