Recently I answered a question on Quora about the efficacy and "rule of thumb" for the benefits of marketing technology and how this tech should increase revenues. I thought it was a great question and followed a train of thought I have recently been pursuing so I added my answer to the page.
I believe you will be hard-pressed to find any definitive metrics for how efficacious marketing technology is for a business. The reason for this is in part related to a previous blog post I wrote on Mautic.org. The short version, summary, of that post in essence says that marketing automation platforms and other marketing technologies should always be considered tools to be used and not solutions. Here is what I mean and how it relates to this question. Let me use an analogy to make it easier to understand.
I’m very interested in bass guitars. I love the idea of laying the foundation of a musical rhythm the rest of the band then builds upon to create beautiful music. Bass guitars come in a variety of sizes, shapes, and styles. Each has their own beauty and their own purpose. They are powerful tools that, when placed in the right hands, can be used to impress and stun the audience. But, if I were to give a bass guitar to my son (awesome kindergarten kid) the result would be vastly different. Obviously you naturally and instinctively understand this difference. The guitar didn’t change-the player did. And the results are completely different.
The analogy should be fairly self-explanatory. Those same principles apply to marketing tech. These are tools to be used and with the right marketing department they can impress and stun the C-Suite and others. Inexperienced or new marketers will find the benefits far fewer and their path much different.
Once we’ve established this baseline understanding there are numerous metrics and statistics which demonstrate what is possible with effective marketing strategies. But remember, you should think of this like putting a Rickenbacker 4001 in the hands of Cliff Burton. If I were to pick up the same instrument my results would be different. Here are a few statistics floating around regarding marketing technology and improvements in efficiency and costs. Your results may vary.
Marketers who implement marketing automation see 53% higher conversion rates and annual revenue growth 3.1% higher than others.
Email marketing has an ROI as high as 4,300%.
Successful lead nurturing programs average 20% increase in sales opportunities.
So, there’s three quick stats, a quick google search will yield hundreds more. The key here again, is that the marketing automation platform, or the marketing technology used is only the tool to help you be a better marketer. The right tool can save you hundreds of hours. Pair your expertise with a powerful platform and the results will be epic.
*For full disclosure, I contribute to the Mautic, free marketing automation platform, and have a strong bias to the belief that a powerful platform doesn’t have to cost a fortune. Mautic is an open source tool capable of helping you rock out like Metallica.