Earlier this month I had the pleasure of joining many of my fellow email industry colleagues in Miami at the Email Evolution Conference. Hosted annually by the Direct Marketing Association’s Email Experience Council (eec), the event kicks off the email conference year by bringing brands, advocates, vendors and thought leaders together under the south Florida sun to discuss, debate and share innovations and pressing issues central to email marketing. Here without further ado are key insights, wisdom and lessons learned (including my own) from this year’s event:
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.
In my ongoing series of email marketing conundrums, I couldn’t possibly overlook this one: declining email marketing open rates. Although much has been written on the subject, my goal is to provide you with not just a diagnostic checklist for investigating why open rates are falling nor to hand you a “best practices” list of what to do to reverse the decline, but to go beyond that by (most of all) giving you a “reality check” on the subject and presenting a new, more constructive way to see this situation, as well as a new mindset on email marketing performance measurement altogether. In short: while we do need to pay attention to declining open rates, there’s too much focus on them at the expense of more meaningful email marketing performance measures.
When it comes to measuring email marketing results, there’s plenty of undue obsession with tracking basic process metrics like deliverability, opens and clicks. While each of those measures is obviously important, it’s the bottom line contribution of email marketing to your business that ultimately matters most.