The From Line
Sending, Managing & Monetizing Email
We have great news we want to share with you. A few months ago, Gold Lasso's eLoop SalesForce application was approved for AppExchange 2. Today marks our official announcement. Read more after the jump!
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Latest Marketing Trend to Watch:
QR codes were popularized more than five years ago in Japan and are now used globally as physical world hyperlinks. Like updated versions of traditional bar codes, QR codes are images that can be scanned to relay information. A code scanned by a smartphone instantly links a user to mobile content, fostering greater customer engagement. Big brands are adopting this strategy and you can, too.
Early adopters helped create a 'mystique' surrounding QR-led urban games because they could access exclusive content. (See fun examples here and here.) But now mainstream consumers are seeing more QR codes everywhere. U.S. companies were a bit behind in adoption of these codes until now.
Here are just some of the places people see QR codes in their daily lives:
- Catalogs, newspapers and magazines
- Events - tickets, badges, booths
- Outdoor signs - billboards, window clings
- Clothing and accessories - labels, inventory
- SMS - coupons, contact information
- Mobile apps - coupons, contests
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Latest Marketing Trend:
According to Forbes Insights, the research division of Forbes magazine, “video is becoming a critical information source for senior executives,” with more than 80% of executives watching more video online than a year ago. This trend isn’t surprising with executives continually facing information overload they are turning to video to help cut through the clutter and aid with decision making.
After watching video content, executives are more likely to:
- Visit a vendor’s website 66%
- Conduct a search for more info 53%
- Call a vendor 22%
- Make a business-related purchase 26%
Source: Forbes Insights, Dec. 2010
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A Lesson in Group Buying Programs
Marketing Pros in Niche Markets Warming up to the Craze
TREND:
Groupon, a leader in the group buying craze, recently rebuffed a $6 billion buyout offer from Google. This speaks to the relevance and growth potential of an integrated marketing tactic that incorporates email, local advertising and social media. And Groupon is just one of over 500 group-buying sites worldwide. Most of these sites offer easy-to-share discounts and reward subscribers whose friends make a purchase. The deals are almost always announced via daily emails and come with a small window of opportunity. This frequent sense of urgency no doubt feeds into the frenzy. Now Wal-Mart is even testing this model with their email program.
TAKEAWAY:
Deal of the Day emails are nothing new, and neither is buying in bulk. So what is it about the trend that has garnered so much attention lately? Group buying sites are popular because deals are either locally-based or fill a niche such as singles nightlife, organic baby products, home décor and travel deals. But despite the popularity, the increase in coupon sites is beginning to water down advertiser messages. Deals are either too generic or not well targeted. The increase in competing Groupon-like services highlights a need for relevancy, smart targeting and customer service best practices. They also mean that businesses need to be more savvy when evaluating the right strategy -- sometimes the service's commission limit potential profits.
What Works:
Some of these sites have variable pricing models while others have minimum purchase thresholds for a deal to “activate.” Some provide paper coupons while others provide mobile bar codes. But regardless of the niche or region, every group buying site utilizes:
1. Consistent email schedules and
2. Social media sharing widgets
Some of these sites have variable pricing models while others have minimum purchase thresholds for a deal to “activate.” Some provide paper coupons while others provide mobile bar codes. But regardless of the niche or region, every group buying site utilizes:
1. Consistent email schedules and
2. Social media sharing widgets
HOW-TO:
To join the group buying phenomenon, businesses should look first at their existing email databases. Subscribers who already interact with communications are likely to remain loyal.
Start by creating a “daily deal” email campaign that integrates with social media sharing widgets such as AddThis. Target the most loyal subscribers – those who regularly click links and share messages.
They key is to then execute campaigns at the same time each day. Businesses should also highlight their customer service such as refunds, reliability, response time and transaction confirmations. Customer service offered by group-buying sites has taken a few hits in the media lately, so this can be a competitive edge for many businesses looking to start an email-based group coupon program.
We look forward to seeing yours!
We'd love to help any business looking to implement or test this kind of strategy. If you need assistance or just want to brainstorm we'd be happy to talk.
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Recently I brainstormed with a mutual fund CMO about how to use social-to-email marketing within the highly regulated world of financial services. One of the reasons I got out of financial services (mutual funds and ETFs, capital markets, and wealth management), where I spent a decade of my career as a marketer, is because of the increasing restrictions on the sales and marketing departments. Yes, in ways it forced me and my colleagues to get creative, but it also had a dizzying effect over time. In the US, the reality is that financial advisors are putting themselves at risk of being fined by pushing the limits of FINRA rules. There’s a fine line between networking and a regulator’s definition of advertising. Too many advisors are tweeting stock tips without disclosure, or sounding overly-promissory in just 140 characters. But because social sharing helps expand campaign reach, this marketing channel cannot be ignored (not even by financial companies).
It may sound impossible, but what I told her was this: To use social media for enhancing email campaigns, you have to be vague and intriguing at the same time. Engage people, ask questions and then link to the details.
Ask your compliance department if the following example would be safe:
1. Create an email campaign as you normally do.
2. Insert a social sharing button for recipients to send to their friends.
3. Post an abbreviated subject line to your social streams, including a link to the email. No benefits, just a news headline.
4. The email and landing page will have risk disclosure as usual
5. Measure social sharing and other analytics as you normally do with email campaigns.
The good news is that with email campaigns, sharing a message always accompanies a link to a message and/or landing page. Depending on which slice of the financial industry you’re in, just be careful where you tread and make sure employees understand the rules.
Useful articles about social sharing sites in financial industry are:
http://www.fa-mag.com/fa-news/5695-financial-advisors-breaking-rules-to-use-social-media.html
and
http://www.theregister.co.uk/2010/06/15/fsa_social_media/
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