When Should You Send An Email
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When Should You Send An Email

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    When Should You Send An Email When Should You Send An Email Presentation Transcript

    • When Should You Send An Email?How one of the largest banks in the world discovered whento send their emails. Educational Funding Provided By: #webclinic
    • Join the conversation on Twitter #webclinic #webclinic
    • Today’s speaker Dr. Flint McGlaughlin Managing Director #webclinic
    • When is the best time to send? your email? #webclinic
    • When to Send an Email: Proposed Answers 3:00 AM Source: MailerMailer #webclinic
    • When to Send an Email: Proposed Answers 2:00 – 5:00 PM Source: MailChimp #webclinic
    • When to Send an Email: Proposed Answers Weekends Source: HubSpot #webclinic
    • A Case Study #webclinic
    • www.act-on.com Sales: 1 877.530.1555Act-Ons fresh approach to marketing automation gives you full, complex-free functionality. With astreamlined user interface and first-rate marketing tools at your fingertips you will be able to: Manage your online Get higher-quality Align sales and Track and measure Marketing leads marketing your results All the tools you need, in Solutions that drive lead Integrations that work >> Real-time, actionable one place >> generation >> reporting >> www.act-on.com | @ActOnSoftware | #ActOnSW
    • Experiment: Background Experiment ID: TP2087 Record Location: MarketingExperiments Research Library Research Partner: ProtectedResearch Notes: Background: A large financial institution offering a financial service requiring an application to consumers Goal: To increase the amount of completed applications Primary Research Question: Of the send times tested, which time will result in the highest rate of completed applications to delivered emails? Approach: A/B multifactor sequential test #webclinic
    • Experiment: Design 14 Total Email Sends During Week of Test Monday Tuesday Wednesday Thursday Friday Saturday Sunday AM Email AM Email AM Email AM Email AM Email AM Email AM Email 1 3 5 7 9 11 13 PM Email PM Email PM Email PM Email PM Email PM Email PM Email 2 4 6 8 10 12 14 The test had a total 14 treatment paths - each path had the same Subject Line and Email. The Treatment values included sending two emails each day of the week Monday thru Sunday, at 3am and 3pm. #webclinic
    • ? Which Time of Day Will Perform Best? 3:00 AM or 3:00 PM? #webclinic
    • Experiment: Clickthrough rate by time of day 13.5% Increase in clickthrough rate Sending at 3:00 PM increased clickthrough rate by at least 13.5% Clickthrough Relative Statistical Level Time of Day Rate (%) Difference of Confidence 3:00 AM 1.076% - - 3:00 PM 1.220% 13.5% 99%  Whatinyou email to understand: Recipientsalso significantly out- to click an need sent at 3:00 PM. Sunday were 13.5% more likely performed every other day of the week. #webclinic
    • ? Which Day of the Week Will Perform Best? Mon., Tues., Wed., Thurs., Fri., Sat., Sun. #webclinic
    • Experiment: Clickthrough Rate by Day Clickthrough Rate By Day Mon Tues Wed Thurs Fri Sat Sun #webclinic
    • Experiment: Clickthrough rate by day 23.2% Increase in clickthrough rate Sending on Sunday increased clickthrough rate by 23.2% over Tuesday Day (in order of Clickthrough Rate Statistical Level of Relative Difference performance) (%) * Confidence 1. Tuesday 10.47% - - 2. Monday 10.90% 4.1% 72% 3. Thursday 11.01% 5.1% 82% 4. Friday 11.59% 10.7% 99% 5. Wednesday 11.64% 11.2% 99% 6. Saturday 11.84% 13.1% 99% 7. Sunday 12.90% 23.2% 99%  Whatinyou email to understand: Recipientssent on Tuesday. Sundayto click an need sent on Sunday than one were 23.2% more likely also significantly out-performed every other day of the week. #webclinic
    • Experiment: Interpretation Sunday Reader Possible Reasons for Higher Clickthrough on Sunday • Less distractions on Sunday • Advent of mobile attaches recipients to email 24/7 • Personal nature of financial product causes higher clickthrough outside of work #webclinic
    • Experiment: Interpretation Weekday reader Possible Reasons for Lower Clickthrough during Week: • Higher level of distraction • Customers are in “work” mode and less likely to be interested in financial application #webclinic
    • What we discovered Key Principles 1. There is no “one-size-fits-all” time/frequency for an email send. 2. However, the universal goal of email timing is to synchronize your email’s delivery with the cognitive psychology of the customer’s purchase cycle. 3. There are 5 consistent factors from campaign to campaign that will impact your customers purchase cycle: 1. Decision cycle 2. Utility 3. Relevance 4. Nature of Product 5. Expectations #webclinic
    • Today’s Focus Today we are going to walk through these 5 factors to help you get “in the zone” for understanding the optimal send time/frequency of your emails #webclinic
    • Factor #1: Decision Cycle #webclinic
    • Factor #1: Decision Cycle Key Principles 1. The optimal frequency of an email is directly related to the decision cycle of the offer (how often a decision is required) – the shorter the cycle, the greater the frequency. #webclinic
    • Factor #1: Decision Cycle  Experiment ID: (Protected) Location: MarketingExperiments Research Library Research Notes: Background: Large ecommerce company with strong online presence. Goal: To find the optimal send frequency for a segment of their email list. Primary research question: Which email frequency will generate the most revenue without increasing the rate of unsubscription? Approach: A/B email frequency test ran over a period of 60 days. #webclinic
    • Factor #1: Decision Cycle This group was currently sending emails with a frequency ranging from once a week to multiple times a day. But what was the the optimal frequency? Optimal Frequency Total Revenue Unsubscribes Email Sends #webclinic
    • Factor #1: Decision Cycle Test list Frequency Full List Three weeks Two weeks 10 days Week 5 Days 3 Days 2 Days • Took a segment of their large subscriber base (more than one billion emails a year) • Segmented that group into seven different email frequencies mentioned above hoping to find the frequency “sweet-spot” #webclinic
    • Factor #1: Decision Cycle What do you think will be the optimal monthly frequency for this company? 1. 1-2 per month 2. 3-4 per month 3. 6-9 per month 4. 10-15 per month #webclinic
    • Factor #1: Decision Cycle Estimated Monthly Revenue vs. Email Send Frequency 100,000 90,000 80,000 Estimated Revenue ($/mo) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2 4 6 8 10 12 14 Send Frequency (sends/mo)• Projected monthly revenue rose consistently with increasing send frequency and the amount of sends did not have a significant impact on the overall rate of transaction. #webclinic
    • Factor #1: Decision Cycle Average No. Unsubs Per Month at Each Send Frequency 3,500 Ave No. Unsubs. per Month 3,000 2,500 2,000 1,500 1,000 500 0 2 4 6 8 10 12 14 Send Frequency (sends/mo) • Though projected unsubscribes rise with more sends… #webclinic
    • Factor #1: Decision Cycle • …the unsubscribe rate on a per-message basis does not rise significantly. • This does not suggest a greater level of irritation, but rather simply more unsubscribe opportunities offered at higher frequencies. #webclinic
    • Factor #1: Decision Cycle • Open-rate also does not appear to be significantly influenced by send frequency within the range of frequencies tested. • There is no significant correlation evident between send frequency and open rate. #webclinic
    • Factor #1: Decision Cycle 3x Increase in Projected Monthly Revenue Increasing email frequency yields three times the projected revenue Estimated Monthly Revenue vs. Email Send Frequency Estimated Revenue ($/mo) 100,000 80,000 60,000 40,000 20,000 0 2 4 6 8 10 12 14 Send Frequency (sends/mo) Whatayou need to understand: Whenthree times the amount of of once week this company is missing sending email at the rate revenue it could be making if sending once every other day without negatively affecting unsubscribes or opens. #webclinic
    • Factor #2: Utility #webclinic
    • Factor #2: Utility Promotional Useful • Direct Offers • Newsletters • Deals/Sales • Articles • Product Launches • Content Digest • Coupons • Announcements • Requests for action • Customer Service #webclinic
    • Factor #2: Utility Promotional Useful • When the nature of product becomes more complex, is a bigger purchase commitment, and has a longer sales cycle, it will necessitate a focus on high utility emails. Essentially this is lead nurturing. #webclinic
    • Factor #2: Utility Promotional Useful • When the nature of product becomes less complex, an easy purchase decision, and is purchased often, it will permit a more promotional email strategy. #webclinic
    • Factor #3: Relevance #webclinic
    • Factor #3: Relevance Key Principles 1. The relevance of an email can be based upon 1) the internal motivations of the recipient and 2) the external events surrounding a recipient. The timing of your email must account for both. #webclinic
    • Factor #3: Relevance Internal Relevance External Relevance • Personal interests • Seasonality • Demographics • Special discounts • Shopping habits • Limited-time offers • Personality • News events • Communication styles • Competitive initiatives • Level of engagement #webclinic
    • Factor #3: Relevance Example – Case Study5 Key Email Segments: Current Current Lapsed Lapsed Has Never Subscriber Subscriber Subscriber Subscriber Subscribed Never Has Has Given Never Has Has Given Has Given Given a Gift a Gift Given a Gift a Gift a Gift • This company segmented the current email list into five distinct groups (as seen above) for a holiday email campaign. • They sent targeted email messages relevant to each group. #webclinic
    • Factor #3: Relevance Example – Case Study Email Sample Current Subscriber Has Given a Gift External Relevance: Uses the holiday season to motivate recipients – “It’s already too late to send through snail mail…” Internal Relevance: Messaging ties into previous actions of the recipient – “You’ve recently given one of your friends…” as well as appealing to personality – “You know how great it is to be a subscriber…” #webclinic
    • Factor #3: Relevance Example – Case Study Current Email Sample Subscriber Never Has Given a Gift External Relevance: As before, this email uses the holiday season to motivate recipients. Internal Relevance: Messaging speaks more to the subscriber who hasn’t sent a gift to anyone before – “Did you know you can give a… a subscription to….” #webclinic
    • Factor #3: Relevance Example – Case Study Experiment ID: TP2004 Record Location: MarketingExperiments Research Library Research Partner: [Protected] Research Notes: Background: A large media company offering a free trial of day trading instructional content Goal: To increase the amount of free trials Primary Research Question: Of the send times tested, which time will result in the highest rate of free trial sign ups for the content? Approach: A/B single factor sequential test #webclinic
    • Factor #3: Relevance Example – Case Study Product: Equity Screening Database The main offer for this campaign was a free trial giving the reader access to an equity screening database for day traders. #webclinic
    • Factor #3: Relevance Example – Case Study Email A Email B Send Time: Monday Send Time: Thursday (Beginning of Week) (End of Week) #webclinic
    • Factor #3: Relevance Example – Case Study 30% Increase in free trial sign ups Sending at the end of the week increased sign up rate by 30% Free Trial Rate Relative Statistical Level Part of Week (%) Difference of Confidence Beginning 4.34% - - (Monday) End (Thursday) 5.65% 30% 95%  What youinvestment opportunities on the weekendsday traders mayare research need to understand: Due to the fact that when markets closed, the email sent on Thursday performed 30% better. #webclinic
    • Factor #3: Relevance Example – Case Study Why did the end of the week timing win? Closed Stock Market External Relevance • Our researchers hypothesized that this 30% lift in conversion for the Thursday email was due to Day Traders doing their research on the weekends, when markets are closed. • The research offer of the company was relevant to the Source: Wall Street Journal external closing of the markets. #webclinic
    • Factor #3: Relevance Key Principles 1. The relevance of an email can be based upon 1) the internal motivations of the recipient and 2) the external events surrounding a recipient. The timing of your email must account for both. 2. Relevance is intensified by the importance and urgency of the solution. #webclinic
    • Question #1: Email Timing and Relevance Urgent Urgent Urgent, and not Important Important Important Not Important Not Important Important, not Urgent not Urgent Not Urgent #webclinic
    • Factor #4: Nature of Product #webclinic
    • Factor #4: Nature of the Product Key Principles Email timing is affected by inherit emotional response produced by the a product will affect the optimal time for sending emails: 1. Emotionally Negative (Aging, Health, Mortality) – Optimal frequency will be lower 2. Emotionally Positive (Hobbies, Leisure, Self-improvement) – Optimal frequency will be higher. #webclinic
    • Factor #5: Expectation #webclinic
    • Question #2: Email Timing and Expectations Key Principles The expectation of email timing is set by two elements: 1. The implied promise of industry standards #webclinic
    • Question #2: Email Timing and Expectations Example – Industry Standards Groupon APMEX Expectations related to Expectations related to Precious Coupon Industry: Metals Exchange Industry: • Emails once a day • Timing of an email message can be • Usually in the morning completely tied to unpredictable activity of the market. #webclinic
    • Question #2: Email Timing and Expectations Key Principles The expectation of email timing is set by two elements: 1. The implied promise of industry standards 2. The implied promise of the email capture form messaging #webclinic
    • Question #2: Email Timing and Expectations Example – Karma Loop Case Study MarketingSherpa Case Study Record Location: MarketingSherpa Research Library Company: Karma LoopResearch Notes: Background: An e-retailer catering primarily to teen shoppers, their house email list topped 300,000 addresses, yet they felt they were not maximizing the list’s potential. Goal: To increase email revenue by increasing the relevance of their emails. Secondary research question: Can we increase email revenue by increasing the relevance of emails? Approach: Sequential multi-factoral experiment. #webclinic
    • Question #2: Email Timing and Expectations Example – Karma Loop Case Study • The standard email capture was located on the home page and the navigation throughout the site. • With this prominent placement they successfully captured thousands of email addresses. • However, response was less than optimal because expectations were not set on front end. #webclinic
    • Question #2: Email Timing and Expectations Example – Karma Loop Case Study On the product landing pages, an email alert specific to the product was added. This achieved four things: • Related the email capture directly to the content on the current page • Segmented the list to include only customers interested in the specific product • Delivered only product- specific emails to this list to improve CTR and conversion rate. • Created the expectation that they would receive an email for timing of sales/new arrivals related to their selected brands. #webclinic
    • Question #2: Email Timing and Expectations Example – Karma Loop Case Study Email revenue increased 318% The new design increased conversions to sale by 53.3%. Revenue What you need tocapture offer to the relating the email understand: By specific product and timing expectations of potential subscribers, this company was able to increase revenue by 318% and conversions by 53.3%. Before After #webclinic
    • Evaluating your Email Campaigns #webclinic
    • Quick Audience Poll Audience Poll: What Web clinic time works ? best for you? #webclinic
    • February 19-22, 2013 - Las VegasInteractive, How-to Training Sessions on email and Proven Email Strategies, campaigns and tactics yousocial media integration, mobile, list growth tactics, can immediately apply to get more done with fewerrelevancy, deliverability and measurement. people, less time and more limited budgets.Latest 2013 MarketingSherpa Email Research and Interaction with Colleagues sharing successfulBenchmark Data on spending, tactics, conversion campaigns and tactics to inspire and hone yourrates, budgets and more. marketing skills.Interactive Panel Discussions with subject matter Become a Certified Professional by taking a pre- andexperts on optimizing your email program, increasing post-Summit workshops taught by email experts, whoROI, creating relevant contagious content, and more. provide a proven methodology with step-by-step tactics on how to maximize your email results.Extended Face-to-Face Networking Opportunitieswith seasoned professionals, trainers and peers overmeals, breaks and receptions. See More: MarketingSherpa.com/EmailSummit #webclinic
    • Educational funding provided by… #webclinic
    • www.act-on.com Sales: 1 877.530.1555Act-Ons fresh approach to marketing automation gives you full, complex-free functionality. With astreamlined user interface and first-rate marketing tools at your fingertips you will be able to: Manage your online Get higher-quality Align sales and Track and measure Marketing leads marketing your results All the tools you need, in Solutions that drive lead Integrations that work >> Real-time, actionable one place >> generation >> reporting >> www.act-on.com | @ActOnSoftware | #ActOnSW
    • Live Optimization Carpingo Primary objective(s): Drive clicks to contest promotion and reservations Value proposition of email: Carpingo cares about their community and is value-driven Target audience: Members of our car sharing service Page URL: http://bit.ly/V3urlK #webclinic
    • Live Optimization CR England Primary objective(s): Get people to apply for a job as a truck driver Value proposition of email: Find a job with a national and credible company. Target audience: Truck drivers Page URL: http://bit.ly/TZx1dI #webclinic
    • Live Optimization Payscale.com Primary objective(s): To get users to fill out our survey Value proposition of email: Find out how much you should be earning Target audience: Career-minded professionals Page URL: http://bit.ly/UqgFcP #webclinic
    • Live Optimization Goodwill Easter Seals Primary objective(s): Education and engagement Value proposition of email: With your support, people with disabilities can find jobs Target audience: Donors, advocates, volunteers and hiring partners Page URL: http://bit.ly/Y8qErY #webclinic
    • Live Optimization Puzzle Warehouse Primary objective(s): Sales Value proposition of email: Save money on puzzles and games Target audience: Parents, puzzle lovers and previous customers Page URL: http://bit.ly/TZs98c #webclinic
    • MarketingExperiments Optimization NewsletterFree 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