Email marketing is a mature cost effective channel and is extremely effective and a major revenue generator. Within emails there are categories of communication including transactions.
Case Study: ICICI Deposit Generation Campaign:
Short burst campaign for ICICI for 75 days targetted 4 rounds (4 mails maximum) of messaging with variety. Revenue generated 140 Cr. A predictable conversion funnel was established. The more you expose the customer you get a high ticket size. Value of customer changes how to target.
While messaging we have to understand that consumers are in different stages of buying cycle. The user must be allowed to identify the stage of the consumer. Allow the user to browse the mail and observe the ‘click’ behaviour and pattern. Landing page has to reflect the same learning.
Categories for the link set:
1. Learn more
2. Online FD/ RD
3. Act now
4. About bank
5. Buy Gold
Key Takeaway: The consumer buys when its questions are answers in a justifiable manner.
Effect on Revenue due to 4 -mail strategy the results, each repeat mail acts as a reminder to a certain extent. Beyond the point it will not help in getting returns. Steady increase in revenue and ticket size can be achieved with increased exposure to mails.
Imint Case Study:
Meaningful segmentation has delivered results over time. Average value per customer didn’t change so the driving traffic was the objective. Customer lifecycle from welcome – activation, usage and redemption stages were analyzed to know the customer. Active and Dormat consumer were segmented from the business point of view.
In a mailer beside branding see how well can you present what you want to sell. Give further links and action points which will help in segmentation between education (demo) or buy now. Every campaign needs variation with a definite time frame. Open to Click ratio is vary valuable, achieved a ratio of 1 click per 3 opens.
Best Practices for Email Marketing:
- Personalizing – show what you know about the customer.
- What offer you have, share the primary message. Allow the consumer to do something else as well.
- Category research: Getting feedback with the click pattern. Behaviour analysis for future communication.
- Shopping: Good to show big images, presentation is the key for higher response rate.
Key Parameters in segmenting are : Transactional, name & profile info and the behavior and interaction. Intelligent permutations and combinations can make the email marketing campaign powerful and will help in easy to template the response and keep the next message in sync with the first one.
Testing the response is very important, don’t run the campaign just for the sake of doing it. Learnings can be implemented for email campaign improvement.
Open rate can change (50% effect) with the subject line, it’s critically important.
Shows how intelligent email marketing drives more business based on your business model and goals.