B2B vs B2C Email Marketing, What You Need to Know by Sky Cassidy
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ProspectDB is a B2B marketing data company in Los Angeles, CA. We provide B2B lists as well as Data Management and data cleaning and append services. All of our lists include an email address for every contact as well as a 100% data guarantee and unlimited use license. We are data experts. Sky Cassidy lives in Los Angeles, California and is a partner at ProspectDB. In 2015, he took over as their CEO. Since graduating Sonoma State University in 2000 he has held management positions in both sales and marketing as well as holding founder or co-founder positions in several startups. Maximum attention here! Sky is going to talk about unsolicited e-mailing, what common people refer as spam. He will show it is legal (at least in the USA) and could work. Successful case study.
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B2B vs B2C Email Marketing, What You Need to Know by Sky Cassidy
- 1. B2B vs B2C Email Marketing, What You Need to Know Covering: • Everything You Think You Know is Wrong • Email Delivery Services • Open and Click Rates • Best Days of The Week • Response Times • Devices Used • Case Study • Q&A
- 2. Everything you think you know is wrong: Source = B2C delivery services • Self Generated Data • Opt-in • Consumer products • Existing Customers
- 3. Email Delivery Services: • Opt-in only • New Lead Generation VS
- 4. Open and Click Rates: Opt-in and B2C Campaigns B2B Lead Gen Campaigns Open Rate: 25% Click Rate: 3%+ Click-to-Open Rate: 12%+ Open Rate: 5% Click Rate: 0.5%+ Click-to-Open Rate: 10% Direct Response: 1 in 2,000
- 5. Best Days of The Week: MailChimp Stats Tuesday, Wednesday, Thursday?
- 6. Response Times: What’s the Average time it takes you to follow up with a lead?
- 7. Devices Used: Courtesy of Movable Inc. (US Consumer Device Preference Report 2014) What’s do you check business email on?
- 8. B2B Email Lead Gen Case Study: Setup: • B2B Service Company • List - purchased list of 65,000 HR and Warehouse contacts in companies with warehouses. • Email Creative – click to white paper w/o gating. Results: (11 month period after initial month of testing) • Clicks and responses were provided to the client for follow up. • Open Rate: 5.5% • Click to Open Rate: 11% (~2,000 leads per month) • Eliminated cold calling • Cost per lead of ~$4 (click=lead) • Increased sales by ~20% by end of first year. • ROI of ~1,200% (have seen results from 130% to 3,000%+) Execution: • Delivery Schedule – 13k daily M-F, repeated weekly for 1 month then switched to new creative.
- 9. 1. Stats you are familiar with for email marketing are based on B2C campaigns and newsletters. 2. Statistics Lie 3. Create your own benchmarks over time In Summary: Q&A
Notas del editor
- (Anton to Introduce) SC: I’ve been involved in the creation of B2B email campaigns for over 10 years now. I’m always trying to learn more so my campaigns can be more effective and over the years I’ve noticed that when people refer to email marketing they are usually talking about consumer email marketing or occasionally about marketing to newsletter lists, but they almost never clarify this. I think this has led to some great misunderstandings among many B2B marketers on what to expect and how to operate. I’ll try to address and dispel some of the issues that bother me. So to clarify I will be covering how B2B email marketing for new lead generation differs greatly from both B2C email marketing and B2B opt-in newsletter marketing.
- The general theme here is going to be everything you think you know about B2B email marketing is wrong. At least when it comes to the nuts and bolts of how it works, and especially the KPIs and benchmark stats you have come to recognize. This is because everything you know comes from numbers collected by email delivery services that cater to self generated opt-in newsletter style marketing, much of which is consumer facing. In the rare event you see stats specifically for B2B they will still be from campaigns based on opt-in lists of existing customers and prospects, not new lead generation. The stats on these campaigns vary greatly from what you can expect on a B2B lead generation campaign, but they are the stats that are readily available and passed around in marketing circles as common knowledge for all email marketing.
- Let’s talk about email delivery services. Companies like Constant Contact & Mailchimp are great for newsletters and your own opt-in lists, but they will kick you out of there service if you are caught doing lead generation to purchased or non opt-in list. They can tell because the bounce rate, opt-out rate and number of complaints will always be larger on lists used for general lead generation. So they actually use the large difference in stats for the two types of campaigns to separate our people running new lead generation campaigns and remove them from their service. They don’t want this type of business because they are in the business of getting emails into inboxes and lead generation lists result in higher opt-out and complaint rates which hurt the deliverability of their servers. If their servers have a low deliverability rate they lose customers and have increased server maintenance costs. Companies like these deliver the majority of email marketing and also produce the majority of statistics used in reports on email marketing. This is the source of the misinformation for B2B lead gen and why B2B Lead Gen campaigns are not living up to the ‘benchmarks’ found on the internet. So who should you be looking at for email delivery and benchmark information on B2B lead gen campaigns? Try companies like Clickback, Hubspot, DivTech, or ask the company you purchase list from who they recommend for email delivery, if they say Constant Contact find a new vendor.
- You probably expect to see open rates in the 25% range and click rates of 3%+. Not So. One quick side note though I don’t bother to look at overall click rates, look at the click rate based on the opens, what’s referred to as the click-to-open rate. So if you send 10k emails and have 500 opens and 50 clicks your effective click rate is 10% not 0.5%. This is important because when comparing campaigns you will rarely (should never) have the same subject line for all emails. The subject line is what gets people to open the email and it’s effectiveness can be judged by the open rate. Clicks are only possible for people who open the email though so you shouldn’t punish your click % based on a bad subject line. Make sense? Back to the 25% open and 3% click. These are based on emails sent to consumers who signed up to receive an email from the company sending it. Check the source for these stats and you will see it is always a delivery company like Mailchimp or constant contact that only allows you to use emails from clients or people who have specifically opted in to receive your marketing. I personally hope to see a 5% open and of the opens 10% click through on campaigns. I would also consider a direct response of 1 in 2000 a good result. These numbers can vary greatly based on the industry you are in though and are based on a well targeted and accurate list of direct business emails. Just to add one more wrinkle, open rates are tracked by an image in the email being loaded by the recipient but about half of the people who open your email will have images turned off so they will not register as having opened the email. This means that your open rate is likely double what you are being shown (and your click-to-open rate is likely half). So in my campaigns a good adjusted click-to-open rate would be 5%. You can get an estimate of your correct open rate by taking a campaign with at least 10k emails sent and match the emails for the contacts who clicked to the emails for the contact who opened. You will find you have people who showed as having clicked but not as having opened. The % of your clicks who are not also in your opens list (likely around 50%) will tell you what your adjusted open rate should be. This is interesting trivia but I find it unnecessary to constantly make this adjustment since in all of these stats you are comparing only to your own performance, benchmarks are nice but I have shown here how unreliable they can be. What you really want is to create your own benchmarks for what to expect and what makes a successful campaign for your company and measure your results by that.
- We hear all the time to send on Tuesday, Wednesday and Thursday. Wrong again, people work all week and Monday and Friday can be just as good. We even find a well targeted message the day before a holiday can work great. Test different days out yourself, I recommend sending every day and seeing what works best for your company. Also try sending at different times of day and see what works best for you. We have seen clients that for their particular target industry and title group just around closing time works best, you never know until you try.
- Ever hear the stat that your chances of getting the sale are 20 times greater when you respond within 5 minutes of a request? It’s completely true when someone’s looking to purchase a sweater but simply doesn’t apply in the B2B world. Bosses love to throw this out there as they flog their sales reps but the truth is it’s just not that urgent in the B2B world. Let it take more than 24 hours and now you are hurting your chances but lets not get carried away and let’s stop letting consumer market research influence our B2B strategies.
- The % of people viewing email on their ipads and ipones has gone way up right? Maybe for consumer emails which is where the stats you’ve heard on this come from, but for Business emails most people are still at their desk checking their outlook on their PC. It’s still good for your emails to be compatible with other devices, but the percent of people using them to view your emails is much less than you have been told. BTW: Movable Inc is a company that provides customized email delivery for consumer targeted marketing.
- We are not an email delivery or marketing company but I got a partner to share a case study because I thought it would be useful to get some real life examples. I’ll hit the main points here. The company in this study provides workers compensation related services to companies that have many employees working in a warehouse type environment. They started with a list purchased from us of 65,000 contacts, primarily HR decision makers and warehouse managers in targeted industries. The data collected for this case study covers a 12 month period from January to December 2014. Tested signature lines and email creative styles for 1st month to identify best approach for this specific industry, product and target.
- Every time you hear anything about email marketing in the news or online it’s referring to B2C, they just don’t bother to tell you. On the bright side those campaign numbers you had been thinking were dismal are likely not bad at all and none of this will affect your most important B2B email marketing metric, ROI. A lot of what I’ve covered here can be summed up by saying statistics lie, especially when you get them from unknown 3rd parties. So make your own statistics and you can make them work for you instead of against you. The most common question when I talk on this subject is how do I do email lead generation without being seen as spam. That isn’t the topic of this and I’m running out of time so I’ll say there is a lot of information out there on best practices in B2B email lead generation and anyone who wants specifics on this just let me know and I can have a white paper emailed to you.