Don’t take marketing skills for granted: they’re precious and need investment
The world has seen a significant increase in demand for valuable business information and intelligence in all sectors as senior executives face new challenges and opportunities arising from Covid-19’s impact.
In our recent webinar, Expert Panel Discussion: Marketing to Accelerate Acquisition of New Subscribers, Carolyn Morgan of Speciall Media chaired a discussion between Jonathan Perry, Global Marketing Director at PEI Media, Olivia Jones, Head of Membership Marketing at Procurement Leaders, and MPG’s own Helen Coetzee.
Attendees gained practical advice on developing and growing a subscriptions service via PEI Media and Procurement Leaders’ real-world experience in developing high-performance subscriptions and membership products.
Here are 5 key learnings from the webinar:
1. Free trials can have a negative effect
Procurement Leaders’ experiment with free trials for their membership resulted in an increase in lost opportunities. The issue? The structure of PL’s service meant free access to the website alone did not showcase the full range of benefits the membership offers. Careful analysis of the marketing and sales data meant Procurement Leaders were able to rapidly move on to more effective promotional methods, where they discovered…
2. Events are excellent platforms for promoting subs products
Offering prospects free passes to their customer events proved successful for Procurement Leaders. Visitors were able to network with existing members, providing powerful and authentic word of mouth accounts on the benefits of the product.
Events can also act as a showcase for subscriptions and membership products, providing a sample of the valuable intelligence, data and connections the service provides year-round.
3. Automation is key
Both PEI Media and Procurement Leaders find value in marketing automation for their subscriptions and memberships. From automated lead-scoring (based on level of engagement) to enable highly-targeted and relevant comms, to a series of automations that convert leads from cold to hot, both companies understand the near limitless potential of marketing automation.
4. Lead nurturing is a calculated process
Procurement Leaders’ point-based lead scoring model enables real-time reporting and analysis and a deeper understanding of their audience. The two bases of scoring, demographic and behaviour, ensure only the most relevant and interested parties are targeted with comms. Mapping the score model against the sales funnel allows rapid identification of any dips or spikes. This process means leads are nurtured effectively and sales teams are fed the optimal number of hot leads.
5. Business growth requires marketing growth
PEI Media found their strategy of spreading marketers across their events, subs and other products was not feasible as their business grew. The specific requirements and complexities of each format meant specialised teams had to be formed.
Increased digitisation created further demand for specialist skills. A dedicated operations team was given responsibility for martech and automations, while a team of product marketers were tasked with handling brands, customers and lead and sales targets.
Procurement Leaders found giving the same marketers responsibility for both subscriber acquisition and retention led to better outcomes, as marketers were able to develop a deeper understanding of their customers.
Thank you to everyone who joined us for our latest webinar, and those catching up on the valuable insights now.
If you need support in marketing your subscriptions or membership, make sure you contact MPG to hear how we help the world’s leading B2B community brands grow their subscribers, audiences, businesses and revenue.
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