... more easily with them online.
Benefits of Marketing automation can be listed below:
' With Marketing automation, marketers can engage with customers everywhere they by creating highly personalised campaign on the bank website, mobile, blogs and social media platforms. Some examples on how MCB Ltd could be doing it would be through advertising campaigns based on customers product interest, level of buying intent, past purchases and any other behavioural data obtained from the CRM or the creation of in-app mobile message customised for each customer.
' Nurture customers with ongoing and highly relevant conversation, on Social Media platform, mobile apps or company website. Marketing automation software can listen for customer behaviour on social media platform (for ex) and then shift the conversation accordingly. For example, if a customer from MCB Ltd encounters an error when subscribing to the organisation newsletter or Juice Mobile platform, the software may proactively offer customers support by sending an email to IT team and a notification to apologies for back experience encountered and that remedial action was made to solve issue. This can help customers have a more positive user experience.
' Reach customers when sharing knowledge with them to keep business relevant. Marketing automation can track the content from each customer, across the web, email, social media to ensure that duplication of messages are not made and provide content performance. This allows marketers to have a deeper understanding of customers interest. Marketers can therefore focus more on writing or sharing relevant messages or topic of interest to them, which ensure to have higher open and click through rates.
' Marketing automation when integrated to analytics applications like KISS metrics create product activation funnels, which allows marketers to understand the popular features and obstacles that visitors of MCB Ltd website could face while exploring products and identify the right moment to communicate on these products and help the visitor turned into a buyer. This can be helpful, as customers don't like to be urge. They want to learn at their own pace and be reached when they need more information or when they are ready to buy the product or service.
Limitations of Marketing automation
' Marketing automation may push MCB to communicate with their customers too frequently. Customers will only be receptive to messages, if the messages are relevant to them, that is whether it is giving them knowledge or answering their needs. For its B2B customers, MCB can offer free report or white paper to them, but for B2C customers the story may not be the same, as interest for banking products are different to other clothing & beauty products.
' Marketing automation cannot work properly if they don't have enough content or irrelevant to communicate to their targeted audience. Just as many organisation, MCB Ltd don't have enough content marketing staff to feed the Marketing automation system, that would could be used to better engage with existing customers and keep them loyal to the brand. For the success of Marketing automation at MCB Ltd, the bank will need to have a dedicated team of people for content writing. Moreover, marketers must ensure that both marketing automation team and content marketing work in tandem.
' There is a misconception on marketing automation from marketers. They assume that Marketing automation software works on its own. This is however untrue, since Marketing automation requires from marketer's data on customer segments, content for each segment, timing for the execution of communication campaign and degree of personalisation. Without the proper strategy (aligned with the business overall strategy and sales strategy) and good planning from marketers, Marketing automation can become inefficient and useless to the organisation.
' Cost of implementation of Marketing automation system in an organisation, can be expensive. Even if Marketing automation providers are working on customised packages, the price still is expensive. Without the full set of tools, we have no guarantee of the effectiveness of Marketing automation on helping the bank to built a relationship with their customers.
' One of the biggest challenge and limitation to Marketing automation, will be the introduction of General Data Protection Regulation (GDPR) and its impact on Marketing automation activities. As from the 25th March 2018, GDPR will be applicable to organisation that are processing personal data on EU residents. Because 7% of the of MCB Ltd customers (Mauritians working or living in EU but having an MCB bank account) are from EU, marketers will have to ensure that they are compliant, else they will be fined 4 percent of their global annual revenue and credibility, reputation and relationship with customers may be badly affected. To avoid this scenario, marketers will have review their process for automated data management campaigns, reverse IP tracking activities, lead scoring programs, reactive programs and any activities that were allowing marketers to collect data and helping them to deliver their message. The second step will be to get the consent of all EU customers for the mentioned activities. In case, MCB don't get the approval, marketers will have to delete the existing data. As a result, marketers, may be faced with limited data on clients and the quality of these information may not be good enough for the implementation of Marketing automation tasks.
To conclude Marketing automation can be a good investment for the MCB Ltd and is very helpful to marketers to become closer to customers by better understanding them. Without the support of Marketing automation), it can be very difficult for organisation to give this one-to-one attention to each individual customer. However, MCB Ltd need to choose the right partner, who can offer Marketing automations tools that can be integrated to other internal and external systems and technologies (Artificial Intelligence, Predictive analytics etc) to get the right result with customers. With the introduction of GDPR, marketers will have to re-adapt to the context so that their customers continue to be loyal to them and continue to engage with the brand.
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