Email remains one of the most effective channels for your marketing messages.
According to a recent article in Digital Marketing magazine, email marketing has topped the digital ROI charts for the third year running.
So – how can you tap into its benefits and harness them to increase the ROI of your own campaigns? Here we share our top six tips and strategies for effective email marketing.
1. Make it personal
Personalisation is essential. Make it clear that you know your readership. This goes beyond the obvious – we’re not just talking about accurate contact data; that should be a given.
Develop a deep understanding of your market – by buying habits; preferences and concerns. Building these personas enables you to deliver communications that are relevant and engaging.
Get this right and your open, click-through and engagement rates will soar.
2. Segment, segment, segment
Segmentation is what enables you to deliver personalised messages.
It’s a core building block of an effective campaign – and delivers tangible results. This article claims that 77% of email ROI comes from segmented, targeted campaigns – and who’s surprised?
We all know the difference between getting a message that’s clearly been tailored to our interests, and getting a generic one that doesn’t hit the mark.
Which one are you more likely to respond to?
Whose products are you more likely to buy?
3. Make sure you comply with data legislation
Of course, it goes without saying that this personalised, segmented approach needs to be compliant.
The rules around data management are only getting stricter. The upcoming GDPR rules mean your B2B campaigns needs to be as rigorous as B2C ones in terms of data protection.
4. Keep it compliant
In financial services, it’s not just data protection legislation you need to worry about. Getting Compliance approval and ensuring you meet FCA-mandated standards is essential.
But this can slow you down – annoying when one of the best things about email is its ability to deliver fast, responsive marketing.
Make sure your emails are engaging and compliant by writing content that Compliance can approve – this will cut the time it takes to get sign off.
You can also speed your time to market by automating some of your approval processes – something worth considering if you spend a lot of time waiting for other areas of the nosiness to review your messages and give the green light.
5. Devote adequate budget
The Digital Marketing article cites statistics showing that while email may be top for ROI, the spend allocated to it is typically just 15% of the total marketing budget.
Partly, this may be down to email’s good value compared to some other channels. Often, it can be managed in-house, with minimal design costs. The cost of delivery is therefore far lower than, for example, above the line ads or printed material.
But take the time to analyse how you have allocated your budget.
- Does the money set aside for email enable you to interrogate your data and put in place the segmented approach that will deliver results?
- Do you spend enough on analytics? Would researching and reviewing your strategy pay off in terms of increased CTRs and conversions?
6. Outsource with care
With no end of external experts able to help with data management, scheduling, design and management – it’s no wonder that outsourcing is increasingly popular across all marketing activities.
If you delegate management of emails or data to a third party, make sure you comply with FCA requirements. For regulated firms, there are a number of pitfalls to be aware of when outsourcing your marketing processes. Understand the regulator’s latest guidance and get a feel for the requirements to ensure you’re not breaking the rules.
There’s no doubt that email marketing can be highly effective, with impressive ROI. Follow these guidelines and you can ensure you make the most of it – while staying in the FCA’s good books.
Make sure all your financial promotions meet the regulator’s requirements by downloading a copy of our free Financial Promotions Checklist for Marketers.
The checklist covers the five key stages to producing financial promotions, where the process and documented approvals can be as important as the end result.
You can get your copy here.