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How You Can Use Email to Discoverthe Essence of Your Value Proposition(in 5 Simple Steps)     #webclinic
Join the conversation on Twitter               #webclinic  #webclinic
Today’s Presenter               Austin McCraw               Senior Editorial Analyst               MECLABS               A...
PART I: AN EXPERIMENT#webclinic
Experiment: Background          Experiment ID: Protected           Location: MarketingExperiments Research Library       ...
Experiment: Background Which emphasis will generate the most response?               Option #1           Option #2      Ov...
Experiment: Version A           Version A: Overcoming Challenges                                              •   “…resear...
Experiment: Version B               Version B: Generating Results                                               •   “condu...
Experiment: Results               17% Increase in clickthrough rate               Version A generated a 17.05% higher clic...
Experiment: Results                      The greater gain was                      new knowledge we                      o...
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     ...
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     ...
Uncovering the Essence                         The Expression                            (The Message)           Testing  ...
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.  ...
Testing Value Proposition with Email   Why is email so great for testing?           1 Ease of changes           1.        ...
Our ExperimentsHow-toSL #1: How to Optimize your Content Marketing Discovery SL #2: Does content marketing really work?   ...
Today’s Focus    Today, I am going to walk you through a simple 5-step    method for using email to test your value propos...
Important Warning          WARNING: Email testing is useless if you are NOT willing to be a:               miserable      ...
PART II: 5 SIMPLE STEPS FOR USING EMAIL TO TEST VALUE PROPOSITION#webclinic
STEP 1: Identify Potential Claims of Value#webclinic
STEP #1: Identify Potential Claims of ValueValue Proposition Testing Process Top Claims of Value   Subject Line (SL) Testi...
STEP #1: Identify Potential Claims of Value Imagine for a moment, that you are selling mortgages. What would be potential ...
STEP 2: Estimate the Force of Each Claim#webclinic
STEP #2: Estimate the Force of Each ClaimValue Proposition Testing Process Top Claims of Value   Subject Line (SL) Testing...
STEP #2: Estimate the Force of Each Claim                       +-                ++   Appeal – “I want this”Exclusivity  ...
STEP #2: Estimate the Force of Each Claim  Claims of Value               Appeal   Exclusivity  Reliability                ...
STEP #2: Estimate the Force of Each Claim  Claims of Value               Appeal   Exclusivity  Reliability                ...
STEP #2: Estimate the Force of Each Claim  Claims of Value               Appeal   Exclusivity  Reliability                ...
STEP #2: Estimate the Force of Each Claim               We teach a more in-depth              process for identifying and...
STEP 3: Test within Subject Lines (Round 1)#webclinic
STEP #3: Test within Subject Lines (Round 1)Value Proposition Testing Process Top Claims of Value   Subject Line (SL) Test...
STEP #3: Test within Subject Lines (Round 1)          Experiment ID: Protected           Location: MarketingExperiments R...
STEP #3: Test within Subject Lines (Round 1)         CLAIMS               SUBJECT LINES     Lowest Rates          S/L: Mor...
STEP #3: Test within Subject Lines (Round 1)Claim           Subject Line                                            OPR  L...
STEP #3: Test within Subject Lines (Round 1)Claim          Subject Line                                            OPR  Lo...
STEP 4: Test within Body Copy (Round 2)#webclinic
STEP #4: Test within Body Copy (Round 2)Value Proposition Testing Process Top Claims of Value   Subject Line (SL) Testing ...
STEP #4: Test within Body Copy (Round 2)          Experiment ID: Protected           Location: MarketingExperiments Resea...
STEP #4: Test within Body Copy (Round 2)                             Version APayment Options #webclinic
STEP #4: Test within Body Copy (Round 2)                              Version BCustomer Service #webclinic
STEP #4: Test within Body Copy (Round 2)      Version A – Payment Options   Version B – Customer Service #webclinic
STEP #4: Test within Body Copy (Round 2)              241% Increase in clickthrough rate              Version A generated ...
STEP #4: Test within Body Copy (Round 2)              How did we infuse different value              propositions into the...
STEP #4: Test within Body Copy (Round 2)              Overcoming Challenges                                      Five Key ...
STEP 5: Interpret and Implement#webclinic
STEP #5: Interpret and ImplementValue Proposition Testing Process Top Claims of Value   Subject Line (SL) Testing of Value...
STEP #5: Interpret and Implement Three Critical Questions for Test Interpretation    Question #1: What was the financial i...
STEP #5: Interpret and Implement                                   451%                                   302%            ...
Summary of Steps    5 Simple Steps for Testing Value Proposition with Email          STEP 1: Identify Potential Claims of ...
Summary of Steps   Value Proposition Testing Process    Top Claims of Value   Subject Line (SL) Testing of Value   Body Co...
MarketingExperiments Optimization Newsletter      Free subscription to more than $20 million in marketing research       J...
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How You Can Use Email to Discover the Essence of Your Value Propostion

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

  1. 1. How You Can Use Email to Discoverthe Essence of Your Value Proposition(in 5 Simple Steps) #webclinic
  2. 2. Join the conversation on Twitter #webclinic #webclinic
  3. 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. 4. PART I: AN EXPERIMENT#webclinic
  5. 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. 6. Experiment: Background Which emphasis will generate the most response? Option #1 Option #2 Overcoming Challenges Generating Revenue #webclinic
  7. 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. 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. 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. 10. Experiment: Results The greater gain was new knowledge we obtained about the customer. #webclinic
  11. 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. 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. 13. Uncovering the Essence The Expression (The Message) Testing The Essence (Value Proposition) #webclinic
  14. 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. 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. 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. 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. 18. Important Warning WARNING: Email testing is useless if you are NOT willing to be a: miserable failure #webclinic
  19. 19. PART II: 5 SIMPLE STEPS FOR USING EMAIL TO TEST VALUE PROPOSITION#webclinic
  20. 20. STEP 1: Identify Potential Claims of Value#webclinic
  21. 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. 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. 23. STEP 2: Estimate the Force of Each Claim#webclinic
  24. 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. 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. 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. 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. 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. 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. 30. STEP 3: Test within Subject Lines (Round 1)#webclinic
  31. 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. 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. 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. 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. 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. 36. STEP 4: Test within Body Copy (Round 2)#webclinic
  37. 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. 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. 39. STEP #4: Test within Body Copy (Round 2) Version APayment Options #webclinic
  40. 40. STEP #4: Test within Body Copy (Round 2) Version BCustomer Service #webclinic
  41. 41. STEP #4: Test within Body Copy (Round 2) Version A – Payment Options Version B – Customer Service #webclinic
  42. 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. 43. STEP #4: Test within Body Copy (Round 2) How did we infuse different value propositions into the body copy? #webclinic
  44. 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. 45. STEP 5: Interpret and Implement#webclinic
  46. 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. 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. 48. STEP #5: Interpret and Implement 451% 302% 603% 257% 28% #webclinic
  49. 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. 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. 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
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