Four Key Takeaways from #CNX19 Every Regulated Marketer Needs to Know

Source: https://www.pardot.com/blog/four-key-takeaways-from-cnx19-every-regulated-marketer-needs-to-know/

It was an unbelievable Connections for regulated industries marketers. With over 30 dedicated sessions for health and financial services and life style there were opportunities to share best practices, network with peers, and engage with specialists than ever.

In the event that you missed a couple of sessions, or were not able to make it to Chicago, we’ve compiled a list of our top takeaways which can help you up your electronic marketing game.

Data. Data. Data.

In the keynote touting a 360 degree view of your customers to the regulated businesses session where panelists discussed the challenges of maintaining data compliance, the importance of data-driven advertising was front and centre. 

The message was clear: it’s no longer an option for marketers in regulated businesses to use regulation as an excuse for bad marketing. 

Personalization is key along with the path to personalization is paved with first-, second-, and third-party data.

In Wunderman Thompson Health, third party data plays an integral role. According to managing director at the agency, William Martino, third party information is mainly utilized to enhance existing data. 

By way of example, the bureau will use first-party location data, paired with third party weather information to make predictions about influenza outbreaks or allergy vulnerability and adjust their offers accordingly.

Making sure you are using clean data is also crucial. In the panel discussion, Constructing a Lifeline with Patients and Providers, CRM Program Manager at Indiana University Health, Oliva Goh Kidder, implored the audience to”not construct the airplane while you fly .” That was a major lesson learned for the IU Health team and Goh Kidder. “We were constructing journeys while we were attempting to incorporate data,” she said. 

“If I could have done it over again, I’d have taken more time for discovery prior to implementation, which would have reduced shift on the way.” 

Click here to see how companies like Farmers Insurance are using data to increase personalization and drive marketing results.

Change Management is Critical

Let’s face it, change is hard for any industry, but it can sometimes feel nearly impossible for associations unaccustomed to the pace of electronic innovation. At the session Partnership is the Prescription for Success, Claire Loran from Otsuka described how her team implemented Marketing Cloud and pulled data from several desperate systems using Mulesoft in only four weeks by partnering with Intouch B2D

Initially daunted by the scale and pace of the job, B2D jumped in focusing on stakeholder alignment, a technical assessment, and street mapping. They went through an execution phase where they worked to mitigate risk through a transparent approach that helped quell some.

“That degree of transparency is critical to maintaining belief that the project will be prosperous,” said Paul Pierce, Senior Vice President of Development Services at Intouch.

Mike Sorice, Executive Director of Consumer Analytics and CRM at Mercy, felt similar pressures when moving the large hospital system toward a patient-focused digital advertising effort. “As much as we tried to anticipate the challenges, we underestimated the impact of everyone having their’cheese’ moved,” he said. 

Sorice recommends spending substantial time”reverse engineering the process” to better understand the downstream impacts of the changes you’re implementing.  

ABM is the strategy of choice

Based on Constellation Research, 92% of businesses have a plan to begin an ABM program, but only 19 percent are confident in their ability to execute. At the session B2B Marketing in HLS: Grow HCP Relationships with Pardot, Danielle Freedman, a Product Marketing Manager at New England Biolabs, shared her staff scales personalized customer outreach with a small sales team.   

The company’s sales process frequently starts with a request for a sample, but the sales teams found it hard to balance reaching out to key accounts and following up on the lot of samples distributed. 

To fix the issue, Freedman and her team made a simple nurture program that generated a set of automated follow-up emails that appeared like they were sent from a sales rep. whether a prospect responded to offer feedback on their free trial, the sales rep would get that response and have full visibility to how the prospect liked (or didn’t like) the trial. Now 100% of sample requests are being followed up with while also continuing to manage strategic account relationships and these tasks can balance. 

 “We chose Pardot for the tight integration with Salesforce,” she said. “It has allowed us to reevaluate our procedures and get extremely efficient. Sales reps can now prioritize their follow up and our clients always feel connected.”

Looking to Begin with an ABM strategy? Download our account-based marketing manual . If you’re in health and life sciences organization, we have a brand new ebook especially for you.

Afterward, join us for our free webinar, Successful ABM Starts with Being Account-First, on July 16 at 1 p.m. ET. 

Sales and Marketing Alignment are Key to Success

At the end of the day your advertising efforts are supposed to do one thing: bring in business, but if your sales and promotion are siloed, it’s very tricky to understand the real return on your investment. 

“Visibility across marketing and sales is critical,” said David Gore, Manager of CRM at Assurant, during the session Pardot for Financial Services: Relationship Marketing on the World’s #1 CRM

Aligning on a single platform as the single source of truth is critical to these efforts. It is the only way to enable sales with the marketing insights and ability to conduct their own campaigns.

In the session 7 Ways Financial Services Marketers can Lead Digital Transformation, President of DBS, Lisa Nicholas highlighted the importance of creating the backend processes to handle incoming form submissions, phone calls, and chats. 

You may be crushing the direct funnel, but if you don’t have the procedures in place to convert those leads, your job will stop short of the finish line.

Learn how Piedmont Healthcare increased the volume and quality of communications while enabling more personalized targeting, forcing increased open rates and click throughs with a single source of truth on their consumer, patient and physician interactions. According to an independent ROI study, the supplier recognized an 83% ROI with a payback of just 1.8 years.

Learn more in our upcoming webinar, Top 10 Takeaways from Connections 2019.