Why does business software exist?
Its purpose is simple: to automate tasks and make them more accurate and efficient. Good business software provides greater intelligence – and shortcuts to quicker results – for growth-focused organizations. The right software can provide you with a competitive advantage.
Today there’s unprecedented revolution in marketing software. In 2011, there were about 100 vendors for marketing software. Today there are more than 950. No business should purchase and employ them all, so it’s essential to choose the right marketing software.
The weak link in marketing technology today is the lack of emphasis on financial details and bottom line. Marketing automation software has greatly improved, for example, email marketing and analyzing engagement metrics. However the next level for marketing software is to reveal the financial bottom line. What salesforce.com has done for customer relationship management and sales, is now happening in marketing with advent of marketing ROI software.
1. Who benefits from ROI software?
The ultimate beneficiary of marketing software is the consumer. That’s because by nature, consumers don’t like marketing, and increasingly white noise. They’re conditioned to shut it off because of the exorbitant volume of messages they receive. Marketing software can help a company fine tune its messages to be extremely relevant, benefiting both the consumer and the company.
Marketing software also gives an advantage to IT. It’s the nature of business that IT is usually stretched to its capacity. IT is strained even further by constantly receiving ad hoc requests for data and reports. ROI software reduces the burden on IT, while giving the marketing department the direct access to data it needs.
Another beneficiary is experts working marketing data, such as data scientists or business analysts. Today much of this information is extracted manually by hunting and pecking. The right marketing software also helps these users better predict which activities will be profitable, rather than guessing.
Top-level executives also benefit, especially those with responsibility for operating costs or expenses. Marketing software that reports on ROI gives them a better view into investment return, and reveals which efforts are likely to produce best return in the future. It helps CMOs by making it easier to prove their worth and value to the organization.
2. What are the benefits of ROI software?
One of the key advantages of marketing software is that it improves the financial bottom line. It helps companies make more sales, cut costs, or both. Human capital doesn’t scale, you can’t save money on it. Advances in technology – such as software – are the best way for businesses to gain efficiencies and improve their margins
Another benefit of marketing software is that it removes latency from the equation and improves data accuracy. Take for example data accuracy; most inaccuracy is caused by humans. That’s why in warehousing and inventory, companies have moved to automatic forklifts. This enables inventory to be touched once, and touched correctly. Marketing data also improves when human error is removed.
3. Why should companies have it?
Financially-oriented marketing software is increasingly becoming standard operating procedure. Virtually all areas of business have become automated, in order to create optimization. Marketing is one of the last frontiers. Marketing software enables organizations to be customer centric, and know where to best spend their investment for maximum return.
4. How choose the right solution?
To choose the best solution for you, you must consider a number of options:
- Know your requirements: business, user, technology, and more
- Ensure your software can capture all the data, regardless of applications or data owner
- Ease-of-use: it’s important that your software is easy to understand and use, to encourage adoption
- Flexible reporting: it’s essential that your software can provide a variety of reporting views so that different users can get the data they need
- Cloud-based: while not essential, it’s increasingly the standard in business that data lives in the cloud, there are many advantages to having marketing data in the cloud
In conclusion, marketing has a clear purpose in business: to improve the financial bottom line. And while advertising and marketing has traditionally been plagued by the vagueness of impressions and clicks, today’s technology makes it possible to prove marketing’s ROI, to the penny. And the businesses that adopt these solutions today, will dominate their markets tomorrow.