What Are Your Company Goals Behind Your Automated Email List?
Email list subscribers are a good thing. But they aren't the final goal. Building up a large subscriber base is just the tool you use for your business's real goal: profit. It's important to make sure that all goals and projects lead back to a reasonable degree of profitability or some form of value for the company. For example, switching your company over to a new CRM platform is a major project. Your IT team's goal might be to implement a quick conversion to the new system and to set up tutorials that perfectly outline new procedures. But those goals should only exist because the CRM will provide fewer delays, faster sales conversions, and better audit results (which in turn allow for streamlined profit projects). The same is true for email lists. Here are two goals that should be behind every campaign:
1. Build email lists that convert consumers to customers.
When you're in the company marketing department, it's easy to focus on the numbers that you're directly responsible. If your job is to increase email list subscribers by X%, that percentage increase is the goal. But that goal only matters if the mailing list successfully converts visitors to leads and then consumers. It might also be indirectly responsible for increasing general audience exposure to your brand name, which in turn makes consumers trust your company. But without an eye on those deeper goals, you run the risk of increasing subscribers just to increase subscribers.
2. Know which email lists are worth investing time in.
Revenue doesn't always equal profit. One of your mailing lists might be successful in converting visitors to customers. But if the profit margins on the products these consumers care about are low, and there's a long course of customer nurturing that has to be invested between subscription and paid purchase, those customers may not be worth the effort. They almost certainly shouldn't be your primary focus. So analyze your mailing lists stats to see which list groups have the highest conversion rates, the highest profit per purchase, and the profit divided by each subscriber in the relevant group.
Fortunately, automated tools drastically reduce the workload. That means previously untenable leads suddenly need less manual attention and you can keep all, or at least more, of your subscriber groups profitable.
Contact our team for more strategies and tips that can change how your company uses Marketo or other automated email tools.