Profits are like water. We need them to survive in business. We interact with customers, we sell products, we build a whole lifetime value with our consumers. And then those profits come “pouring in” like water.
However, without proper supervision, those profits can drain away just as quickly. If our business is inefficient, blockages can occur, preventing the flow and causing profits to be lost. If our practices are faulty, the vessel starts to leak, and profits pour away faster than we can pour them back in.
This is why a streamlined, cost-effective business is so vital. There is no use in focusing solely on profits if our businesses aren’t shipshape and watertight at the other end. We need a comprehensive strategy – aimed at enhancing all areas of an organization – if we are to succeed.
Comprehensive strategies call for comprehensive tools and platforms. We can mimic this effect by implementing a series of high quality protocols and procedures across different departments, but this is fraught with dangers. Running distinct procedures alongside one another can be difficult to accomplish seamlessly. If the edges don’t match up, you risk creating holes in your business.
Individual procedures, tailored to the aims and objectives of specific departments, are important, but they must be unified by a more comprehensive, overarching system. Marketing automation software may appear to be primarily focused on driving profits and bringing new customers and clients into the fold, but it has a vital role to play in supporting this kind of comprehensive system architecture.
For example, it enables businesses to create profiles relating to individual client types. When a new client engages with the organization, other departments can quickly assess their needs and expectations, creating a seamless experience at all stages of the process.
Churn and how to survive it
The importance of this level of cohesion can’t be overstated. The psychology of the customer has shifted in recent years; brand loyalty has become more fluid, consumer interaction has been enhanced in all areas, and buyers now have a wealth of different options at their fingertips.
When we’re dealing with this level of convenience, we really need to up our game. We need to streamline our processes at every stage, ensuring smooth customer interaction and ongoing support. This applies to the customer experience – ensuring that we’re offering intuitive and efficient procedures to customers when they engage – and also to our own practices, giving our departments and our team members the ability to deal with any issues that may arise.
In this new customer landscape, churn is a severe risk. By losing contact with a customer after the initial sale, we’re failing that customer in terms of after sales care and in providing them with what they need on an ongoing basis. This customer will now become susceptible to churn, as they’re enticed toward competitors who are able to offer a better quality of service.
By implementing a cohesive marketing automation system, and by streamlining the processes associated with providing after sales care and interaction, we can minimize churn and the costs associated with it. Enhanced customer lifetime value is secured.
But, as we all know only too well, costs aren’t limited to those caused by churn. Every aspect of an organization – every procedure, every department, every action – needs to be appraised, analyzed and optimized for cost-effectiveness.
Taking this sort of task on alone requires a mammoth effort. The sheer scale of the data produced by even a small-scale business on a daily basis is almost unimaginable, and it’s this data resource which we need to tap into if we are to accomplish this effectively.
To put it simply, we can’t manage this sort of appraisal without a comprehensive system in place. Any data we access is only scratching the surface. Instead, we need complex reporting abilities and powerful data management facilities to make this possible.
Marketing automation goes far beyond the automation of outbound marketing initiatives. It acts as an ever growing resource of data, becoming more and more useful with each and every client interaction. Being able to draw upon this data gives us a valuable insight into our operations, allowing us to examine their development over time.
By understanding the results of each action we take, and by analyzing different processes and procedures on a company-wide scale, we can identify precisely where revenue is being lost and exactly what we need to do to rectify this.
Future-proof your business
So, you’re doing everything you can to maximize profits. You have a solid platform of marketing automation doing its work for you, keeping clients happy throughout the entire lifecycle, minimizing churn and reducing costs. You’ve locked and bolted the back door, preventing unnecessary shrinkage and profit reduction. Meanwhile, you’ve ensured that a steady stream of customers is joining your organization each month. The stage is set for growth.
But what happens next? After all, growth means changes to your organization. As a company grows, its requirements alter, and the procedures that need to take place alter too. In order to achieve scalability, we need to put systems in place to give ourselves room to grow.
This is precisely what’s provided by marketing automation. By implementing this type of system, the future of our organization becomes secure. We’re able to grow to accommodate new customers and increased service provision, but at the same time we are able to remain watertight enough to keep hold of the leads we’ve already converted.
To be future-proofed, we need to be unified. Lead generation, customer retention, client value optimization; all of these strategies need to work together as one cohesive whole. We need overarching systems to keep all of this together; we need marketing automation.
This article originally appeared on GetResponse.