Description
Introducing marketing automation into your organization means initiating change. Sometimes that change is small, nothing but a natural progression in an evolution that’s already underway. Other times, though, it can mean a complete shift for your sales and marketing teams. That may be welcome, or it may not: team members could be looking for new solutions with proven results, or may be rooted in past processes, caught up in the way things have always been done.
1
T a r ge t i ng
Engagement
Conversion
Analytics
Marketing
Technology
Introducing Marketing
Automation
BEST PRACTICES FOR FINANCIAL SERVICES AND INSURANCE ORGANIZATIONS
2
Marketing Automation =
Marketing Transformation
And transformation is a great thing.
Introducing marketing automation into your organization means initiating change.
Sometimes that change is small, nothing but a natural progression in an evolution that’s already underway. Other
times, though, it can mean a complete shift for
your sales and marketing teams. That may be
welcome, or it may not: team members could be
looking for new solutions with proven results, or
may be rooted in past processes, caught up in the
way things have always been done. In either case,
in order to create a smooth transition, that change
needs to be ushered in with ?nesse, using well-
proven methodology to create true transformation
success.
Financial services and insurance sector
organizations have their own unique challenges as
they face this change continuum, often with very
structured roles and processes already in place, and
security and compliance needs to consider. Moving
to a fully automated marketing solution, while
ensuring strict compliance and aligning the sales
and marketing teams, can take patience and time—
often more time than in other sectors.
To do it successfully, ?nancial services and insurance organizations need to rely on lessons learned from other
groups that have covered the same ground before them.
Financial institutions and
insurance organizations
have diminishing resources
to rely on, as teams are cut
and budgets are tightened.
Streamlining your existing
processes by introducing
automation will help you get
the results you need without
the added strain.
3
Want That Change To Happen Smoothly? Nine
Steps Will Help That Happen.
1. Understand Your Needs and What Makes Your Organization Different
Change begins by realizing where your marketing team stands currently: what needs to be modi?ed and
what has to stay the same. Every company is different, with unique goals that will change how they approach
marketing automation and what they hope to achieve. You could be looking to recruit new broker-dealers, or
generate new leads for the sales team. Or perhaps you’re trying to convert interested inquiries into customers
instead. Each requires a slightly different approach. Compliance and security also govern each channel or line of
business differently, affecting overall needs.
But that’s not all that may be unique. What roles do marketing and sales each play? How closely are they aligned?
How are you using your current customer relationship management (CRM) system and how will your marketing
automation technology ?t into that? How will that new solution affect the other solutions along the chain?
Knowing everything you can about what you want out of your marketing technology, how it will ?t into your
current processes, and what you expect to achieve, will help ensure everything runs as smoothly as possible.
2. Approach Security and Compliance Requirements Head On
In the ?nancial services and insurance industries, security and compliance needs are overreaching and binding, and
must be considered early and often during the marketing automation change process. While security was obviously
a consideration during the technology purchase itself, it can also affect project timelines and your needs going
forward. Secure landing pages or blind carbon copies of sent emails may be required, or more time may need to
be built into the process for security reviews. What’s more, the legal team may have to consider the verbiage you
publish or send. Each micro-vertical and organization has different rules and processes in place, and while they may
seem to slow down the implementation process, nothing can move forward without a thorough understanding
of these considerations. Knowing those needs and starting to build compliance and security into your marketing
automation processes early is integral, and will be key to ensuring success later on.
3. Make Marketing More Self-Reliant and Ef?cient
Each marketing department works differently, but in many insurance and ?nancial services organizations, marketing
often ?nds itself reliant on other resources and departments within the company to complete their day-to-day
tasks. To initiate a marketing campaign, for example, they may need to ask a web designer to create a web page;
accomplishing that will mean waiting in line for corporate resources, ?nding time in the designer’s schedule, then
undergoing back-and-forth interactions with a person who isn’t fully familiar with marketing’s protocol and needs. In
other cases, marketing may need to consult with legal on compliance concerns at every turn.
With marketing automation that same marketing team can create a landing page themselves, as well
as dynamic content for that page. And they’ll have everything they need to ensure compliance early on
without regular added input from legal. Campaign templates with approved language can be developed and
then distributed to sales teams. By bringing resources like these back under the marketing umbrella, the
department not only becomes more self-reliant, but can begin to work more ef?ciently too.
4
4. Start Using Digital Body Language and Progressive Pro?ling
Digital Body Language™ provides insight into a potential customer as they work their way through the buying
process, measuring their habits as they learn about your products and services, and interacting with the digital
information you’ve provided by seeking, receiving, using, and responding to it. By understanding a potential
customer’s Digital Body Language, marketing departments can better see what they’re looking for and where they
are in the buying cycle. Marketing and sales can then anticipate needs and learn when, where, and how to best
approach them with relevant content.
With that information at their ready, Modern Marketers can begin to put in place tools such as progressive pro?ling,
which allows them to dynamically showcase different ?elds on a form based on what’s known about that contact.
They better educate their contact, provide them with the information they need, and bring them closer to making a
sales decision. At the same time, marketing is gathering further intelligence of its own, updating their CRM system
and improving their knowledge of a potential customer. This pro?le information will not only assist marketing, but
also inform the sales and executive teams.
By learning how to optimize Digital Body Language and progressive pro?ling, marketers can use marketing
automation to its fullest, empowering the sales teams with the knowledge they need to build each relationship fully.
5. Integrate Sales and Marketing
Data integration between the sales and marketing teams, though not always possible in every ?nancial services
or insurance sector organization, can lead to better ef?ciency for both departments. In some cases, marketing and
sales have two separate and unique systems. Marketing frequently uses an inquiry database or spreadsheets.
Sales will usually use a CRM or sales force automation (SFA) solution. Rather than sharing data, the two teams may
simply send it back and forth, impeding or stalling the entire sales and marketing process.
Integrating the two departments means that automation of marketing campaigns and efforts will run more
smoothly. Not only that, but both teams will be better able to undertake useful relationship scoring techniques; by
sharing data and scoring the relationships that emerge through each potential customer’s digital interactions, they
will be able to integrate their efforts, knowing when to engage, who should engage, and what to say when they do.
6. Take a Look at Your Existing Processes
Introducing marketing automation doesn’t mean that everything your marketing team does has to change. But it
does mean new ef?ciencies can make those processes run smoother. By taking a look at your existing processes,
you can streamline them to add those new ef?ciencies through marketing automation. If webinars have always
been a popular marketing tool, for example, there’s no need to stop using them. But by organizing them through
your marketing automation solution, what may have once taken a month to organize and a third-party team to
prepare is suddenly almost effortless. Invitations can be sent out with the click of a button and respondents register
automatically. You can then put the necessary follow-ups in place.
Streamlining processes will also allow marketing to focus on what really matters: ensuring that the message that’s
being released is reaching the people that it’s supposed to reach.
5
7. Introduce New Processes and Integrated Marketing
Held back by compliance concerns, some marketing departments in the ?nancial services and insurance
industries have regressed to using very basic marketing strategies, as anything more complicated has seemed
impossible in the past.
Change can start to take place as those teams
begin to use marketing automation and Digital
Body Language to form a more sophisticated
view of their potential customers and the type of
information they need. That way they can build
the marketing strategies required to better reach
them across a variety of channels. And with
compliance approvals and security built into their
marketing automation solution, marketers can ?nd
the freedom and con?dence to create integrated
marketing strategies and engage their intended
audience better, allowing them to thrive, with a
more sophisticated marketing plan in place.
8. Know Who Gets What and Who
Doesn’t
While there may be entire databases of potential
customers and existing business relationships that
your marketing department will work with, not every one of them is the same. Each has different sales requests,
product requirements, and privacy concerns. All of this will dictate who gets Email A, for example, and who gets
Email B—or who has special requirements and needs a separate Email C. Each correspondence will be dictated
by those client needs.
To build relationships and ensure trust, and sometimes to meet compliance requirements, those differences must be
taken seriously at every turn. In the past, all of those exceptions had to be approached manually, but with marketing
automation technology, master exclusion functionality makes for a different process. Setting rules and introducing ?lters
ensures that the team can be con?dent that a speci?c correspondence isn’t accidentally being sent to the wrong place.
9. Understand Everyone’s Roles and Training Needs
As you kick off your marketing automation efforts, determine each team member’s role in the change process. A team
of employees made up of three to seven people will create the core group tasked with getting the technology running
and overseeing the change management cycle. Thorough education and training of key team members will also be
necessary, ensuring that they become marketing automation experts who can oversee the process going forward.
For example, Oracle offers Eloqua University, with 32 different classes that help clients learn about its technology
and best practices, including four fundamental classes designed to help kick start your project. With so much
functionality built into the Oracle Marketing Cloud technology, the classes help companies make the most of their
marketing efforts and get their best possible results.
Oracle Marketing Cloud
technology for ?nancial services
and insurance organizations—
including Oracle Marketing
Asset Management Cloud
Service and Oracle Marketing
for Insurance Cloud Service—
allows you to schedule speci?c
emails to speci?c customer
streams, so that you never send
the wrong message.
6
Marketing Transformation and Oracle Marketing
Cloud
Marketing cloud technologies are designed with the needs of Modern Marketers in mind. Built around Digital
Body Language, Universal Customer Pro?les, and audience pro?ling, they give marketers the knowledge they
need to anticipate when, where, and how to approach their intended audience, streamlining their marketing
efforts and making them more customer-centric, all while building in failsafe compliance measures and creating
ef?ciencies that allow marketing to do more with less.
Each industry has speci?c needs and that’s especially true for the ?nancial services and insurance sectors. That
is why Oracle has custom-designed tools for these unique industries, with sub-vertical tailored software and best
practice blueprints that help organizations create effective email strategies and make the most of their websites,
all for more integrated sales and marketing efforts. Featuring SSAE16 and ISO27001 certi?cation, these tools
—which include Oracle Marketing Cloud for Asset Management and Oracle Marketing Cloud for Insurance—
are built on best practices developed through experience with over 100 different ?nancial services ?rms and
insurance sector organizations.
These specialized tools help marketers optimize marketing processes, branding, and customer communications
and allow them to communicate to complex distribution and sales channels, for improved agent, broker, and
?nancial advisor recruitment as well as customer engagement. They can increase revenue growth and build up
recruitment, all while measuring those efforts for visible results. The outcome is more successful marketing
campaigns and proven improvements measurable by Return On Investment (ROI).
Make Change Happen
Change can be dif?cult, especially in a sector where organizations are often founded on structure and strict
regulations. But evolving needs mean that many ?nancial services and insurance organizations are embracing
marketing automation and are committing to the changes it involves. Having the right marketing automation tool
is always the ?rst stage in ensuring that any change is the right change, but knowing the steps you need to take
to see that change to completion can make the difference too. Combined with proven expertise in the form of
best practices and training to ensure success, these steps will assist in keeping the process running smoothly,
and help everything click into place as it should. More than that, they will help ensure a solid base upon which
real results can be built.
The reward will be well worth it, too. A more ef?cient and effective marketing team with strategies that work. A
better chance for stronger relationship building. And well-documented results that truly contribute to your bottom
line. Those are the ?rst steps towards success.
7
TAKEAWAYS
1. Marketing automation means changing your marketing techniques to better suit today’s digital
buyers. These Modern Marketing techniques are designed to meet the needs of today’s consumers.
2. Change doesn’t have to be all-encompassing. Keep your processes that work in place, but streamline
them to make the most of the resources you have on hand.
3. Know what you need to accomplish, and the restrictions—including regulatory compliance
requirements—you have to consider. Plan your change around those unique needs.
4. Whenever possible, sales and marketing need to work together. Combining resources and data
reduces redundancies and makes the automation of marketing run more smoothly.
8
Copyright © 2014, Oracle and/or its af?liates. All rights reserved.
About Oracle Marketing Cloud
Modern Marketers choose Oracle Marketing Cloud solutions to create ideal customers and increase revenue.
Integrated information from cross-channel, content, and social marketing with data management and dozens of
AppCloud apps enables these businesses to target, engage, convert, analyze, and use award-winning marketing
technology and expertise to deliver personalized customer experiences.
Visit oracle.com/marketingcloud
doc_418754985.pdf
Introducing marketing automation into your organization means initiating change. Sometimes that change is small, nothing but a natural progression in an evolution that’s already underway. Other times, though, it can mean a complete shift for your sales and marketing teams. That may be welcome, or it may not: team members could be looking for new solutions with proven results, or may be rooted in past processes, caught up in the way things have always been done.
1
T a r ge t i ng
Engagement
Conversion
Analytics
Marketing
Technology
Introducing Marketing
Automation
BEST PRACTICES FOR FINANCIAL SERVICES AND INSURANCE ORGANIZATIONS
2
Marketing Automation =
Marketing Transformation
And transformation is a great thing.
Introducing marketing automation into your organization means initiating change.
Sometimes that change is small, nothing but a natural progression in an evolution that’s already underway. Other
times, though, it can mean a complete shift for
your sales and marketing teams. That may be
welcome, or it may not: team members could be
looking for new solutions with proven results, or
may be rooted in past processes, caught up in the
way things have always been done. In either case,
in order to create a smooth transition, that change
needs to be ushered in with ?nesse, using well-
proven methodology to create true transformation
success.
Financial services and insurance sector
organizations have their own unique challenges as
they face this change continuum, often with very
structured roles and processes already in place, and
security and compliance needs to consider. Moving
to a fully automated marketing solution, while
ensuring strict compliance and aligning the sales
and marketing teams, can take patience and time—
often more time than in other sectors.
To do it successfully, ?nancial services and insurance organizations need to rely on lessons learned from other
groups that have covered the same ground before them.
Financial institutions and
insurance organizations
have diminishing resources
to rely on, as teams are cut
and budgets are tightened.
Streamlining your existing
processes by introducing
automation will help you get
the results you need without
the added strain.
3
Want That Change To Happen Smoothly? Nine
Steps Will Help That Happen.
1. Understand Your Needs and What Makes Your Organization Different
Change begins by realizing where your marketing team stands currently: what needs to be modi?ed and
what has to stay the same. Every company is different, with unique goals that will change how they approach
marketing automation and what they hope to achieve. You could be looking to recruit new broker-dealers, or
generate new leads for the sales team. Or perhaps you’re trying to convert interested inquiries into customers
instead. Each requires a slightly different approach. Compliance and security also govern each channel or line of
business differently, affecting overall needs.
But that’s not all that may be unique. What roles do marketing and sales each play? How closely are they aligned?
How are you using your current customer relationship management (CRM) system and how will your marketing
automation technology ?t into that? How will that new solution affect the other solutions along the chain?
Knowing everything you can about what you want out of your marketing technology, how it will ?t into your
current processes, and what you expect to achieve, will help ensure everything runs as smoothly as possible.
2. Approach Security and Compliance Requirements Head On
In the ?nancial services and insurance industries, security and compliance needs are overreaching and binding, and
must be considered early and often during the marketing automation change process. While security was obviously
a consideration during the technology purchase itself, it can also affect project timelines and your needs going
forward. Secure landing pages or blind carbon copies of sent emails may be required, or more time may need to
be built into the process for security reviews. What’s more, the legal team may have to consider the verbiage you
publish or send. Each micro-vertical and organization has different rules and processes in place, and while they may
seem to slow down the implementation process, nothing can move forward without a thorough understanding
of these considerations. Knowing those needs and starting to build compliance and security into your marketing
automation processes early is integral, and will be key to ensuring success later on.
3. Make Marketing More Self-Reliant and Ef?cient
Each marketing department works differently, but in many insurance and ?nancial services organizations, marketing
often ?nds itself reliant on other resources and departments within the company to complete their day-to-day
tasks. To initiate a marketing campaign, for example, they may need to ask a web designer to create a web page;
accomplishing that will mean waiting in line for corporate resources, ?nding time in the designer’s schedule, then
undergoing back-and-forth interactions with a person who isn’t fully familiar with marketing’s protocol and needs. In
other cases, marketing may need to consult with legal on compliance concerns at every turn.
With marketing automation that same marketing team can create a landing page themselves, as well
as dynamic content for that page. And they’ll have everything they need to ensure compliance early on
without regular added input from legal. Campaign templates with approved language can be developed and
then distributed to sales teams. By bringing resources like these back under the marketing umbrella, the
department not only becomes more self-reliant, but can begin to work more ef?ciently too.
4
4. Start Using Digital Body Language and Progressive Pro?ling
Digital Body Language™ provides insight into a potential customer as they work their way through the buying
process, measuring their habits as they learn about your products and services, and interacting with the digital
information you’ve provided by seeking, receiving, using, and responding to it. By understanding a potential
customer’s Digital Body Language, marketing departments can better see what they’re looking for and where they
are in the buying cycle. Marketing and sales can then anticipate needs and learn when, where, and how to best
approach them with relevant content.
With that information at their ready, Modern Marketers can begin to put in place tools such as progressive pro?ling,
which allows them to dynamically showcase different ?elds on a form based on what’s known about that contact.
They better educate their contact, provide them with the information they need, and bring them closer to making a
sales decision. At the same time, marketing is gathering further intelligence of its own, updating their CRM system
and improving their knowledge of a potential customer. This pro?le information will not only assist marketing, but
also inform the sales and executive teams.
By learning how to optimize Digital Body Language and progressive pro?ling, marketers can use marketing
automation to its fullest, empowering the sales teams with the knowledge they need to build each relationship fully.
5. Integrate Sales and Marketing
Data integration between the sales and marketing teams, though not always possible in every ?nancial services
or insurance sector organization, can lead to better ef?ciency for both departments. In some cases, marketing and
sales have two separate and unique systems. Marketing frequently uses an inquiry database or spreadsheets.
Sales will usually use a CRM or sales force automation (SFA) solution. Rather than sharing data, the two teams may
simply send it back and forth, impeding or stalling the entire sales and marketing process.
Integrating the two departments means that automation of marketing campaigns and efforts will run more
smoothly. Not only that, but both teams will be better able to undertake useful relationship scoring techniques; by
sharing data and scoring the relationships that emerge through each potential customer’s digital interactions, they
will be able to integrate their efforts, knowing when to engage, who should engage, and what to say when they do.
6. Take a Look at Your Existing Processes
Introducing marketing automation doesn’t mean that everything your marketing team does has to change. But it
does mean new ef?ciencies can make those processes run smoother. By taking a look at your existing processes,
you can streamline them to add those new ef?ciencies through marketing automation. If webinars have always
been a popular marketing tool, for example, there’s no need to stop using them. But by organizing them through
your marketing automation solution, what may have once taken a month to organize and a third-party team to
prepare is suddenly almost effortless. Invitations can be sent out with the click of a button and respondents register
automatically. You can then put the necessary follow-ups in place.
Streamlining processes will also allow marketing to focus on what really matters: ensuring that the message that’s
being released is reaching the people that it’s supposed to reach.
5
7. Introduce New Processes and Integrated Marketing
Held back by compliance concerns, some marketing departments in the ?nancial services and insurance
industries have regressed to using very basic marketing strategies, as anything more complicated has seemed
impossible in the past.
Change can start to take place as those teams
begin to use marketing automation and Digital
Body Language to form a more sophisticated
view of their potential customers and the type of
information they need. That way they can build
the marketing strategies required to better reach
them across a variety of channels. And with
compliance approvals and security built into their
marketing automation solution, marketers can ?nd
the freedom and con?dence to create integrated
marketing strategies and engage their intended
audience better, allowing them to thrive, with a
more sophisticated marketing plan in place.
8. Know Who Gets What and Who
Doesn’t
While there may be entire databases of potential
customers and existing business relationships that
your marketing department will work with, not every one of them is the same. Each has different sales requests,
product requirements, and privacy concerns. All of this will dictate who gets Email A, for example, and who gets
Email B—or who has special requirements and needs a separate Email C. Each correspondence will be dictated
by those client needs.
To build relationships and ensure trust, and sometimes to meet compliance requirements, those differences must be
taken seriously at every turn. In the past, all of those exceptions had to be approached manually, but with marketing
automation technology, master exclusion functionality makes for a different process. Setting rules and introducing ?lters
ensures that the team can be con?dent that a speci?c correspondence isn’t accidentally being sent to the wrong place.
9. Understand Everyone’s Roles and Training Needs
As you kick off your marketing automation efforts, determine each team member’s role in the change process. A team
of employees made up of three to seven people will create the core group tasked with getting the technology running
and overseeing the change management cycle. Thorough education and training of key team members will also be
necessary, ensuring that they become marketing automation experts who can oversee the process going forward.
For example, Oracle offers Eloqua University, with 32 different classes that help clients learn about its technology
and best practices, including four fundamental classes designed to help kick start your project. With so much
functionality built into the Oracle Marketing Cloud technology, the classes help companies make the most of their
marketing efforts and get their best possible results.
Oracle Marketing Cloud
technology for ?nancial services
and insurance organizations—
including Oracle Marketing
Asset Management Cloud
Service and Oracle Marketing
for Insurance Cloud Service—
allows you to schedule speci?c
emails to speci?c customer
streams, so that you never send
the wrong message.
6
Marketing Transformation and Oracle Marketing
Cloud
Marketing cloud technologies are designed with the needs of Modern Marketers in mind. Built around Digital
Body Language, Universal Customer Pro?les, and audience pro?ling, they give marketers the knowledge they
need to anticipate when, where, and how to approach their intended audience, streamlining their marketing
efforts and making them more customer-centric, all while building in failsafe compliance measures and creating
ef?ciencies that allow marketing to do more with less.
Each industry has speci?c needs and that’s especially true for the ?nancial services and insurance sectors. That
is why Oracle has custom-designed tools for these unique industries, with sub-vertical tailored software and best
practice blueprints that help organizations create effective email strategies and make the most of their websites,
all for more integrated sales and marketing efforts. Featuring SSAE16 and ISO27001 certi?cation, these tools
—which include Oracle Marketing Cloud for Asset Management and Oracle Marketing Cloud for Insurance—
are built on best practices developed through experience with over 100 different ?nancial services ?rms and
insurance sector organizations.
These specialized tools help marketers optimize marketing processes, branding, and customer communications
and allow them to communicate to complex distribution and sales channels, for improved agent, broker, and
?nancial advisor recruitment as well as customer engagement. They can increase revenue growth and build up
recruitment, all while measuring those efforts for visible results. The outcome is more successful marketing
campaigns and proven improvements measurable by Return On Investment (ROI).
Make Change Happen
Change can be dif?cult, especially in a sector where organizations are often founded on structure and strict
regulations. But evolving needs mean that many ?nancial services and insurance organizations are embracing
marketing automation and are committing to the changes it involves. Having the right marketing automation tool
is always the ?rst stage in ensuring that any change is the right change, but knowing the steps you need to take
to see that change to completion can make the difference too. Combined with proven expertise in the form of
best practices and training to ensure success, these steps will assist in keeping the process running smoothly,
and help everything click into place as it should. More than that, they will help ensure a solid base upon which
real results can be built.
The reward will be well worth it, too. A more ef?cient and effective marketing team with strategies that work. A
better chance for stronger relationship building. And well-documented results that truly contribute to your bottom
line. Those are the ?rst steps towards success.
7
TAKEAWAYS
1. Marketing automation means changing your marketing techniques to better suit today’s digital
buyers. These Modern Marketing techniques are designed to meet the needs of today’s consumers.
2. Change doesn’t have to be all-encompassing. Keep your processes that work in place, but streamline
them to make the most of the resources you have on hand.
3. Know what you need to accomplish, and the restrictions—including regulatory compliance
requirements—you have to consider. Plan your change around those unique needs.
4. Whenever possible, sales and marketing need to work together. Combining resources and data
reduces redundancies and makes the automation of marketing run more smoothly.
8
Copyright © 2014, Oracle and/or its af?liates. All rights reserved.
About Oracle Marketing Cloud
Modern Marketers choose Oracle Marketing Cloud solutions to create ideal customers and increase revenue.
Integrated information from cross-channel, content, and social marketing with data management and dozens of
AppCloud apps enables these businesses to target, engage, convert, analyze, and use award-winning marketing
technology and expertise to deliver personalized customer experiences.
Visit oracle.com/marketingcloud
doc_418754985.pdf