final blog in both the "Analysis" phase, and in fact of the full 6 part series,
we will revisit the demo data results in Sage CRM, have a short summary of the "Analysis"
phase and look at some next steps.
Revisiting the "Time/Management Event" campaign results:
Of the 36
people on the initial target list, 34 mails were submitted, 31 sent and 5
bounced. There were 27 unique opens and 34 unique clicks, with 68 clicks in
thing to notice from these headline statistics is the high bounce rate (5/31 =
16%). In December 2010 Mailchimp undertook a comprehensive analysis of their
email marketing campaigns, scanning over 570 million emails sent predominantly
by SMBs (about 70% of their base have 1-10 employees). These stats* revealed that the highest soft-bounce rate by industry was 6.94% for "Social
Networks and Online Communities" and 6.3% for hard bounces (in the "Health and
Fitness" industry). So 16% is clearly too high. Using Mailchimp's data as a
benchmark, Panoply should be aiming for a software industry average of a
maximum of 2% for soft bounces and a maximum of 3% for hard bounces. In
reality, the bounce rate should be 0%, which is more than achievable if you
engage in regular list cleansing.
point of interest is the unique opens and clicks rate. While the bounce rate
wasn't particularly impressive, the open rates for Panoply are exceptionally
high (opens: 27/31 = 87%). According to Epsilon's 2011 Q1 benchmarks study
(over 7 billion emails sent), open rates were on average 23.3%, so they are
clearly getting a great response from their target audience. Similarly the
unique click rate (34/34 = 100%) would suggest that if this was a real-life
scenario, Panoply would appear to have an outstanding knowledge of this
customer segment and had sent very relatable, focused content. In fact, given
that the email was clicked on 68 times (i.e. twice per recipient who had
submitted an email address), you would also conclude that Panoply had done a
significant amount of pre-screening regarding the time/expense management
event, such that the sending of the mail campaign was pretty much a formality.
analysis stage of the email marketing programme is a vital process that should
be given plenty of time and consideration. This process should consist of 2
parts; firstly a detailed evaluation of the delivery of the programme versus
the goals set out at the start. Secondly, using the comprehensive metrics
provided by Sage E-marketing for Sage CRM. In the latter case it is important
to understand what these metrics mean, what the use cases are for each, which
one best reflects business objectives, and how to draw appropriate conclusions
from the data supplied. Generally speaking the clickthrough rate, open rate and
deliverability rate are the most tracked in industry, however over time the
objective should be to employ more value-added metrics, such as assessing the
value of each email address or email list.
A final point should be made on ROI - it is
widely recognised that email marketing can deliver a high ROI. However it is
important to use a balanced approach when deciding what the company objective
is, and how you measure campaign success. While email marketing is
cost-effective compared to other channels, to realise its full value you still
need to manage your list and track bottom-line growth attributable to a
stage the 6 phases of the email marketing programme have been completed. The
next step in the process is to feed the results, analysis and learnings back
into the programme design, thereby ensuring continuous improvement and
compliance with best practice. Consistent application of this process will
greatly enhance your email marketing campaigns and deliver both ROI and
tangible benefits to the bottom line.
that you have now gotten a clearer picture as to the best-practices employed to
capture value with email marketing. Good luck with your future campaigns, and
make sure you try Sage E-marketing for Sage CRM soon!