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2015 Retail Email Personalization Marketing Workshop – Listrak

  • 3 min
  • June 25, 2015
    • Retail Marketing
    • The Power of Email
    • Customization is Key

Earlier this week, we were lucky enough to attend a full day seminar focused on retail email personalization (which, if you think email is irrelevant, than you should have been at the seminar). Topics ranged from planning and benchmarking (a.k.a. what kind of ROI you can expect to see for your efforts), how to personalize email campaigns BEYOND subject lines and list segmentation, and most importantly, how to build a better campaign – something that we could all work to improve.

The day was full of valuable information and takeaways, but here were some of our favorite nuggets:

If you’re familiar with the inbound methodology, than this will sound familiar. To have a successful email campaign, you need to consider where the prospect is in the Customer Journey. As a refresher, the five stages are: It’s important to have an understanding of where each user is in their customer journey, because the content that they receive should be tailored to what they need at the time. For example, a customer that is in the “loyalty phase”, probably doesn’t need an email that will bring them more awareness of your brand. Email sometimes gets a bad rep for being dated and old-school. But the power of email has never diminished. Considering the following:

For every $1 spend, the ROI from Email is $44.25. By contrast, the ROI on SEO is only $22.24 for that same $1, and Display Ads straggle in 3rd with a $19.72 ROI.

Beyond that, triggered messages only make up 3.8% of email volume but drive 33.5% of email revenue. What are triggered messages you may ask? They’re specialized responses driven by customer behavior. For example, if a customer is spending a lot of time checking out a pair of jeans, but doesn’t add them to their cart, they may get an email reminding them of how great those jeans are, later.

Moral of the story? Email is still alive and well.

With that in mind, how do you know that your email campaigns are performing the way that they should? Check out the below tables, which detail what the industry standard and the best of the best of the best are, for broadcast and welcome campaigns:

Broadcast Campaigns

 

Benchmark

Best in Class

Open Rate

13.8%

33.2%

Unique Click Rage

1.56%

4.5%

Click to open rate

3.69%

21.1%

Rev per email

$.05

$.96

Welcome Campaigns

 

Benchmark

Best in Class

Open Rate

35.1%

70.3%

Unique Click Rage

7.5%

15.6%

Click to open rate

12.4%

36.8%

Helpful, right? Beyond that, of course, shopping cart abandonment emails are the highest revenue driver, so if you have an eCommerce presence, and you aren’t currently executing them… you should probably start.

If your email campaigns aren’t performing to the level that you want them to be, take a look at when you are sending the emails (both day of week and time of day)

·      More retailer emails are sent on Thursday (Tuesday is a close second)

·      Highest open rates are on Wednesday (tues is a close second)

·      Highest levels of conversions are on Monday, followed by the weekend

·      An email sent at 3:00 p.m. will receive the most opens

·      Sending an email at 11:00 p.m. gets the early next morning bump, capturing the 7:00 – 9:00 a.m. time slot that sending an email at 11:00 a.m. miss.

Helpful, right? Overall, Listrak did a great job and we walked away with some great new strategies to implement in our OWN email efforts.

 

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