Please research and evaluate three EIMS software application packages for Collaborative Marketing for each of the three key marketing management functions: Marketing Planning, Campaign Management, and Customer Analytics. Each must be capable of being deployed via Cloud Computing and facilitate the intended uses in terms of their functionality and scope suitable for digital business implementation.
Write the case study analysis to include a “test drive” description with sufficient detail for potential software package source selection. Also incorporate the Customer Experience Management lifecycle, as well as implementation of an Ecosystem Marketing Hub that facilitates the management of an interactive marketing value chain via sharing data between trading partners in the business ecosystem
A businesses enterprise information management system (EIMS) software package should cover all three core functions. The three core functions are: customer relationship management (CRM), enterprise resource planning (ERP), and supply chain management (SCM). Collaboration between these three packages is important to management when making decision at a managerial or strategic level. Along with EIMS’s a business needs to be able to incorporated business intelligence, business analytics, and predictive analytics software packages (Heisterberg & Verma 2014). All of the software packages listed focus is on running a business and analyzing data to make better strategic decisions.
A business must also consider the importance of integrating a cloud based collaborative marketing package. Collaborative marketing package should include three key marketing management functions: Marketing Planning, Campaign Management, and Customer Analytics. With so many options in the marketplaces the question becomes how does a business research and evaluate collaborative marketing packages and what basic tools should the packages include?
Challenges & Opportunities
Marketing can simply be described as attracting and retaining customers, but for a business it is much more than that. A marketing team must create a plan on how they well reach and sell to customers which involves investing money. A business must analyze data to develop the right marketing tool for the right market segment. Many challenges and opportunities can arise for a business when attempting to implement a collaborative marketing plan:
Impact of web experience (Heisterberg & Verma 2014)
- Social Media- In the past the problem use to be how do we collect data? Now the problem becomes how do we manage, sort and analyze the data all gathered from social media platforms.
- Multiple channels and devices: what platform should be used for each user?
- How does a business acknowledge a request from a customer on a social media site?
- The need to understand and translate a customer opinion/feedback into future sales.
- E-commerce -customer could reach out at any time, what’s the exactable time to get back to a respond to a customer?
Return on Investment
- How much capital is a business willing to invest on acquiring and retaining a customer?
- A business must be able to track costs associated to a specific marketing campaign in order to determine its effectiveness.
- How to upsell a customer to increase the margin on an existing sale.
Many software developers have leveraged their EIMS software success and have started to develop packages to support marketing. The case will identify and “test drive” three software applications for the three key marketing management functions: marketing planning, campaign management and customer analytics.
Marketing planning software provides surveys, knowledge center, idea crowdsourcing, and expenses tracking. Marketing planning software should provide a cloud based solution for the following areas:
- Budgeting & Forecasting
- Goal Setting / Tracking- sets goals in a cloud based system allowing employees to see where they stand
- Marketing Calendar
- Media Planning
- Predictive Analytics- project what the outcome will be from prior to making a decision.
- Presentation Tools- allows customers to present data direct from the platform.
- Spend Management-tracks where the money is going.
Allocadia a software provider allows users to manage how investments are made with in an organization. Then reports on the return on investment and predict the next step a business should take to increase ROI. Allocadia has more than 10,000 users and is managing over $20 billion in marketing investments. The company is known for its ability to help business record and analyze investments with the goal of making more profitable decisions over time (Allocdia.com).
Percolate is a low cost software solution for a business looking for simple straight forward marketing planning software. Percolate has all the basic elements of a marketing planning tool. Below is a Figure 1 of how Percolate is used with in a company (Percolate.com).
Figure 1 Percolate work cycle
Funnel Plan is the third software package that will be evaluated. The software package takes a different approach than its competitors. It takes users through a marketing plan step by step to ensure a business is fully covered. The software then allows users to create a 1 page summer of the plan to disturbed as needed, which is a great feature to keep employees on the working to the same goal.
A campaign management system is designed to measure the elements and individual components of a marketing campaign. Techopedia.com describes a typical campaign management system splits out different screens and presentations for social media platforms like Facebook, Twitter and others, showing at a glance how each one of these campaign parts is different. A campaign management software package can analyzed based on the following categories:
- Deployment method- Cloud based? Mobile?
- Analytics/ROI tracking- Input investment made by marketing and track sales produced by investment.
- Content/Blogging Platform- Can the system link directly to blogging accounts.
- Email Drip Campaigns- a set of marketing emails that will be sent out automatically on a schedule.
- Landing Pages/Web Form- Web page customers are directed to after clicking on advertisement link.
- Lead Management- Manage customer’s leads that develop from other platforms.
- Multivariate Testing- determine which combination of variations performs the best out of all of the possible combinations.
- Social Marketing- develop activities aimed at changing or maintaining people’s behavior
The below the Figure 2 outlines the top 10 campaign management software companies according to capterra.com.
Figure 2 Top 10 campaign management software
Hubspot is the most complete software on the market, the package address all the major core features of a CMS. Hubspot specializes in helping a business in generating more traffic, converting traffic info leads, and then turning leads into customers. Hubspot has over 21,600 customers in 90 countries which adds to their credibility and shows the success they have had (Hubspot.com).
Delivra is the opposite of Hubspot, the packages is limited and is specialized in tracking and sending out email drips. The software allows users to track ROI. Users usually use Delivra to send identify abandoned shopping carts and send emails based on purchase history (Delivra.com).
Campaign Monitor features cover about half of the categories previously described. It is a great fit for a business looking for more features than Delivra and a little less coverage than Hubspot. Campaign Monitor has about 200,000 users across many industries such as Adidas, Showtime, and BuzzFeed. The developer business models is built around customer satisfaction, currently Campaign Monitor reports they are at 99% customer satisfaction. Campaign Monitor provides powerful tools to help you track the success of your email marketing campaigns (Campaign Monitors.com).
Customer analytics allows businesses to segment markets, as well as track and predict customer behavior. By tracking customer data trends and segmentation can then occurs, this allows business deploy the right marketing plan for the right location with the right pricing. The software also allows a business to discover methods and metrics to improve a customer’s experience with a product, service or brand (Sauro 2015). Customer analytics software should have the following key components.
- Access Control- customize security to their specific needs
- Data –discovery, mapping, and profiling
- Finding the right channels to connect with a customer
- Maximize customer lifetime value through personalized up-sell and cross-sell offers
Alteryx is a customer analytics software package that allows users to pull information on products, brands, pricing and competitive offers in seconds. Aleryx.com reports “it improves your customer analytics by empowering you to prep, blend, and analyze all your customer data from all channels and systems in a repeatable analytic workflow, and easily enrich it with integrated demographic, firmographic, segmentation, and geo‐spatial data, so you have a 360‐degree view of your customer.” The software also allows a business to view customers at risk of being lost and can help determine corrective action plans.
NG Data provided a software package that focuses on delivering a personal customer experience and increasing profitability. NG Data claims to have enormous data integrity which separates the company from its competitors. The Figure 3 below shows the customer life cycle and how implementing NG Data can change the curve of results as it relates to margin (NG Data.com).
Figure 3 Customer Life vs Margin
Zaius is the third customer management software that will be evaluated. Zaius.com reports “Zaius was built for behavioral analytics marketers who need to maximize customer lifetime revenue, not just opens, clicks and visits”. Zaius helps users develop a plan to approach a specific segment of the customers, such as repeat customer or spot buyers. Zaisu product has all the main features a customer analytics software package should have but they are known for their ability to help customers increase their ROI by their data analytics tools (Zaius.com).
Lessons Learned/Business Case
A business must be diligent when researching and evaluating a collaborative marketing package. The case study shows that there are many packages in the marketplace; some have a limited amount of features while others come with all the bells and whistles. It is up to each business to determine which would be the best fit for their industry, sales, customer base and business model. The package should be able to connect to a business’s social media platforms to recorded, track, and disperse data. Overall the implementation should add value to the company with increasing a company’s ROI as it relates to marketing campaigns.
Why I Care
A collaborative EIMS software package can help a business manage its daily operations and help fulfil customers’ needs. In order to get the right information to the right customer business must implement a collaborative marketing package that covers all three core functions. Businesses are already becoming more customer centric but with the popularity of social media on the rise it is only going to become the way everyone does business.
Social networking sites such as Facebook, Snapchat, and Twitter are changing the way business collect data and communicate to customers (Baltzan 2015). Marketing software developers have responded to the change and have developed packages that leverage data from social networking sites to make better decisions, provide better service and make increase their ROI. As a student and a working professional I must recognize the importance of collaborative marketing software and how a business can suffer if it lacks any of the key elements.
Baltzan, P. (2015). Business driven technology (SIXTH edition. ed.). New York: McGraw-Hill Education.
Campaign Monitors- http://hello.campaignmonitor.com/best-email- marketing/?utm_campaign=marketingautomation&utm_medium=ppc&utm_keyword=m arketingautomation&utm_content=destinationurl&cid=701o0000000OACj&utm_source =capterra
Capterra- http://www.capterra.com/sem-compare/marketing-automation- software?headline=Top%2010%20Campaign%20Management%20Software&gclid=Cj0 KCQjwh_bLBRDeARIsAH4ZYEPOUW5d5OaxZ2- 5Eo2VPiI2DNkavs0jht2uLEaDc9WUlunJHFS8t0UaArHQEALw_wcB
Funnel Plan- http://register.funnelplan.com/
Heisterberg, R., & Verma, A. (2014). Creating business agility : How convergence of cloud, social, mobile, video, and big data enables competitive advantage. New Jersey: John Wiley & Sons
Hubspot -https://offers.hubspot.com/demo?utm_content=demo&utm_source= capterra.com&utm_campaign=Capterra- MarketingAutomation&utm_medium=paid&utm_term= marketing
Sauro, Jeff. Customer Analytics For Dummies, Wiley, 2015. ProQuest Ebook Central, https://ebookcentral.proquest.com/lib/nddn-ebooks/detail.action?docID=1895772.
Zaius – https://www.zaius.com/