MivaCon Chicago - Why Email marketing Is Still King
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In the brave new world of Social Media Marketing, email is still far and away the biggest ROI driver. Find out how to use email marketing to propel your business.
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MivaCon Chicago - Why Email marketing Is Still King
- 1. WHY EMAIL MARKETING IS STILL KING DEVIN COX
- 2. AGENDA • Is it really king? • Conversion Rates • Benchmarks you need to know • Strategy • Real World Examples
- 3. “THE WINNING STRATEGY FOR ENTREPRENEURS AND FORTUNE 500 COMPANIES ALIKE IS TO ATTRACT A BASE OF RAVING FANS THAT OPEN, READ, AND CLICK ON THE EMAILS YOU SEND.” - JACK BORN CEO OF AW PRO TOOLS
- 4. “NUMBER ONE GOAL SHOULD BE EMAIL LIST GENERATION.” -MARIE FORLEO B-SCHOOL
- 5. KING OF WHAT
- 7. SO YOU WANT TO IMPROVE YOUR GAME • Strategy • Know Your Data
- 8. THE INDUSTRY BENCHMARKS Retail Average: All Industries Averages: • Open Rate = 13% - 24% • Bounce Rate = 6% - 12% • Click Through Rate = 5% - 20% • Opt-out Rate = 0.11% - 0.44% • Open Rate = 18.01% • Bounce Rate = 6.95% • Click Through Rate = 13.99% • Opt-out Rate = 0.21% Constant Contact
- 9. CONVERSION RATE SHOULD BE 1-5%
- 10. DEFINE YOUR CONVERSION RATE PURCHASE MEASURE AGAINST ROI AWARENESS CAMPAIGN
- 11. “HAVE YOUR #1 GOAL OF EVERYTHING BE EMAIL LIST GENERATION” -MARIE FORLEO B-SCHOOL
- 12. HOW TO GROW YOUR EMAIL LIST • Offer an Incentive for signing up • Promise of a discount/free item • Let them know why they should sign up • Make it easy to find • Add sign up widget on Facebook • Visible on your site • Multiple opportunities to sign up • Home Page - Checkout - User Registration - Wish List - Customer Service • Make it easy to Sign Up • One click, or only ask for relevant info
- 13. INCREASE YOUR OPEN RATE • Subject line length • Ask a Question • Put the promo at the start of the phrase • Urgency i.e. “deal ends at midnight” • Send it at the right time of day/week • Qualify your list and send quality content • Take out the spam words
- 14. BEST TIME TO SEND AN EMAIL MailChimp
- 15. IMPROVE YOUR CTR • A/B Testing • Length of copy • Number of images • Image placement • Call to action: color/placement/wording/quantity • Time of Day (early, mid, late), Day of the week (M > F?) • Plain Text vs. HTML
- 16. IMPROVE YOUR CTR • Use linked snippet text as a pre-header above any image that needs to be loaded which extends the proposition from the subject line and explains clearly what the email contains. • Use both contextual text (bold words within HTML) and image CTA's.
- 19. IMPROVE YOUR CTR • Move away from the traditionally old fashioned publishing schedule of weekly/bi-weekly/monthly - to one based on when you have good content to send. • Include a "benefit to recipient" clause or “value proposition” in your content selection and publishing guidelines. Each email MUST contain something that is genuinely intended to deliver a palpable reward to recipients.
- 20. OPTIMIZE FOR MOBILE • Implement fully responsive email designs (at the very least mobile optimized)
- 21. GMAIL USERS • 66 % opened on phones • 19% opened on browsers • 15% email clients
- 22. LOOK AT THE JOURNEY, NOT THE CLICKS
- 23. 61% OF USERS ARE UNLIKELY TO RETURN TO A MOBILE SITE THEY HAD TROUBLE ACCESSING
- 24. 40% VISIT A COMPETITORS SITE
- 25. AUTOMATED EMAILS • Have 24% higher Open Rates compared to Newsletters • Have 47% higher CTR compared to Newsletters • Initial Messages perform best. As time goes by the subscribers’ engagement gradually fades.
- 26. SEGMENTATION • Collect relevant data at checkout • What are their preferences? • Use purchase history to develop targeted campaigns
- 27. SEGMENTATION IN MIVA MERCHANT
- 28. FINAL THOUGHTS • No One Size Fits all solution • Automated emails • Segment your user base. • Subscribe to your competitors emails and see how they do things. • A/B testing
- 30. DEVIN COX DOWNLOAD THIS PRESENTATION AT: WWW.SLIDESHARE.NET/MIVAMERCHANT
Editor's Notes
- Primarily need to be aware and working at improving these 3 things
- A recent study by email is almost 40 times better at acquiring new customers than Facebook and Twitter. 72% of consumers sign up for emails because they want to get discounts, but only 8.2% sign up because they love the brand. Email conversion rates are three times higher than social media. 48% of consumers say that they prefer to communicate with brands via email.
- So where do we start? In order to have a good email campaign, it requires you have a good strategy Requires that you know your data. The first thing you want to do is look at some benchmarks
- Open Rate: Percentage of recipients to whom you sent an email that actually opened it. Bounce Rate: Percentage of people to whom you sent an email that, in most cases, could not receive it Click Through Rate: Percentage of people who opened the email and clicked at least one link in the email Opt Out Rate: Percentage of people who unsubscribe
- Most experts agree that 1 percent to 5 percent is a realistic conversion goal, but looking at the numbers in a vacuum can be misleading. Top 10% of Conversion rates are 6.25%
- Purchase Awareness campaign ROI ( Return on Investment ) Derek Halpern explains that you’re not in the business of getting clients. you’re in the business of getting clients for life. Also measure against Return On Investment whenever you are measuring against purchases.
- Offer Incentive - promise discount/free item - let them know why they should sign up Make it easy to find - add sign up widget on facebook - visible on your site - multiple opportunities to sign up ( Popup when first coming to a site, globally, at checkout ) Make it easy to sign up
- Test to See What Works A popular way to find the best time to send is with an AB Test, where you send the same email to two different groups of contacts at different times and then compare your results.
- Click Through Rate A/B testing is inexpensive when it comes to email. Send 2 emails with the same content just formatted differently. Be brief and focus on your content Mobile compatible Advantages of using plain text emails All email clients will display the plain text emails correctly so you know that the recipients will see what you see. Looks more like a personal message. Disadvantages of using plain text emails You cannot track open rates in Plain text emails. Colors and graphics can’t be used, which means that the email will lack visual impact. People scan emails, which is harder to do with text-only emails – will your call to action stand out?
- Click through rate usually improves when you have good visual anchors in the form of images and contextual text in combination Don’t forget to include pre header text, this shows the content of the emails before the images get loaded and is the preview of the message next to subject lines in the email.
- This is what one of their email promotions looked like. Design wise, very basic, no real graphics. One of our previous project managers called them about asking if they needed help designing a great promotional email. They said, “we’re fine, we A/B tested and this one wins every time” If people see their product, they are less likely to click through to the website. Here, with descriptive text, this entices them to click through to see the product on the website. It gets them one step to buying by withholding the image! This is a great story of how you can employ A/B tests and you may even come out more fortunate than you think…think of how much of their design budget was saved because they don’t have to style their emails!
- Try sending emails only when it’s relevant and valuable. Don’t just blast your list weekly with the same old story, wait until you have something truly enticing to tell them or sell them There should be a clear value proposition statement as a disclaimer in the email Try sending emails only when it’s relevant and valuable. Don’t just blast your list weekly with the same old story, wait until you have something truly enticing to tell them or sell them There should be a clear value proposition statement as a disclaimer in the email
- 47% of email is now opened on a mobile device
- If you want to get deeper into email marketing, you should invest in an automated response system. Miva has a few out of the box, and with services like Listrak and Bronto you can really expand these for a triggered response for every worthy touchpoint on your site. Note how much higher the open rates and CTR are, because the email is targeted, it’s specific, more accurately based on the user. Sending follow up emails for purchases and abandon cart messages can be repeated and some marketers are getting upwards of 8 to 10 follow up messages for every trigger campaign. However, the initial message performs the best and after a while your emails can get annoying.
- By narrowing your focus and sending messages to targeted groups within your lists, your recipients will find your campaigns more relevant. Examples: Segmenting based on all customers who bought similar products. Segment by date of last purchase By Gender By Age By Location