Small and medium size businesses (SMBs) are gradually coming around to the idea that part of their marketing effort must be digital. In addition, the data stream generated from digital marketing can be helpful, instead of overwhelming, when the right automation tools are applied. A new study from Forrester shows that SMBs can leap ahead of the competition when they use online intelligence to improve their targeting and conversions of leads to customers.
Forrester findings suggest that “Bottom Performers” are too focused on traditional advertising like print. While this strategy can build brand, it can take a long time to develop and cultivate new business. On the other hand, “Top Performers” are investing more heavily in new media ranging from email to social media. Top Performers also spend more time trying to increase customer lifetime value.
With good automation, more SMBs can become Top Performers. They can cost effectively touch customers more frequently and communicate with leads who only use email as well as those who use only social media. The improved efficiency also enabled Top Performers to form a stable 1 month to 3 month relationship with prospects before moving them into the sales cycle. This technique results in a higher close rate.
While each business and its sales cycle is unique, the point of this study is important. SMBs which can efficiently track their cost per lead, time from lead to close and cost per new customer are more likely to see better metrics and higher sales.[Source: 7 Marketing Habits of Today’s Highly Successful SMBs. Acton.com. November 2012. Web. 6 Dec. 2012]