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Similar to Is Your Email Producing Churn, Burn, or PROFIT? Advanced Email Marketing Analysis
Similar to Is Your Email Producing Churn, Burn, or PROFIT? Advanced Email Marketing Analysis (20)
Is Your Email Producing Churn, Burn, or PROFIT? Advanced Email Marketing Analysis
- 1. Is Your Email Producing Churn, Burn, or PROFIT?Advanced Email Marketing Analysis Karen Talavera, Synchronicity Marketing Harvey Morris, Chicago Convention & Tourism Bureau Marketing Profs Digital Mixer 2009
- 2. The Evolving World of Email The Year of Discovering What Matters
- 3. What A Difference A Year Makes 2008 2009 Recession
- 4. Effect on 2009 Marketing Budgets Half of all responders reported negative impact
- 5. But Every Cloud has a Silver Lining
- 7. And Email Flourished During tough times, more marketers adopted digital marketing Over 90% of marketers polled by eMetrics said they would increase or maintain their spend on email
- 8. The Times They Are-a-Changin’
- 9. The Old Model One-way progression More interested in speaking than listening Goal: Create demand rather than value Sell vs. Serve
- 10. The New Way Two-way dialog, multiple avenues Conversation vs. broadcast Goal: Create long-term value & loyalty Sell by way of Serving
- 11. Why Now?
- 12. Email: The New Nexus
- 14. But Consumers Want Permission Merkle’s annual View from the Inbox study found 47% of permission email recipients cite that well-executed email programs influence their decision to do business with companies both online and off-line This percentage increases in tandem with online spend, up to 59% for those with an annual Internet spend of $1,000 or more
- 15. Let’s Not Forget Social Media
- 16. The Year Twitter Doubled, 2008 2009 6 Million 12 Million Source: http://www.sysomos.com/insidetwitter/
- 17. Facebook Exploded, Nov. 2008 Nov. 2009 60 Million 300 Million Source: Facebook, Web Strategy Blog (Jeremiah Owyang)
- 18. And Marketers Caught On
- 19. There’s a Lot More Data to Deal With
- 20. So What’s Worth Measuring?
- 21. Four Essential Email Measures
- 22. Email + Social Media = A Focus on Engagement Case Study: CCTB
- 25. What’s New in Chicago (Aug.)
- 26. What’s New in Chicago (Sept.)
- 28. Chicago Restaurant Week Promo
- 32. Leisure Visitor Program Results
- 34. Engage & inform paying members about CCTB initiatives and leverage strength of group toward common strategic objectives
- 39. Sell Chicago as a meeting/convention location
- 41. Typical Announcement Stand-alone message announces new free resources added to Destination Marketing Kit (DMK) for meeting planners
- 42. Meeting Planner Program Results
- 43. Email & Social Media Integration Tweet & FB links to Web-hosted versions of What’s New In Chicagoand Chicago: Inside Out e-newsletters Also integrating subject-matter-specific hashtags in Twitter Post exclusive members-only deals on LinkedIn Group page New email list sign-ups generated from increased exposure on Facebook and Linked-In Social Networking sites elevating audience reach Stimulating visitors to consider Chicago as a destination vs. engaging active planners (role of main Web site)
- 44. Key Insights “A Rising Tide Lifts all Boats” Email combined with social media has exponential ability to boost influence Leveraging partner or member brands’ social media efforts a major asset Don’t underestimate your current email list members’ ability to connect you to new subscribers Solid influence + useful content can double or triple list size Use Social Media to spark interest, email to close it Devise an intentional consideration pathsocial media communityemail list sign-updetailed offers
- 45. Advanced KPIs for a Clearer View Email Analytics: Beyond the Basics
- 46. Four Essential Email Measures
- 48. Three Views of Process Metrics By Campaign or Program (aggregate response) Allows for apples-to-apples performance comparison across different messages or campaigns Compare subject line, offer, creative, landing page performance By Segment Allows for apples-to-apples comparison of response history across different subscriber groups Trend analysis of response actions by group attributes By Responder History Frequency distribution of openers, clickers, converters, repeat customers Identifies responder engagement levels, gaps, clusters
- 49. All Responders Are Not Created Equal Remember the importance of channel segmentation on your back end Analyze program results by demographic, behavioral, and channel characteristics such as: Social media participation Which customers are active on social networks? Have shared to social? Permission type (single opt-in vs. double opt-in) Is a higher permission standard translating into better response? Source channel Is a particular name source yielding more responders? Or influencers? Date acquired Are more recent list members more responsive? Multi-Channel Activity/Status Are those active in more than one channel behaving different form single-channel responders? How?
- 50. Subscriber Engagement Analysis Is the same small minority repeating response actions from campaign to campaign? Analyze who they are . Objective is to stimulate them to open second time Analyze who they are . Are they the same people campaign after campaign?
- 51. Longitudinal View of List Member Response Actions Examine list reach, not just aggregate response rate Measure cumulative response actions per member over a period of time Divide list members by response frequency. Examine frequency distribution of openers, clickers, and buyers Is there good random distribution across your list? Analyze frequent responders for biased clusters Goal: Move the needle on less active segments of the list Focus test efforts here
- 52. Four Essential Email Measures
- 53. Web Traffic Driven by Increasingly Fragmented Sources Source: Chief Marketer Oct/Nov 2009
- 54. MultiChannel Conversion Tracking Is essential, will get more difficult as channels proliferate Email may both directly and indirectly contribute to conversion How do you tell when it influences vs. causes conversion? Your back-end may not accurately be able to track conversions because responders don’t always follow a trackable path The more complex the sale, the more likely it will be completed in stages, in multiple channels Short-term channel-suppression testing one way to gauge individual value of a channel
- 56. Four Essential Email Measures
- 57. How Responsive Is Your Company? At least 89% of consumers believe they should get a response in 24 hours or less
- 58. The Art of Listening Who/what is monitoring reply-to email boxes and routing complaints, comments or questions? Who/what is monitoring unsub process? Who’s managing Twitter? Listening to followers? Receiving DMs and monitoring for brand/product/key words/hashtags? Who’s managing Facebook & MySpace? Who runs the LinkedIn Group? How are you listening across the Web? (Google alerts?)
- 59. Four Essential Email Measures
- 60. All Responses Are Not Created Equal Best way to evaluate total performance is to assign a weighted (or monetary, if you can) value to each action that is meaningful to your business: Example: Tweet = 1 point (or $x) Landing/Web Site Page View = 5 points (or $x) New List Subscriber = 7 points (or $x) Conversion/Purchase = 10 points (or $x) Count the number of meaningful actions and multiply them by a weighted value or typical cost to generate for a truer look at the total value of each campaign
- 62. Set Channel Goals Create target deliverability, open, click, conversion rates Benchmark improved performance over time Test to beat control Benchmark against industry/sector avg.
- 63. Comparative Campaign Analysis Campaign A may have produced more click-throughs than Campaign B, but if the correlation of clicks to conversions is low in Campaign A, Campaign B will be the better performing effort Correlations to Measure Opens to clicks Clicks to conversions
- 64. Align Email with Marketing Goals Define key marketing goals Acquisition? Retention? Branding? Increase ROI? AOV? Determine how adding email to the mix has impacted achievement of key goals Conduct “before and after” analysis Determine how using email in conjunction with other online AND offline media improves overall performance of all channels Measure email’s impact related to highest marketing priorities
- 65. ARV/AOV Look beyond ROI by comparing average response or order value across campaigns. Higher conversion rates alone don’t matter if ARV/AOV is low Example: Campaign B required twice as many conversions to produce the same results as Campaign A. Something is motivating responders to spend more in Campaign A. (Find out what, and then you just need to raise the conversion rate to maximize returns)
- 66. And Overall Business Goals Are the results of your email marketing contributing to your company’s overall business goals or detracting from them? Can the value of the results justify increased email program budget/resources? Can you integrate and connect email to other marketing channels or functions to maximize its impact?
- 67. In Summary
- 68. Thank You, Questions? Stay ConnectedEmail: karen@synchronicitymarketing.com hmorris@choosechicago.comWeb:www.synchronicitymarketing.comwww.choosechicago.com Facebook/LinkedIn: Karen Talavera ChooseChicago Fan PageTwitter: http://twitter.com/SyncMarketing http://twitter.com/ChooseChicago Marketing Profs Digital Mixer 2009
Editor's Notes
- The old marketing model relied on a funnel approach which was mostly one-way from advertiser to audience. Advertisers were more interested in broadcasting a message to a large, like-minded audience. Audiences usually had little mechanism for feedback – other than to buy or not buy. The market determined the effectiveness of advertising messages, which were designed basically to generate demand for products and sell them rather than communicate the value of such products.
- The new model is quite different. Internet marketing channels like social media sites, blogs, and email make it possible for advertisers and audiences to have two-way conversations. In fact, audiences have shown they are eager to provide vocal and frequent feedback when given the mechanisms to do so. Therefore, the marketers who will succeed in the new world are required to engage in conversations rather than simply broadcast a message to the masses. The goal has shifted from simply selling product (of course, that’s still what needs to happen to stay in business) to developing long-term, loyal customer relationships. Any good direct marketer knows it costs more to generate new customers than keep the ones you already have, so if we continually demonstrate value through information, education, entertainment and by way of serving communities, customers will stick around. The new model has evolved into selling by way of serving rather than selling by way of promoting.
- We’ve been hearing about integrated marketing for years now, but it’s only recently become a reality, a reality that goes beyond making connections. What’s really happening is a fusion of both intentional and unintentional impressions, communications, and information. That fusion is taking place as the result of greater transparency between companies and customers, more holistic ways of having customer conversations, the rise of Web 2.0 as it’s called (dominated by User Generated Content and everyone seemingly talking to everyone else about anything and everything they can) which of course carries into social media sites like Facebook, MySpace, LinkedIn, Flicker, and more. Because this is evolving in real time, there’s never been a better time to leverage email. In fact, the great news is how far it’s come in less than a decade, from out of the silo into the very heart of the mix.
- Email marketing as the new nexus powering, connecting, pushing and pulling customers and prospects into the many marketing channels and contexts we’ll be operating in. In its early days, it was a great connector between offline direct response like mail, catalog, and phone and it still is. Marketers can leverage multiple channels to gain greater mind share with customers, and of course email can convey information and offers in ways traditional advertising can’t compete with – faster and cheaper than is possible otherwise – which is a huge time advantage marketers now have. What’s really interesting though is how it’s also become the lynchpin of customer contact online. It is still the workhorse empowering social media, nudging and alerting members to check in, or transmitting personal messages when a member isn’t actively engaged in a social network. It also initiates and encourages Web site activity, pushing and pulling customers to interact with us online, and by doing so speeds channel migration, streamlines operations and accelerates customer service. And of course, because email has become as prevalent a point of contact as the phone, it’s now a primary data element on most customer lists, our online connector to things happening in our offline worlds like events, store openings, mergers, etc.
- 60 million active users vs. 300 million active users. http://www.web-strategist.com/blog/2008/01/09/social-network-stats-facebook-myspace-reunion-jan-2008/http://www.facebook.com/press/info.php?statistics