Turning Email Marketing from Cost to Revenue ($$$) Center
Marketing is all about expending out on appropriate channels and brining the best returns out of such investment. Email marketing being a cost-effective channel requires very less investment, but still it is not completely free of cost. So, what is the holy mantra that helps you convert email marketing from a cost center to revenue generating profit center.
A proper strategy like we have discussed earlier helps to mitigate the cost of email production. Prepare an email calendar, get the content plan for each of your emails and newsletters ready, use ready-made mobile optimized email templates which can be customized quickly and have agile coders who can convert designs to HTML in least turnaround time.
Process and Workflow
Once you set-up a right strategy, it’s time for you to set-up robust process so that with the least human intervention, email marketing keeps on yielding fruitful results and become more profitable with every passing day. Take out some time to analyze the email conceptualization to delivery workflow. Check the prospect/customer lifecycle, the lead nurturing intervals, big data management through landing pages, ESPs & offline records, email testing, QA and measurement process.
Resource Education and Training
Educating the resources who are managing the email marketing campaigns repeatedly explaining the email marketing best practices, anti-spam laws, design and coding operations, use of video and gifs in email etc will ensure that the resources are self-sufficient and they use email marketing channel optimally. They can also be trained to use the email service providers accurately so that the right messages are delivered with right personalization to the right audience and segment.
Consistent Customer Experience
Consistent value proposition across the channels will ensure that there is a consistent customer experience. A consistent customer experience will convert a lead to a customer. As a baseline if you are launching an email campaign targeting a particular product launch, the same product should be given a spotlight across other social channels and communication touch points. Create a separate landing page so that you can track direct efforts from email as well as get leads from other channels simultaneously.
Precise P&L Analysis
Ultimately, it is attribution to revenue, delivery of ROI and the ability to drive revenue in a repeatable, predictable and scalable manner that defines a successful Revenue Center Transformation. Estimate the total cost of campaigns and map them against the expected revenue. If you are only expecting indirect benefits, list the kind of benefits you are expecting out of a campaign. If you think you have transformed well, make it a regime. If it’s not working out, get a consultation.
These are a few handful tips from the Monks cloister that we found useful if you feel your email marketing is turning out expensive and you want to turn it around to a revue center. If there are other areas you think we missed out, feel free to suggest in the comments below.