I was recently interviewed by Doug Morneau for his Real Marketing Real Fast Podcast and invite you to give it a listen. Here are some of the highlights we hit upon:
- Email is going through a massive renaissance
- Let behavior drive what you send. Track subscriber engagement with and response to your email, then follow up with messaging relevant to their content, offer and/or product interests
- Think in terms of normal human dialog vs. "blasting": talk to your subscribers, not at them!
- Have realistic expectations of what email can do. Use it to nurture and build relationships over time vs. expecting single messages to accomplish conversion in one fell swoop
- Understand your customer's journey and align email messaging to key points on it
Inspiration from the 2015 Email "To-Do" Lists of Leading BrandsI'm just back from the MediaPost Email Insider’s Summit at Deer Valley in Utah ski country. Boasting record attendance and the active participation of big brands, the event is always a nexus for email marketing growth, expansion and innovation ideas. With attendees from Wendy’s, Office Depot, Amazon, Bank of the West, Angie’s List, American Airlines and countless other marquee brands, this time didn't disappoint. In short: everyone’s excited (and in some cases a little daunted by) the email marketing goals they aim to accomplish in the coming year. Here’s what’s on the 2015 “to-do” list of top marketers and should be on yours as well:
Last month we explored the first of two important digital marketing list subscriber metrics: CPA, the cost to acquire a new list member (see Part 1 here). I also presented a process for determining your maximum allowable CPA – that is, how much it’s worth paying or investing to acquire new subscribers on a name-by-name basis. This month we’ll explore various approaches to assigning economic value to every subscriber already on your list. Let’s start with the clearest way first: the Revenue-Per-Subscriber method also known as RPS.
I was just paid $16.56 for my email address. You read that right: CVS, the drug and pharmacy chain, paid upwards of $15 to acquire my email address. There I was in my local store buying about $40 worth of health and personal care items when they offered me an instant 20% savings on my purchase in exchange for my email address. So I gave it to the clerk, resulting in a discount of $8.28, which somehow (likely by mistake) was applied twice for a total savings to me (and cost to CVS) of $16.56. At two recent business events (which did not provide exhibitors and sponsors with attendee lists) I noticed exhibitors actually paying attendees cold hard cash in exchange for their email addresses. Yes, they were handing out the green stuff in a blatant, unmasked trade for data. One business coach offered passers-by $1 for a name and email address and $5 for a completed lead qualification questionnaire. At another event, an exhibiting sponsor held a stack of crisp, fresh dollar bills and asked each visitor if she would like $1 in exchange for her email address. Most attendees cruising the exhibits at these events happily gave up their email addresses and took the money!