Is your business reaping the growth potential? In today’s customer-centric market, it’s critical for small and medium-sized businesses (SMBs) to adjust their communication and marketing strategies to meet the expectations of the modern, connected customer. Customers expect to engage with businesses through multiple channels and have advertising content tailored to their details, interests and location. The benefits of a tailored and automated approach to marketing in terms of successfully engaging target audiences are clear, with recent estimates suggesting that personalised promotional emails have 29% higher open rates, 41% higher click rates and generate more than six times the revenue per email than non-personalised emails. The use of marketing automation is becoming an important part of SMBs’ market strategy, and the more they use it – to capture customer behaviour, track interactions and personalise adverts – the faster they grow and the easier they find it to attract, and retain, new customers. Marketing automation is one of a number of issues analysed in a new report commissioned by Salesforce Australia, SMBs in the Digital Race for the Customer, which looks at how high performing businesses are succeeding in a rapidly changing environment. What makes marketing automation so significant in today’s market? Used effectively, it has the potential to improve the effectiveness of marketing campaigns, shorten sales cycles, and improve conversion rates. It also drives greater customer engagement via multiple channels that are better suited to individual customer preferences, helping SMBs to deliver a better customer experience, boost retention and attract new customers. The latest Deloitte research suggests SMBs currently making use of marketing automation enjoy a substantial dividend in the form of reduced customer acquisition cost and increases in revenue growth, especially if they make use of it in a number of different ways. The chart below shows that SMBs with more marketing automation capabilities generally experience more favourable revenue growth. After controlling for other characteristics, the report finds an average 0.8 percentage point increase in annual revenue growth and 0.13% reduction in customer acquisition cost can be achieved for each additional marketing automation capability take-up. The importance of one-on-one communication with customers throughout the purchase cycle is also becoming more widely recognised, and almost a quarter of SMBs plan to acquire additional marketing automation capabilities in the next five years. Discover the other trends and edge out the competition in the ‘digital race’ for the customer.