How much time do you spend thinking about your email marketing strategy? If you are like most marketers, juggling multiple channels in an ever changing marketplace doesn’t leave much time for contemplating the whys and wherefores in any area.
Would you make the time if you knew that changing your email marketing strategy could make your job easier, increase revenue, and improve customer acquisition and retention? Email campaigns can do it all, but they have to be carefully planned and orchestrated to make the good things happen. The way people access information and connect with each other is changing rapidly. Your email marketing has to adapt or die.
The best strategy is multifaceted with specific processes that move people for one stage to another. It provides access to the content via the technology that fits your customers and prospects. The people who subscribe to your messages aren’t always at their computers. Your content and how it is delivered has to adapt to their needs.
The first step in creating a comprehensive strategy is defining the purpose of your email marketing. Do you want to acquire more customers? Sell more products and services? Keep customers happy? Reduce operating costs? Or, is it all of the above?
The four primary objectives for email campaigns are:
- Customer Acquisition
- Customer Retention
Each objective requires a customized strategy designed to move people from original contact to completion. Everything varies from the point of origin forward. The messages that sell the latest products to seasoned customers are rarely as effective with prospects. Creating a specific process for each objective moves email marketing from generic blasts to targeted marketing that connects with people. There can be some crossover, but in general, every email sent needs a specific objective and clearly defined success metrics.
Start the planning for 2013 by reviewing 2012. How many customers were acquired via emails? What percentage of sales is directly attributed to email campaigns? What percentage of sales was influenced by email marketing? How does customer retention for people who subscribe to your emails compare with those who don’t? How do service metrics compare for subscribers versus non-subscribers? You have to know where you are before you plan the journey to your destination.
Next, look at the content of the emails sent in 2012. Does it match the information in your analysis? Are there exceptions? For example, if the majority of the emails were sales promotions, then a low customer acquisition rate and strong sales generation would be expected. If there are any exceptions, try to identify the elements that made people act.
The last part of the 2012 review is looking at segmentation and consistency. Was your list segmented so people received emails targeted by behavior, or did everyone on your list receive the same emails? How often did each group receive messages? Is there a pattern of response in relation to timing? Are all of the emails branded so your company is easily recognized?
The 2012 review provides a benchmarking foundation so you have a reference point for comparison. The review process often triggers ideas and awareness that can be used to maximize the return in 2013. Document your thoughts and any metrics readily available for future reference.
It is time to look forward to the New Year. What do you want to accomplish with your email marketing in 2013? The best strategies have a balanced approach to accomplishing the four primary objectives. They attract new customers, keep existing ones happy and generate revenue while reducing operating costs.
Identifying specific targets provides goals and accountability. How many customers do you want to acquire? What are your direct and indirect sales goals? How much should your retention rate increase? What effect do you expect on service levels and operating costs?
There are many questions to be answered in the process of creating a comprehensive email marketing strategy. The better the answers, the more likely your email program will succeed. Investing the time and resources required to do this right is guaranteed to generate a solid return on investment.
This post is the first in a series on developing a comprehensive email marketing strategy.