There’s been a lot of talk lately about socializing email, and it makes a lot of sense. While social media is the hot topic of the moment and adoption continues to increase, many brands continue to struggle with measurement. In fact, according to a recent Mzinga and Babson Executive Education survey, 84 percent of professionals worldwide do not currently measure the ROI of their social media efforts.
Pretty shocking, considering the economic environment we’re in and the increased pressures placed on marketers to deliver results. On the other hand, email’s ROI has been analyzed to death and remains the most efficient marketing medium used today.
Therefore, it should come as no surprise that these two communication and marketing powerhouses join forces to drive success and efficiency for today’s leading brands. The only questions that remain now are: “How?” and “Who’s doing it well?” One brand that’s been successful doing it to acquire new customers is Mint.com.
Launched in 2007, Mint.com has quickly become America’s No. 1 online personal finance service. Mint’s intelligent and easy-to-use approach to money management has quickly attracted more than 1.5 million users to date. Given its online audience and technologically savvy user base, Mint.com recently turned to the power of email marketing and socialized it to further drive new customer acquisition.
Building a successful social email marketing campaign
Taking the time to understand user motivations is key, and Mint.com did an impressive job in a recent campaign that tested a series of offers appealing to a diverse spectrum of user needs.
The winning campaign, analyzed below, appealed to Mint.com users’ desire to achieve “insider status” – or access to beta features and products prior to their rollouts to the general user base. In return, users were encouraged to tell friends. If three of those friends became Mint.com users, they would be granted exclusive access. The campaign also helped Mint.com identify key influencers – those who self-identified by indicating their desires to know more and demonstrating the ability to drive new users. In the end, the results were impressive – the effort drove one new user for every 2.6 invite clicks.
Looks like Mint.com is well on its way to making a mint thanks to some great planning and testing, and by combining two incredibly powerful and relevant mediums – email and social media. However, like all campaigns, Mint.com has a great opportunity to take it a step further by considering the following:
Testing personalization. Mint.com could strengthen its relationship with users by making it more personal and conversational. Using the subscriber’s/user’s name, such as “Dear Michael,” and signing the communication with an actual Mint.com employee (i.e., “Bob Smith, director of new product development”) may improve performance even further.
Add additional response mechanisms. The email might benefit from including a text link, in addition to the “Tell Your Friends About Mint.com” button, in case images are blocked.
Flagging responders for future marketing efforts. Given these users’ desire to know more and ability to drive new users, Mint.com should consider building an influencer communication program around these users to further leverage their knowledge and reach.
Great program with lots of learnings. Congratulations, Mint.com.
Note: Michael Della Penna currently sits on the board of directors at StrongMail Systems, Mint.com’s social marketing technology provider.
Michael Della Penna is co-founder and executive chairman of the Participatory Marketing Network, an industry association dedicated to helping marketers transition from push and permission marketing to participatory marketing. He’s also the founder and CEO of Conversa Marketing, which helps brands build social and email marketing programs. Reach Michael at firstname.lastname@example.org.