Email Marketing Metrics That Matter Webinar
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In this 60-minute Webinar, you'll learn the difference between process and output metrics, gain insight in how to more effectively communicate email success to management, examples of how to use metrics to drive email improvement, the impact of social media on email metrics and discover how one marketer measures and communicates email success. Will Stacy, director of marketing for Santander Consumer USA / Drive®, will explore key metrics and sample emails that are delivering substantial results, such as reduced call center volume, increased data quality, lower customer communication costs and increased online customer payments.
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Email Marketing Metrics That Matter Webinar
- 1. Email Marketing Metrics That Matter July 16, 2009
- 2. Speakers & Agenda • Will Stacy IV • Agenda – Director of Marketing – Beyond Opens & – Santander Consumer USA / Clicks Drive® – Measurement Mindset – Metrics & Management • Loren McDonald – Social Media & Email – VP, Industry Relations – Using Metrics for – Silverpop Improvement – Santander Case Study – Questions & Answers
- 3. Moving Beyond Opens and Clicks
- 4. TM Taco Bell
- 5. Email Metrics – Let me count the ways… Open rate Click-through rate Click-to-open rate Unsubscribe rate Bounce rate Conversion rate List churn …. Email metrics disconnected from business goals lead to…
- 6. …an ROI / Resource Imbalance • Marketers are: – Sending more Email emails (volume) Team Email ROI – Sending more Is frequently Huge! • Budgets are flat or down • No. of FTEs is flat or down Email marketing is generally considered to have the #1 or #2 ROI among marketing channels
- 7. …and a Marketing Channel Budget Tug of War Email is increasingly competing for slices of the marketing budget with channels that didn’t exist a few years ago
- 8. So How Did We Get Here?
- 9. “OCBUS” - The Basic Foundation • Open rates • Click-through rates • Bounce rates • Unsubscribe rates • Spam complaint rates “OCBUS” – Free inside every email software solution!
- 11. Stepping Back - Email Metrics: How We Use Them Report Card Actionable (Backward Looking) (Future Oriented) • Testing – Which creative worked • How did our message better? perform? • Do we need more resources? • How did we do this • Are there problems lurking in our month/year? email process? • Where are we falling short? • Did we achieve our targets? • What do we do next?
- 12. Differentiate Process from Output Metrics Process Output • Open rates • Revenue • Bounces • Orders • Delivered • Demos/Downloads • Click-through rates • Sales-qualified leads Think differently about metrics
- 14. Balanced Email Marketing Scorecard (BEMS) List Growth/ Financial/ Health ROI/Bus. Goal Deliverability Engagement/ BEMS Relationship Message Level Conversion Campaigns/ Activity Time
- 16. Conveying the Value of Email …and communicating metrics in a meaningful way to management It is all about the business goals…
- 17. Executives Don’t Care About Open Rates Email Marketer Executives • My average open rate is • How much revenue did we now 23%. generate from email? • Unique click-through rate is • How has email improved trending up since the customer retention? redesign. • How has email helped • Deliverability is up at reduce our costs to Hotmail since we stopped communicate with using the large postcard- customers? style image. • What impact is email having • Spam complaints are down on conversion via other 20%. channels?
- 18. Who Cares About Which Metrics? Metric Marketing CEO/CFO Other Depts Open, CTRs High Low Low Bounce Delivery, High Low Low Unsub, Spam Conversion Rate High Medium Low/Med Leads, Revenue Medium High Med/High Cost Reduction Low High High Customer Retention/ Low High High Satisfaction Determine which metrics should be provided to key functions.
- 19. Email’s Impact on the Business • Core Business Objectives – Revenue, Avg Order Size, Margins – Cost savings, reduced customer support costs – Share of customer – Customer retention • Lifetime Customer Value • Engagement/Brand Loyalty
- 20. Social Media and Email
- 21. Social Network Emails in the Mix • Your emails are competing with social alerts/conversations • Negatively affecting opens, clicks and engagement • Increases need for relevance, personality and social components in your emails
- 22. Social Media and Email • Share to Social – Increased views, clicks – New subscribers – Share rate – Most valuable sharers
- 23. Social Media and Email • Incorporating Social Aspects Within Emails – Comments – User ratings – Top read, top purchases, etc. • What impact is it having on core metrics?
- 24. Using Metrics for Improvement
- 25. Benchmarking • OK - Broad industry benchmarks are fairly meaningless – Are you in the ballpark? • Better - Vertical/Peer-based are better – Helpful in speaking with management • Best – Benchmark against your end goals – What target metrics do you need to achieve your business objectives – Use data to drive improvement
- 26. Retailer – Simple Framework • Goal – $100,000 revenue per month from email • Current: – 2 messages/month – 100,000 emails/mailing = 200,000 – 5% click-through rate = 10,000 clicks – 3% conversion rate = 300 orders – $100/average order – $30,000 revenue/month 26
- 27. Retailer Simple Framework: End Goal • Approach – Increase mailings – Better creative, offers, Web site consistency – Increased segmentation/personalization • Forecast: – 5 messages/month – 60,000 emails/mailing = 300,000 emails – 8% click-through rate = 24,000 clicks – 4% conversion rate = 960 orders – $100/average order – $96,000 revenue/month 27
- 28. Santander Consumer USA Case Study
- 29. Metrics that Matter More data on this topic available from:: Will Stacy IV - Director of Marketing Santander Consumer USA /
- 30. About Santander Consumer USA Owned by Santander – one of the largest banks in the world Specialize in sub/non-prime auto finance Currently have over 500,000 auto loan customers, $7B Loan Portfolio More data on this topic available from:: Our dept assists the Servicing group in their efforts to collect payments 3
- 31. Our Servicing Department Over 350K outbound phone calls per day Over 800 people Top goals are to collect loan More data on this topic available from:: payments and have positive interactions with the customer 3
- 32. Metrics That Matter Correct customer phone #’s Email helped with a 35% increase Incorrect customer postal address Email helped with a 75% decrease Customers contact preferences Prevented over 10,000 email opt outs Inbound phone calls & online chats SMS is driving ready to pay customers Email increased chat by 60% More data on this topic available from:: Amount of payments collected that began with receiving an email Over $25 Million in one month 3
- 33. Email to Collect Accurate Telephone Number More data on this topic available from:: 3
- 34. Increase of 35% of Accurate Cell Number 70.00% % of With Good Cell Phone # 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% More data on this topic Jan- Feb- available from:: Mar- Apr- 08 08 May- Jun- 08 08 Jul- Aug- 08 08 Sep- Oct- 08 08 Nov- Dec- 08 08 Jan- Feb- 08 08 09 09 3
- 35. Email to Collect Accurate Postal Mailing Address More data on this topic available from:: 3
- 36. Decrease of 75% of Inaccurate Postal Addresses 3.50% % of Customers Wit h Bad Addre ss 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Jan-08 More data on this topic Mar-08 available from:: May-08 Jul-08 Sep-08 Nov-08 Jan-09 3
- 37. SMS Payment Reminders to Create Inbound Calls & Payments More data on this topic available from:: 3
- 38. SMS Messaging Customers Asked Us No Promotion Send Daily Payment Reminders via SMS Over 2,700 People Registered 3% are calling the # and making More data on this topic available from:: payments 3
- 39. Email to Increase Online Live Chats More data on this topic available from:: 3
- 40. 60% Increase in Chat Volume Over 16 Months 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 More data on this topic Jun-08 Jul-08 Aug-08 Sep-08 available from:: Oct-08 Nov-08 Dec-08 S1 Jan-09 Feb-09 Mar-09 Apr-09 4
- 41. Preference Center 10,700 + customers have selected “no” on our list preference page helping prevent opt outs. More data on this topic available from:: 4
- 42. Payment Reminder Email More data on this topic available from:: 4
- 43. Statement Available Email More data on this topic available from:: 4
- 44. Email Effectiveness – Jan 09 Sent ~ 750K Email to 250K+ Opens as High as 36% Clicks as High as 12% Over 15K Clicked and Made a Payment Online Over $25M in Payments More data on this topic available from:: Over $500k in Fee Revenue 4
- 45. Q&A
- 46. Resources • White Paper – Beyond Opens & Clicks • Resource Center – White papers – Webinars – Blogs – Case studies – Newsletters – http://www.silverpop.com/marketing-resources/index.html
- 47. Next Webinar • August 20 – 2 pm EST/11 am PST • Findings from Silverpop’s Study of Top Retailers’ Email Marketing Practices • Speakers TBD • Registration information coming soon
- 48. Contacts • Will Stacy IV – wstacy@santanderconsumerusa.com • Loren McDonald – lmcdonald@silverpop.com – Twitter: @LorenMcDonald www.silverpop.com Twitter: @Silverpop www.slideshare.net/silverpop