What technology makes sense for you and your current marketing strategy? Last week we took a deep dive into the marketing technology needs of small businesses. This week we want to look at the marketing technology fit for the mid-market.
To explore this question let’s take a look at the Teradata Integrated Marketing Cloud, which has the ambition to serve many different types of marketing technologies. By looking at what Teradata offers mid-market companies, we can understand your marketing technology fit.
Mid-Market Growth Pains
As a company grows, marketers spend a lot more time attempting to understand their customers and finding the best way to reach them. Marketers reach out to their customers across many channels, and want to know which customers they are finding through each channel.
Small business (SMB) tools are fine for taking action, but they fall short with respect to providing an integrated view of the customer that tracks activity across all channels. Mid-market companies need a holistic view to optimize spend and get a better handle on segmentation. The number of customer segments typically starts to grow as companies transition into the mid-market.
The nature of the marketing process also changes dramatically. For SMB marketing, the key is to take action at a small scale. Many SMBs only have one list, with a couple of segments at best. The idea is to keep throwing high quality messages out and growing the list in as many ways as possible. If your messages are good and you have a strong product, you attract the customers you need to keep the business going. If you only need a small number of customers, the SMB playbook may be sufficient.
But as a company transitions into the mid-market and needs to systematically acquire more customers, the playbook changes, and companies need to focus on:
- Aggressively growing lists from many different sources
- Dramatically increasing the number of landing pages and touch points
- Segmenting lists to increase the effectiveness of the marketing spend
- Qualifying leads before sending them to sales
- Tracking activity across many different channels to determine which are working
- Integrating systems so data flows from one system to the next automatically
The Teradata Integrated Marketing Cloud responds to these needs by offering a Digital Marketing Center, a central system where marketers can determine how to engage with and respond to customers. The Digital Marketing Center allows the marketer to perform basic segmentation and helps engage the customer through defined interactions across channels. As the customer responds, analytics can be executed to understand the value and engagement level across channels.
When used in tandem with the mid-market playbook, the following capabilities provide a 360-degree view of the customer so you can execute a multi-channel campaign:
- Interaction Whiteboard: design interactions with a single whiteboard
- Integrated Digital Marketing: integrate capabilities through a single user experience
- Advanced Segmentation: evaluate customer segments for the right campaign
- Predictive Analytics: execute models to determine the best individuals to target
- Inbound/Real-Time Marketing: respond in real-time across channels
- Customer Analytics and Insight: analyze cross-campaign results
Mid-market companies usually have small marketing teams, but reach out to thousands or hundreds of thousands of customers and prospects. Marketing technologies that scale, integrate data, and support analytics allow marketers to play the game at a higher level.
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