I recently conducted a survey of small business owners. The lead question asked what their single biggest challenge is.
In more than 70% of the responses, the owners felt marketing was the challenge vexing them the most. That matches data from the Small Business Administration. The SBA also found that as businesses grow, the number who list marketing as their biggest challenge only drops to around 56%.
They also found that 56% of companies invest less than 1-3% of their revenue on marketing, including infrastructure. Interesting that one of the biggest problems is getting the least fiscal attention!
Benhauer put together this great infographic, which shows the 7 leading benefits of marketing automation. I think that having a well-built marketing system that is coordinated with your strategy is one of the best investments a company can make to overcome challenging marketing.
Some interesting points that their research found:
-sending customized emails after people purchased from you makes them 200-500% more valuable as repeat customers
-90% of potential customers searching online for a product lose interest within one hour – real-time marketing increases their response rate by over 60%
-repeat customers spend almost 70% more than first-time customers and cost 1000% less to acquire
What I love about these numbers is that they augment what most people are already doing. So, you don’t reinvent the wheel, you just ensure you have a system that can take these steps in addition to what you are currently doing.
What is your favorite benefit of marketing automation?
I’m doing a Marketing Automation Jam Session to discuss what it means, how to add it to your framework, and some thoughts about research and benefits. There is nothing for sale – just bring your thoughts and questions! I’ll do a Q&A session at the end to go through some of the questions you have.
I’m looking forward to talking with you at the Marketing Automation Jam Session.
The Cogent Coach
Click here to join me online at the Marketing Automation Jam Session.