Sometimes Value is NOT in the Eye of the Beholder
It’s trite, cliché, and often both condescending and patronizing: “You get what you pay for” is also generally true. But there is an even more profound correlation connecting significant investments in a product/service versus paying bottom dollar: We tend to value such purchases more and therefore tend to extract maximum value. This 2nd point is most critical and it applies to both our personal lives as well as our marketing investments. Recently I jettisoned my health club of 8+ years which I thought served me quite well. It was conveniently located close to both home and work and it was inexpensive. It was a “no frills” facility, the type in which I took pleasure as it channeled my inner ‘Rocky’ (remember when Rocky had to regain “the eye of the tiger” after growing soft with success?). Or that’s what I told myself. In actuality I was simply cheap but the gym-rat justification served a viable defense of my frugal choice. Over the years as workouts gave way to work, family, and socializing pressures, my frugality ‘paid off’ by reducing the pressure to maximize the investment in my health club. Understandably both my bar tabs and waist size grew while my gym bill remained at its paltry level.
Then, the Mecca of health clubs arrived a mile further down the road. If possible to meld country-club luxury with every piece of modern workout equipment known to man, this is it. And for a 40-something year old weekend warrior, this was perfection. It also tripled my monthly gym budget. That’s when I realized the meaning of value; utilizing an asset to its (near) fullest potential. For a marked change occurred; I started using my gym membership MUCH more than I had previously.
Far too often we engage in acquisition email with a bargain-basement mindset. Marketers who dabble in email devote significant resources on email design and tracking systems yet make email data sourcing decisions based upon deployment cpms that have very little correlation to the true value of the campaign; that would be cost per action (cost per open, cost per click, etc.). Conversions to a ‘cold’ list are universally difficult to achieve. It’s well known that email is one of the strongest performing ROI generators available … once the opt-in is achieved. Therefore, the soundest strategy is to craft a strong offer (e.g. valuable content, future discounts, intriguing on-going offers available only to the opted-in list) that achieves a simple sign-up versus shooting for the stars and using this valuable marketing tool as a misguided sales tool.
So to reach the full potential of your email marketing asset, look to invest wisely in your acquisition email campaigns. By choosing lists wisely that produce the lowest cost per action, targeting offers that encourage your prospects to request email communications from you in the future. Only then the power of email marketing truly take root where it matters most: Converting prospects to customers.