In this 60-minute Webinar, you'll learn the difference between process and output metrics, gain insight in how to more effectively communicate email success to management, examples of how to use metrics to drive email improvement, the impact of social media on email metrics and discover how one marketer measures and communicates email success. Will Stacy, director of marketing for Santander Consumer USA / Drive®, will explore key metrics and sample emails that are delivering substantial results, such as reduced call center volume, increased data quality, lower customer communication costs and increased online customer payments.
2. Speakers & Agenda
• Will Stacy IV • Agenda
– Director of Marketing – Beyond Opens &
– Santander Consumer USA / Clicks
Drive®
– Measurement Mindset
– Metrics &
Management
• Loren McDonald – Social Media & Email
– VP, Industry Relations – Using Metrics for
– Silverpop Improvement
– Santander Case Study
– Questions & Answers
5. Email Metrics – Let me count the ways…
Open rate
Click-through rate
Click-to-open rate
Unsubscribe rate
Bounce rate
Conversion rate
List churn
….
Email metrics disconnected from business goals lead to…
6. …an ROI / Resource Imbalance
• Marketers are:
– Sending more Email
emails (volume) Team Email
ROI
– Sending more Is
frequently Huge!
• Budgets are flat or
down
• No. of FTEs is flat
or down
Email marketing is generally considered to have
the #1 or #2 ROI among marketing channels
7. …and a Marketing Channel Budget Tug of
War
Email is increasingly competing for slices of the marketing
budget with channels that didn’t exist a few years ago
11. Stepping Back - Email Metrics: How
We Use Them
Report Card Actionable
(Backward Looking) (Future Oriented)
• Testing – Which creative worked
• How did our message better?
perform? • Do we need more resources?
• How did we do this • Are there problems lurking in our
month/year? email process?
• Where are we falling short?
• Did we achieve our targets?
• What do we do next?
12. Differentiate Process from Output Metrics
Process Output
• Open rates • Revenue
• Bounces • Orders
• Delivered • Demos/Downloads
• Click-through rates • Sales-qualified leads
Think differently about metrics
16. Conveying the Value of Email
…and communicating
metrics in a meaningful
way to management
It is all about the
business goals…
17. Executives Don’t Care About Open Rates
Email Marketer Executives
• My average open rate is • How much revenue did we
now 23%. generate from email?
• Unique click-through rate is • How has email improved
trending up since the customer retention?
redesign. • How has email helped
• Deliverability is up at reduce our costs to
Hotmail since we stopped communicate with
using the large postcard- customers?
style image. • What impact is email having
• Spam complaints are down on conversion via other
20%. channels?
18. Who Cares About Which Metrics?
Metric Marketing CEO/CFO Other Depts
Open, CTRs High Low Low
Bounce Delivery, High Low Low
Unsub, Spam
Conversion Rate High Medium Low/Med
Leads, Revenue Medium High Med/High
Cost Reduction Low High High
Customer Retention/ Low High High
Satisfaction
Determine which metrics should be provided to key functions.
19. Email’s Impact on the Business
• Core Business Objectives
– Revenue, Avg Order Size, Margins
– Cost savings, reduced customer support costs
– Share of customer
– Customer retention
• Lifetime Customer Value
• Engagement/Brand Loyalty
21. Social Network Emails in the Mix
• Your emails are
competing with social
alerts/conversations
• Negatively affecting
opens, clicks and
engagement
• Increases need for
relevance, personality and
social components in your
emails
22. Social Media and Email
• Share to Social
– Increased views, clicks
– New subscribers
– Share rate
– Most valuable sharers
23. Social Media and Email
• Incorporating Social Aspects
Within Emails
– Comments
– User ratings
– Top read, top purchases, etc.
• What impact is it
having on core
metrics?
25. Benchmarking
• OK - Broad industry benchmarks are fairly
meaningless
– Are you in the ballpark?
• Better - Vertical/Peer-based are better
– Helpful in speaking with management
• Best – Benchmark against your end goals
– What target metrics do you need to achieve your
business objectives
– Use data to drive improvement
29. Metrics that Matter
More data on this topic
available from::
Will Stacy IV - Director of Marketing
Santander Consumer USA /
30. About Santander Consumer USA
Owned by Santander – one of the
largest banks in the world
Specialize in sub/non-prime auto
finance
Currently have over 500,000 auto
loan customers, $7B Loan Portfolio
More data on this topic
available from::
Our dept assists the Servicing group
in their efforts to collect payments
3
31. Our Servicing Department
Over 350K outbound phone
calls per day
Over 800 people
Top goals are to collect loan
More data on this topic
available from::
payments and have positive
interactions with the customer
3
32. Metrics That Matter
Correct customer phone #’s
Email helped with a 35% increase
Incorrect customer postal address
Email helped with a 75% decrease
Customers contact preferences
Prevented over 10,000 email opt outs
Inbound phone calls & online chats
SMS is driving ready to pay customers
Email increased chat by 60%
More data on this topic
available from::
Amount of payments collected that began
with receiving an email
Over $25 Million in one month
3
33. Email to Collect
Accurate
Telephone Number
More data on this topic
available from::
3
34. Increase of 35% of Accurate Cell Number
70.00%
% of With Good Cell Phone #
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
More data on this topic Jan- Feb-
available from:: Mar- Apr-
08 08 May- Jun-
08 08 Jul- Aug-
08 08 Sep- Oct-
08 08 Nov- Dec-
08 08 Jan- Feb-
08 08 09 09
3
35. Email to Collect
Accurate Postal
Mailing Address
More data on this topic
available from::
3
36. Decrease of 75% of Inaccurate Postal Addresses
3.50%
% of Customers Wit h Bad Addre
ss
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
Jan-08
More data on this topic
Mar-08
available from:: May-08
Jul-08
Sep-08
Nov-08
Jan-09
3
37. SMS Payment
Reminders to
Create Inbound
Calls & Payments
More data on this topic
available from::
3
38. SMS Messaging
Customers Asked Us
No Promotion
Send Daily Payment Reminders
via SMS
Over 2,700 People Registered
3% are calling the # and making
More data on this topic
available from::
payments
3
39. Email to Increase
Online Live Chats
More data on this topic
available from::
3
40. 60% Increase in Chat Volume Over 16 Months
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
More data on this topic Jun-08 Jul-08
Aug-08 Sep-08
available from:: Oct-08 Nov-08
Dec-08 S1
Jan-09
Feb-09
Mar-09 Apr-09
4
41. Preference Center
10,700 + customers
have selected “no” on
our list preference
page helping prevent
opt outs.
More data on this topic
available from::
4
44. Email Effectiveness – Jan 09
Sent ~ 750K Email to 250K+
Opens as High as 36%
Clicks as High as 12%
Over 15K Clicked and Made a
Payment Online
Over $25M in Payments
More data on this topic
available from::
Over $500k in Fee Revenue
4
46. Resources
• White Paper
– Beyond Opens & Clicks
• Resource Center
– White papers
– Webinars
– Blogs
– Case studies
– Newsletters
– http://www.silverpop.com/marketing-resources/index.html
47. Next Webinar
• August 20
– 2 pm EST/11 am PST
• Findings from Silverpop’s Study of Top
Retailers’ Email Marketing Practices
• Speakers TBD
• Registration information coming soon
48. Contacts
• Will Stacy IV
– wstacy@santanderconsumerusa.com
• Loren McDonald
– lmcdonald@silverpop.com
– Twitter: @LorenMcDonald
www.silverpop.com
Twitter: @Silverpop
www.slideshare.net/silverpop