I’ve always believed you can only call yourself an “expert” if you make your living from the very thing you claim to be an expert in. If you brew beer and make a living from it, I would consider you a beer brewing expert. But, if you make a living as an investment banker, and dabble in craft beer brewing, on the weekend, you are a hobbyist at best. Every one of the guys who contributes to this blog makes a great living from direct marketing, so we believe that qualifies us to call ourselves experts in the field of direct marketing, and as a result we are confident in handing out some advice via our blog.
In this week’s blog post we look at 4 simple questions you need to ask yourself before you fire off any email marketing campaign.
Let’s start with this – Are you doing any email marketing?
If email doesn’t form part of your digital marketing strategy, you are seriously missing a trick!
The truth is, if executed correctly, a well-thought-out email marketing campaign has one of the highest potential returns on marketing spend. And let’s face it, there isn’t a business out there which doesn’t want to get more mileage out of their overstretched marketing budget, right?
“With a return on investment (ROI) of 38 to 1 on every Dollar invested, email has the highest ROI among digital channels”
2016 State Of Email Report – Litmus
But let’s park the fact that email marketing offers crazy ROIs (as tough as that might be to do).
The real strength of email, as a digital marketing channel, lies in relationship building and customer retention, and it might well come as a surprise to you, but people actually want to receive well-thought-out and interesting email.
If it provides a great ROI, builds relationships and retains customers, why isn’t every business doing email marketing? It seems like a no-brainer, right?
Well, putting together a successful email marketing campaign can be tougher than it seems, if you go into it not being able to answer a couple of basic questions.
Sure, you can labour over the email creative, what subject line you are going to use and how often you are going to send. But, without knowing what the objective of the campaign is (and how you are going to measure it), you’re dead in the water before you have even started.
Because we are a bunch of dudes (we always like to keep things nice and simple), so we’ve narrowed our critical questions down to just 4:
Let’s look at a quick example to better illustrate the point:
BIC Insurance Brokers specialize in car insurance policies and have more than 10 000 existing clients on their books. They are looking to start an email marketing campaign to cross-sell a new life insurance offering into their existing policyholder base.
Cool, seems easy enough, so let’s ask ourselves a few questions and see if we can come up with good enough answers to push this from an idea into a campaign.
Q: What is the objective of the email campaign?
A: To cross-sell life insurance to an existing customer base
Q: What is the value exchange?
A: Existing policyholders get a reduced rate if they take up the time sensitive life cover offer
Q: What is the desired outcome?
A: To cross-sell 10% of the existing policyholder base and book 1000 new life insurance policies before October 2016.
Q: What are the success metrics?
A: 1000 new life insurance policies on books at an average premium of R200pm (R200 000 in
new premium income) before October 2016.
It really doesn’t need to be more complicated than this.
Before you get carried away with the “fluff” take some time to make sure you know exactly what you want out of your email marketing campaign.
Need any assistance with your email marketing strategy or campaigns? Drop us a line.