This entry was posted on Friday, November 28th, 2008 at 3:36 pm and is filed under Company News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
It looks like 2009 will be the year that Investment Managers begin to make the most of Email Marketing capabilities.
We’ve worked with several clients who have implemented Email Marketing tools and are already experiencing the ROI benefits in just a matter of weeks. This trend will continue as firms begin to understand the reduced cost of directly engaging with both their key and wider markets, especially as scrutiny on ROI becomes even greater. With sufficient segmentation and targetting, email can be a very effective channel for maintaining a conversation in a B-to-B industry - one that ensures relationships are nurtured when budgetary pressure may have reduced activity in the past.
The ROI argument for Email Marketing is still compelling despite the volumes of spam that we all receive. The slide below shows how Email Marketing compares with other channels - a whopping 150% greater ROI than it’s nearest off-line competitor. While there is a danger in assuming "lies, damned lies…" to be correct - these are US figures and we operate in a notoriously technophobic industry - the recent market conditions and the effectiveness of email market updates and webcasts have demonstrated the benefits of providing accessible content and directing people to it as a way of building a firm’s brand and reputation, as well as protecting existing assets and revenue.
In terms of developing the ROI case further, the critical factor is turning Email Marketing into a prospecting tool and prompt for business conversations. In our discussions and strategy projects, we see several common and key factors to address:
- developing a relationship between Sales and Marketing. Our experience is dominated by brokering a set of successful processes and agreements between Sales and Marketing departments. Sales do very little for too much reward in the eyes of Marketing, while Sales view Marketing as just choosing colours and spending vast amounts on continuous brand relaunches. Email Marketing and Campaign Management provide a set of processes leading to value that can only be extracted if the traditional dysfunctional relationship can be negotiated to a position of relative trust
- training sales and support staff to utilise digital channels better. The conversation based on someone clicking a link and visiting your website can go one of two ways; the ‘creepy, big brother is watching’ way or the ‘I’m glad you’ve called, I was just thinking about that’ way. The main factor in successfully translating clicks into positive business conversations is the understanding of staff around why people are clicking and how they expect to be addressed
- use the technology to automate administration wherever possible. With lists of names in the tens of thousands, an array of response types and status to track, and activity and progress to be monitored, there is potential for a lot of administrative overhead. This overhead can weigh down business efforts to the extent where the potential value is ignored in the face of too much required effort
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