Marketing automation deals with the software that not only help marketers comprehend lead generation and sales analytics, but also provides valuable insights about customer preferences and trends. Moreover, it enables marketers to oversee online marketing campaigns and evaluate their respective success outcomes, which helps them to allocate funds for the most successful campaigns.
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In order to optimize and automate leads, a company must leverage the tools of marketing automation. Software used for marketing automation addresses the management and automation of the company’s contact database, customer nurturing, email marketing, and other workflows.
Key drivers of the marketing automation software market is its productivity (RoI), channel agnosticism, increase in revenue generation, customer retention, user efficiency, increase in investment, and generation of leads. Another major driver of the market is productivity as it simplifies organizational and marketing tasks. Marketing automation eliminates repetitive manual processes by substituting it with automated solutions which ultimately results in increase in productivity.
Marketing automation uses different marketing platforms such as SEO, CRM tools, and social media and hence are called channel agnostic. It is projected that major players performing in the marketing, identified marketing automation as a key contributor to improved revenue. Enterprises heavily rely on social media channels to obtain insights about customer preferences and trends. Customer acquisition and customer retention plays a vital role for the growth of a company. Thus, marketing automation helps in analyzing customer needs and retaining customers with the help of market intelligence.
By enhanced investment in marketing automation, B2B companies experience significant increase in revenue due to increase in lead generation. The restraint for the market are the deployment challenges i.e. the implementation of the marketing software as it takes more time to adapt the changes. Lack of knowledge and analytical skills can have an adverse impact on the market acceptance of these technology solutions.
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Another restraint is the cost of the software. B2B companies or small to medium size businesses at times do not find the technology investment affordable, due to the steep rates of market automation tools. The aim of marketing automation software is to streamline sales and marketing activities by replacing high-touch, repetitive manual processes with automated solutions.