Markies Monday: 3 Ways to Achieve ROI in Marketing

October 12, 2020 | 4 minute read
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Welcome back to Markies Monday, a weekly blog series designed to help you learn more about the 2020 Markie Award categories, finalists, and winners. Be sure to check back each week to learn how Oracle Advertising and CX customers are driving success and building customer relationships that last.

When reviewing the submissions for the prestigious Upshot Award for Best Demonstrated ROI in Marketing, one thing is utterly clear — each finalist had to think outside the box and use a data-driven mindset to achieve success.

Let’s take a look at the Upshot Award finalists’ best practices on ways to achieve ROI in marketing.

 

Put data at the heart of your strategy

Bonnier News, a finalist for the Upshot Award, is Sweden’s leading media house. A declining industry challenged them to quickly adapt to digitalizing the news. In addition, they stored data in silos and had no way to segment contacts into marketable audiences. But over the past few years, Bonnier decidedly and successfully shook things up by thinking outside of the box. They modernized their work with effective, automated technology, built a team that delivers outstanding results, and established a highly prosperous lead nurturing program. This impacted their company at the deepest levels. They transformed from a reactive to a proactive organization that achieved what previously seemed impossible — an integrated sales and marketing funnel and incredible growth.

Bonnier News wisely put data at the heart and soul of their transformation. They wanted a holistic view of customers to improve the customer experience, lead generation, momentum around initiatives, and effective conversions through all potential channels. By implementing a data-driven marketing strategy, they:

  • Established sophisticated lead nurturing flows and improve trust within the organization.
  • Transformed from ad hoc work to proactive engagement through the use of data.
  • Automated their pricing strategy and improved the renewal process through a few small changes in approach and philosophy.
  • Increased conversions and communication volume to engaged customers and re-engaged inactive leads.
  • Improved sales alignment and built trust to support the broader B2B organization with lead management.

They achieved an incredible +175% full year margin growth from their lead nurture program, reaching more than twice the ROI profit compared to last year.

 

Apply critical thinking to the customer experience

Dymocks, the winner of the Upshot Award, was founded in 1879 and is a leading bookseller and retailer in the Asia Pacific region. Applying critical and creative thinking to the customer experience plays a crucial role in how Dymocks stays one step ahead of their competitors. Dymocks built a program that recommends the “next great read” to customers at scale on digital channels. Since implementing their recommendations program, customers who engage online now have 63% more books in the basket than other shoppers.

While Dymocks strives to provide insightful and truly valuable information to their customers, they also needed to make data work in their favor. They developed a custom algorithmic-based recommendation engine that uses past purchase data, product data, and trends, like popular new items and authors, so they can help their customers pick what to read next. This includes connecting data to Oracle Responsys Campaign Management via API which removes the need for manual IT processes and helps automate data-driven, personalized communications. It also frees up resources so they can concentrate on the content. Their new process is driving 252% higher sales conversions and an increase in units per transaction.

 

Utilize data to make informed decisions

Morningstar, another finalist for the Upshot Award, is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Their digital marketing team faced three major business challenges:

  • Evolving regulation
  • A visible gap between user interests and behaviors
  • Meeting ambitious sales goals

To meet these challenges head on, their marketing team took another look at their opt-in experience and “thought outside the checkbox” to improve the user journey. By taking a user-first, test-and-learn approach, Morningstar engaged in an iterative process that fine-tuned and ensured their forms and content marketing machine would work both the user and their business. As a result, they achieved a 151% increase in marketing opt-in, meaning an expected $1.4M ROI in incremental actual cash value (ACV).

Morningstar knew that to improve their opt-in rate, they needed to analyze data. As data is core to their business, it was second nature to utilize data-derived insights and make informed marketing decisions. After testing several tactics, they rolled the improvements into one form, and the team at Morningstar struck gold. They went from a baseline of 20% to a 50% overall opt-in rate with the new and improved form.

All of the finalists in the Upshot Award for Best Demonstrated ROI in Marketing accomplished an amazing feat — connecting marketing efforts to ROI. It wasn’t a simple task, but one that provided continuous success for those who embrace a data-driven marketing strategy.

Visit our website to learn more about the Markie Award finalists and winners.

This content was originally published at SmarterCX by Oracle. It has been adapted for the Customer Experience blog.

Amanda Crocker

Amanda Crocker works on the Cross-CX Customer Evangelism team. Her main responsibilities include:

- Establish the Executive Heroes program by creating and packaging industry and customer stories, with a focus on Cross-CX customers
- Recruit and prepare high profile customer speaking opportunities at leading events like ModernCX and OOW
- Support key projects with Analyst Relations, Public Relations and Customer Events
- Create content and thought leadership assets to support Oracle's position as a leader in products that support an outstanding customer experience


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