How You Can Use Email to Discover the Essence of Your Value Propostion
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How You Can Use Email to Discover the Essence of Your Value Propostion

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  • 1. How You Can Use Email to Discoverthe Essence of Your Value Proposition(in 5 Simple Steps) #webclinic
  • 2. Join the conversation on Twitter #webclinic #webclinic
  • 3. Today’s Presenter Austin McCraw Senior Editorial Analyst MECLABS Austin McCraw joined the MECLABS research team in 2007 after graduating from University of Floridas college of Journalism and Communications. Since then, he has reviewed over 2,500 experiments, written over 300 hours of training, and developed five professional certification courses on the topics of Offer Response Optimization and Value Proposition. Currently, he works directly with Dr. Flint McGlaughlin, Founder and Director of MECLABS, on his academic and commercial writing projects. He lives in Florida with his wife and three sons. 3 #webclinic
  • 4. PART I: AN EXPERIMENT#webclinic
  • 5. Experiment: Background Experiment ID: Protected Location: MarketingExperiments Research Library Test Protocol Number: TP2067Research Notes: Background: Company provides technology and product supply to the oil and gas industry. For this experiment, they were making a specific segment (drilling engineers) of their opt-in list aware of an upcoming conference. Goal: To determine the most effective point of value Primary research question: Which value category (Overcoming challenges or generating results) will generate the most response? Approach: A/B split test (variable cluster) #webclinic
  • 6. Experiment: Background Which emphasis will generate the most response? Option #1 Option #2 Overcoming Challenges Generating Revenue #webclinic
  • 7. Experiment: Version A Version A: Overcoming Challenges • “…researching to find solutions to the monitoring and technology issues you face…” • “How can deepwater risk be reduced?” • “How can you adjust parameters based on new downhole data?” • “What are the newest insights around stick-slip mitigation?” #webclinic
  • 8. Experiment: Version B Version B: Generating Results • “conduct in-depth field tests to leverage the latest technology… recent results will be presented” • “…improved penetration rates and higher quality wellbores…” • “...outperforming conventional drilling BHA’s by more that 350%...” • “…10% improvement on ROP…” #webclinic
  • 9. Experiment: Results 17% Increase in clickthrough rate Version A generated a 17.05% higher clickthrough rate than Version B Relative diff Subscription path CTR v. control Version A (Overcoming Challenges) 20.93% 17.05% Version B (Generating Results) 17.88% -  What you need to understand: The focused on results, leading overcoming challenges outperformed the email email message focused on us to conclude that for this segment there is more value in obtaining the solution to problems. #webclinic
  • 10. Experiment: Results The greater gain was new knowledge we obtained about the customer. #webclinic
  • 11. What you Need to Understand Key Principles 1. The goal of a test is not simply to get a lift, but rather to get a learning. #webclinic
  • 12. What you Need to Understand Key Principles 1. The goal of a test is not simply to get a lift, but rather to get a learning. 2. We should always strive to better understand our customer, and in particular, to understand the essence of our value proposition. #webclinic
  • 13. Uncovering the Essence The Expression (The Message) Testing The Essence (Value Proposition) #webclinic
  • 14. What you Need to Understand Key Principles 1. The goal of a test is not simply to get a lift, but to get a learning. 2. We should always strive to better understand our customer, and in particular, to understand the essence of our value proposition. 3. Email is one of the most effective ways to quickly test and discover your value proposition. #webclinic
  • 15. Testing Value Proposition with Email Why is email so great for testing? 1 Ease of changes 1. 2 Large sample size 2. 3 Highly competitive environment 3. 4 We already have to do it 4. #webclinic
  • 16. Our ExperimentsHow-toSL #1: How to Optimize your Content Marketing Discovery SL #2: Does content marketing really work? 15.9% How-toSL #1: How to effectively use color on a websiteDiscoverySL #2: 5 horrifying mistakes designers make with color 47.9% #webclinic
  • 17. Today’s Focus Today, I am going to walk you through a simple 5-step method for using email to test your value proposition. #webclinic
  • 18. Important Warning WARNING: Email testing is useless if you are NOT willing to be a: miserable failure #webclinic
  • 19. PART II: 5 SIMPLE STEPS FOR USING EMAIL TO TEST VALUE PROPOSITION#webclinic
  • 20. STEP 1: Identify Potential Claims of Value#webclinic
  • 21. STEP #1: Identify Potential Claims of ValueValue Proposition Testing Process Top Claims of Value Subject Line (SL) Testing of Value Body Copy (BC) Testing of Value Proposition Proposition VP #1 SL 1-1 SL 1-2 VP #2 SL 2-1 SL 2-2 VP #3 SL 3-1 SL 3-2 BC-1 VP #4 SL 4-1 SL 4-2 BC-2 VP #5 SL 5-1 SL 5-2 BC-3 VP #6 SL 6-1 SL 6-2 #webclinic
  • 22. STEP #1: Identify Potential Claims of Value Imagine for a moment, that you are selling mortgages. What would be potential claims of value one could make? 1. Reliability 5. Payment Plan Options 2. Lowest Rates 6. Reduced Anxiety 3. Easy Process 7. Service Quality 4. Brand Name 8. Community Involvement #webclinic
  • 23. STEP 2: Estimate the Force of Each Claim#webclinic
  • 24. STEP #2: Estimate the Force of Each ClaimValue Proposition Testing Process Top Claims of Value Subject Line (SL) Testing of Value Body Copy (BC) Testing of Value Proposition Proposition VP #1 SL 1-1 SL 1-2 VP #2 SL 2-1 SL 2-2 VP #3 SL 3-1 SL 3-2 BC-1 VP #4 SL 4-1 SL 4-2 BC-2 VP #5 SL 5-1 SL 5-2 BC-3 VP #6 SL 6-1 SL 6-2 #webclinic
  • 25. STEP #2: Estimate the Force of Each Claim +- ++ Appeal – “I want this”Exclusivity Exclusivity – “I can’t get this anywhere else” -- -+ Appeal #webclinic
  • 26. STEP #2: Estimate the Force of Each Claim Claims of Value Appeal Exclusivity Reliability + - Payment Options ? + Lowest Rates + + Brand Name ? + Payment Plan Options + + Reduced Anxiety ? - Service Quality + - #webclinic
  • 27. STEP #2: Estimate the Force of Each Claim Claims of Value Appeal Exclusivity Reliability + - Payment Options ? + Lowest Rates + + Brand Name ? + Payment Plan Options + + Reduced Anxiety ? - Service Quality + - #webclinic
  • 28. STEP #2: Estimate the Force of Each Claim Claims of Value Appeal Exclusivity Reliability + - Payment Options ? + Lowest Rates + + Brand Name ? + Payment Plan Options + + Reduced Anxiety ? - Service Quality + - #webclinic
  • 29. STEP #2: Estimate the Force of Each Claim  We teach a more in-depth process for identifying and evaluating your claims of value in the Value Proposition Development Course. Value Proposition Worksheet #webclinic
  • 30. STEP 3: Test within Subject Lines (Round 1)#webclinic
  • 31. STEP #3: Test within Subject Lines (Round 1)Value Proposition Testing Process Top Claims of Value Subject Line (SL) Testing of Value Body Copy (BC) Testing of Value Proposition Proposition VP #1 SL 1-1 SL 1-2 VP #2 SL 2-1 SL 2-2 VP #3 SL 3-1 SL 3-2 BC-1 VP #4 SL 4-1 SL 4-2 BC-2 VP #5 SL 5-1 SL 5-2 BC-3 VP #6 SL 6-1 SL 6-2 #webclinic
  • 32. STEP #3: Test within Subject Lines (Round 1) Experiment ID: Protected Location: MarketingExperiments Research Library Test Protocol Number: TP2092Research Notes: Background: Large Financial Institution Goal: To determine which claim of value will generate the greatest response Primary research question: Which subject line will produce the greatest open rate? Approach: A/B Multifactorial split #webclinic
  • 33. STEP #3: Test within Subject Lines (Round 1) CLAIMS SUBJECT LINES Lowest Rates S/L: Mortgage Rates under 2.7%. Find a solution in minutes. S/L: Own Your Home Sooner Payment Options with Free Bi-Weekly Payments Brand Name S/L: Discover the Advantages of [Brand Name] mortgages #webclinic
  • 34. STEP #3: Test within Subject Lines (Round 1)Claim Subject Line OPR Low Rates Mortgage Rates below 2.7%, find a solution in minutes 19.28% Low Rates Low mortgage rates – starting under 2.7% 18.58% Hidden Fees Low mortgage rates with no points or hidden fees 18.10% Payment Plan Own your home sooner with free bi-weekly payments 20.99% Brand Name Buying or Refinancing? Check out [Brand Name] 17.16% Brand Name Discover the advantages of [Brand Name] mortgages 19.80% Community Looking for a lower mortgage rate? You’re not alone. 18.08% Anxiety Spending too much on your mortgage? 18.22% Anxiety Getting the lowest mortgage rate? 19.37% Anxiety Mortgage payments too high? 18.67% #webclinic
  • 35. STEP #3: Test within Subject Lines (Round 1)Claim Subject Line OPR Low Rates Mortgage Rates below 2.7%, find a solution in minutes 19.28% Low Rates Low mortgage rates – starting under 2.7% 18.58% Hidden Fees Low mortgage rates with no points or hidden fees 18.10%Payment Plan Own your home sooner with free bi-weekly payments 20.99% Brand Name Buying or Refinancing? Check out [Brand Name] 17.16% Brand Name Discover the advantages of [Brand Name] mortgages 19.80% Community Looking for a lower mortgage rate? You’re not alone. 18.08% Anxiety Spending too much on your mortgage? 18.22% Anxiety Getting the lowest mortgage rate? 19.37% Anxiety Mortgage payments too high? 18.67% #webclinic
  • 36. STEP 4: Test within Body Copy (Round 2)#webclinic
  • 37. STEP #4: Test within Body Copy (Round 2)Value Proposition Testing Process Top Claims of Value Subject Line (SL) Testing of Value Body Copy (BC) Testing of Proposition Value Proposition VP #1 SL 1-1 SL 1-2 VP #2 SL 2-1 SL 2-2 VP #3 SL 3-1 SL 3-2 BC-1 VP #4 SL 4-1 SL 4-2 BC-2 VP #5 SL 5-1 SL 5-2 BC-3 VP #6 SL 6-1 SL 6-2 #webclinic
  • 38. STEP #4: Test within Body Copy (Round 2) Experiment ID: Protected Location: MarketingExperiments Research Library Test Protocol Number:Research Notes: Background: Large Financial Institution Goal: To determine which claim of value will generate the greatest response Primary research question: Which email will produce the highest clickthrough rate? Approach: A/B Multifactorial split #webclinic
  • 39. STEP #4: Test within Body Copy (Round 2) Version APayment Options #webclinic
  • 40. STEP #4: Test within Body Copy (Round 2) Version BCustomer Service #webclinic
  • 41. STEP #4: Test within Body Copy (Round 2) Version A – Payment Options Version B – Customer Service #webclinic
  • 42. STEP #4: Test within Body Copy (Round 2) 241% Increase in clickthrough rate Version A generated a 240.7% higher clickthrough rate than Version B Relative diff Subscription path CTR v. control Version A: Mortgage Payment Options 1.44% 240.7% Version B: Customer Service 0.42% -  What you need to understand: The emailon customer service by 240.7%. options outperformed the email focused message focused on payment #webclinic
  • 43. STEP #4: Test within Body Copy (Round 2) How did we infuse different value propositions into the body copy? #webclinic
  • 44. STEP #4: Test within Body Copy (Round 2) Overcoming Challenges Five Key Parts: 1. First Sentence 2. Featured Bullets 3. Bolded Phrases 4. Call-to-Action 5. Post-Script #webclinic
  • 45. STEP 5: Interpret and Implement#webclinic
  • 46. STEP #5: Interpret and ImplementValue Proposition Testing Process Top Claims of Value Subject Line (SL) Testing of Value Body Copy (BC) Testing of Proposition Value Proposition VP #1 SL 1-1 SL 1-2 VP #2 SL 2-1 SL 2-2 VP #3 SL 3-1 SL 3-2 BC-1 VP #4 SL 4-1 SL 4-2 BC-2 VP #5 SL 5-1 SL 5-2 BC-3 VP #6 SL 6-1 SL 6-2 #webclinic
  • 47. STEP #5: Interpret and Implement Three Critical Questions for Test Interpretation Question #1: What was the financial impact of the test? Question #2: What did we learn about our customer? Question #3: Where can we apply these insights? #webclinic
  • 48. STEP #5: Interpret and Implement 451% 302% 603% 257% 28% #webclinic
  • 49. Summary of Steps 5 Simple Steps for Testing Value Proposition with Email STEP 1: Identify Potential Claims of Value STEP 2: Estimate the Force of Each Claim STEP 3: Test within Subject Lines (Round 1) STEP 4: Test within Body Copy (Round 2) STEP 5: Interpret and Implement #webclinic
  • 50. Summary of Steps Value Proposition Testing Process Top Claims of Value Subject Line (SL) Testing of Value Body Copy (BC) Testing of Value Proposition Proposition VP #1 SL 1-1 SL 1-2 VP #2 SL 2-1 SL 2-2 VP #3 SL 3-1 SL 3-2 BC-1 VP #4 SL 4-1 SL 4-2 BC-2 VP #5 SL 5-1 SL 5-2 BC-3 VP #6 SL 6-1 SL 6-2 #webclinic
  • 51. MarketingExperiments Optimization Newsletter Free subscription to more than $20 million in marketing research Join 89,000 of the top marketers from around the world as we work together to discover what really works. MarketingExperiments.com/subscribe#webclinic #webclinic