Come See Us at LeadsCon in Las Vegas! LeadsCon is the ultimate data-driven marketing convention, so you know we’ll be there! Given the recent “Reach” acquisition, we’re excited to display some powerful data tools marketers can use to take their campaigns to the next level.
Despite new marketing channels, like Instagram or Snapchat, email remains a great marketing tool. It’s fairly low-cost, highly measurable and provides swift feedback on your audience. These traits have made it a resilient channel in the face of emerging options. Despite its power and popularity – not to mention the many guides available – email marketing can still be tricky. To boil it down, here’s a handy checklist to keep nearby. Like a pre-flight checklist for pilots, it’s nice to review the basics, no matter how pro you are. 9 Important Things To Consider Before You Hit Send Track Results. This seems painfully obvious, yet it needs to be said. It helps to be prepared. Consider ahead of time what you want to know, and what’s most important. How many people opened the email? How many consumed content? How many clicked through to your site? How many of the visitors that clicked through went on to take a desired action on your site? Be aware that setting up tracking goals and tools in your email software and on your website take time and forethought. Hook ‘em Fast. Give your reader a good reason to open your email. Imagine that your audience is sitting with their finger hovering over the delete button, eager to condemn any new email to the trash – because they are. Use the subject line to grab attention and always try to establish a) the purpose of your message and b) why they should care. Mobile Matters. Be sure that your email is compatible with being read on a mobile device as well as on the computer. Most emails are now read on mobile. If you’ve ever opened an email on your phone and had it render poorly, you know how annoying it is. Make sure you’re not making a bad impression. What Do You Want From Me? Make the call-to-action (CTA) clear, relevant, and pain-free. Don’t have too many CTAs. Be straightforward about the main thing you’d love for your reader to do next. (And yes, make sure that the content, landing pages, or site pages that you link to are also optimized for the mobile experience.) Be On Time. There are days of the week and times of day that perform better than others, but be sure that you’re tracking and analyzing results based on the time of day of the recipient, not of the email service provider (ESP). Make A Plan. In particular, create a content plan for your email campaigns. You can think of the content plan as needing to address seven main marketing factors: Who, What, Why, Where, How, Frequency (How Often), and Volume (How Much). You can always make modifications to the plan based on results or regional influences. Be Patient. Building a strong reputation and growing engagement with your audience takes time. There’s no good way to rush things, you’ll only hurt your progress. But consistency is important. Your email marketing can flourish if you stick with it. Multiple and steady impressions generally achieve better results than a “one-off” or “stop-and-go” approach. Success is achieved by steadily building an email presence and reputation with your audience over time. Target, Target, Target! Email provides quick results on things like opens and click-throughs. Maximize results by testing email variations to a portion of your audience (enough to get statistical significance) and roll-out the winners. Testing email is fast and cost-efficient, so don’t skimp on testing against various segments and sub-sets of your audience. Be Cool. Email is regulated by the FTC and it is in your best interest to learn and follow the rules set out by the CAN-SPAM Act. CAN-SPAM applies to all commercial email messages, including those to your own database or to any lists rented, purchased or otherwise acquired. The rule makes no distinction between B2C and B2B; if you’re including email in your marketing mix, you need to be knowledgeable. See the main requirements below, or you can get the complete guide on the FTC’s website. Don’t use false or misleading header information. Don’t use deceptive subject lines. Identify the message as an ad. Tell recipients where you’re physically located. Tell recipients how to opt out of receiving future email from you. Honor opt-out requests promptly. Monitor what others are doing on your behalf Regardless of tactic, marketers looking to acquire new customers must build accurate profiles of current and past customers, as well as identify prospective future customers. Thankfully, technology is dramatically improving this part of the puzzle. In particular, datadecisions Group has developed automated predictive models that, for the first time, let B2C marketers understand their customers and find prospects – faster, easier and more accurately than previously possible.
Mike, why did DDG acquire the “Reach Platform”?
Until (relatively) recently, electric utilities pretty much had a single mission: the generation, transmission, and monetization of electrons. It was a simple business model. The customer flips a switch, or claps their hands, or yells across the room to Alexa to turn on the lights, and the fulfillment process happens, literally at the speed of light. For many years, that was enough. But what happened before is not what happens today. Instead, we live in an economic marketplace where cable service providers provide home security, phone companies provide video entertainment options, drivers with some spare time provide rides from the airport, and Amazon provides, well, everything. Utility companies learned that within a fairly narrow space, they too can compete for share of consumers’ share of wallets for products that most consumers would have traditionally sought elsewhere. The “narrow space,” at least today, tends to center on either 1) products and services directly related to the home, such as things like home warranties, appliance repair and maintenance, home management and efficiency systems, and yes, home security; or 2) optional, voluntary programs like community solar. Configuring and ultimately pricing these types of products is a well-established, tried and true exercise in product development research. Got ballpark pricing questions? Use Van Westendorp Price Elasticity research. Want to see what consumers will trade off for lower prices? Use conjoint analysis. Want to offer complex pricing models based on tons of optional add-ons and choices? Use adaptive conjoint. Want to pick a winner among some product finalists? Use a monadic experimental design. The limitation with all these methods is that they generally yield relative consumer adoption estimates, not absolute ones. Relative metrics reliably show which product will outperform the others but doesn’t help much in populating that top line in the product’s pro forma. And obviously, it helps to know how many people will sign up for a community solar initiative—and at what price—before a utility can reasonably estimate their investments in hardware, marketing, insurance, rolling trucks, regulatory compliance, and, importantly, impact on their brand. In research for consumer package goods, the transformation from relative adoption estimates to hard forecasts of adoption and dollars has relied on mountains of historical data that model specific products in specific categories (e.g. a new flavor of potato chips in the salty snacks category). For new concepts like community solar initiatives, however, this history doesn’t broadly exist. Fortunately, many utilities do have historical adoption rates for many analogous, if antiquated, products. In the final, monadic stage of product development, a key question is about purchase intent. Generally speaking, the concept with the highest PI wins. Producing a forecast from these outputs, while far from an elementary exercise, is founded on best-practice modeling and marketing science. Adoption of some original products can be treated as dependent variables is a logistic model, with things like household demographics, marketing outreach, seasonal factors, and other characteristics as predictors to that outcome. A similar process can then be applied to the “new product,” using an outcome of “definitely would purchase” as the binomial target result and the current values (or, in the case of marketing effort, estimated values) along with their previous coefficients as the predictors. The final data science application involves scaling the model’s results to the adoption levels of previous products. In a nutshell, the modeling application for these utility applications is similar to the large-scale efforts applied in CPG and other sectors, except that the process tends to be unique to each utility, based on their history, customers, and many other factors. This fact doesn’t allow for an easy, out-of-the-box solution, but it does allow for a scientific, empirical, and defensible approach to forecasting new product sales.
Surprisingly, 2018 marks the 40th year of selling and marketing in my career. My original on the job training focused on sales methods and techniques. Naturally, I was introduced to the concept of center of influence for life insurance production. So, at the risk of boring you already here is a quick list of those original audiences recommended to me: Family, friends CPA/Lawyer Doctor/Dentist Business owners or leaders Government, school, church officials I observed many of my enthusiastic fellow newbies start building their networks of contacts. I also monitored the level of failure to reach the minimum goals. Most of the new recruits did not succeed. Luckily, I was tasked with a national direct mail effort by the CEO within 30 days of my recruitment. And it opened my eyes to the ability to reach out to highly qualified contacts who I did not know. In my small world, I was always the number 1 salesperson due to this knowledge. I normally state that if I had to depend on my center of influence that I would have failed miserably. I grew up in a rural area with lower socioeconomic conditions and very small population. There were 8 students in my grade throughout my K-12 education. In a job of numbers, that was very "slim pickins” Utilization of data, technology and analytics afforded me an infinite universe of influence by comparison. After careful consideration of my firm’s product, my product knowledge and the economic concerns at that moment in time, I could select the audience most likely to: a. need my services b. to listen to my presentation c. buy the policy and d. refer other buyers. Let me pause for a couple of different examples Challenge Agent, 22 years old. New BBA in Finance. No family/friend network. Life Insurance firm—Good Brand recognition, excellent disability policy and cash value life products. Method Selected the Surgeons in the radius area by the year graduated from Medical School. Used direct mail to present a major business issue for them—disability would cause a disruption in their cash flow which would possibly lead to loan defaults. Outcome The mailer produced a 1 percent response, 10 doctors inquired. All 10 set up appointments and purchased disability policy. Then each doctor offered a referral to their fellow doctors in their practice. In this case that was an average of 5. The agent had an ever- expanding circle of strong income professionals who would need his cash value solutions after the original loans for their medical school and practice were paid off. Challenge Agent, 30 years old. BBA in Marketing, making a career change. Senior market insurance services—Medicare supplement and retirement products Method Targeted the turning 62,63, 64, 65,66, years old audience in the radius area. Used direct mail to invite them to a seminar on Medicare. Medicare choices are extremely confusing to most consumers compared to their use of group health policies for most of their lives. Outcome 20 to 40 attendees per session. 50 percent would request a follow up meeting by submitting a complete financial profile stating their primary concerns. The close rate for Medicare Supplement policies is very high. And the same consumer also seeks the alternatives for their retirement funds—money management, cash value policy or annuity. The agent has an ever- expanding circle of satisfied seniors with retirement funds who eagerly recommend his services. Today, I have many more resources at my disposal to create a. custom audience b. write a personalized message c. conduct an omnichannel campaign d. predict the premium production I recommend that you build your center of influence by using data driven marketing. Direct Mail is the foundation of that effort as legislation has restricted initial contacts by phone or email. In the current digital age some young marketers dismiss the use of direct mail. I smile as I know that effective direct mail drives my digital flow of inquiries and initiates my center of influence. Happy Hunting, as my original sale manager used to say!