Enterprise marketing executives face numerous challenges as globalization increases competition across all industries. Evolving cultural shifts are also leading to the use of new forms of marketing media, reducing the effectiveness of traditional advertising, necessitating a significant change in marketing strategies.
More than ever, enterprise marketers are under pressure to increase sales, build brand awareness, provide a satisfying, omnichannel customer experience, launch new products or services and expanding into new markets while improving campaign ROI and controlling costs.
One way to remain competitive, when creating and launching effective marketing campaigns is to streamline processes and eliminate wasteful behaviors in an effort to control costs. Some unnecessary spending habits of enterprise marketers include:
1. Manual Processes
A study by McKinsey, published in the Harvard Business Review, found that 10-15% of a marketing executive’s tasks could be automated using available technology. Automating manual processes has several benefits for a marketer, increasing productivity, improving resource allocation, reducing errors, and fostering overall job satisfaction.
78% of workers found automation beneficial in allowing them to focus on more interesting and rewarding aspects of their jobs, while 72% said they would use the time saved by automation to perform higher-value work.
2. Unused Technologies
Waste related to marketing technology services is surprisingly common. An estimated 38% of all enterprise software is unused (or under-used), costing the average large enterprise $7.4 million per year.
Technology oversight can be difficult to achieve, particularly in an enterprise with many locations. However, without controls, the company is at risk of significant unnecessary expense. Software can be purchased, but not adopted effectively in all locations. Redundant licenses or subscriptions may be purchased, or different software offering the same tools may be installed without leadership approval.
These ‘shadow IT’ activities are not only expensive, they also put the enterprise at risk of data security and quality issues, network issues and potential costly downtime.
3. Inefficient Targeting
Targeted advertising campaigns are more effective in generating a response from potential customers than traditional, mass-market endeavors. A study from MailChimp found that a segmented campaign results in a 100% increase in clicks and a reduction in bounces, abuse reports, and unsubscribes.
Personalized brand message also create an opportunity to build better relationships with customers by sending them relevant message at the right time. Multi-location enterprises can leverage distributed marketing platforms, like CampaignDrive, to provide local marketing teams customizable, on-brand assets to further personalize content for specific areas.
This simple personalization tactics can make enterprise marketing efforts more effective, increasing the ROI of each campaign, while improving brand equity and enriching the customer experience.
Balancing the need to acquire new customers, satisfy and retain existing customers, increase sales, and demonstrate the ROI in marketing campaigns requires marketing teams to be flexible, innovative and adaptable.
CampaignDrive by Pica9 is a distributed marketing platform that tackles each of these three unnecessary spending habits by automating processes, controlling Martech waste, and facilitating the personalization of marketing assets. Our platform enables enterprise marketers to create, collaborate, and disseminate marketing assets across business locations efficiently to lower marketing costs, save time, and improve marketing ROI.
To learn how your enterprise business can decrease unnecessary marketing spend with CampaignDrive, request a demo of our platform today.
Sources:
https://hbr.org/2015/12/how-many-of-your-daily-tasks-could-be-automated
https://www.smartsheet.com/2017-automation-report
https://www.techrepublic.com/article/report-unused-enterprise-software-is-costing-businesses-a-fortune/
https://mailchimp.com/resources/effects-of-list-segmentation-on-email-marketing-stats/
