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Installed Base E-Marketing, The Right Way
by Karen R. Macumber
Your installed base can be your most valuable marketing asset. After all, these individuals have already raised their hand in some capacity to indicate an interest in your company's products or services. So time to dive right in and start marketing, right? Wrong.
An installed base can also be a minefield -- one wrong step and your relationship with a current or potential customer can be blown apart. However, if you follow these four simple steps you will be on your way to creating a successful installed base program.
Step One: Segment Your List
All contacts are not alike. Each one deserves a relevant message for taking the time to read your email. So make sure you have clearly identified the major groups within your database - current customers, past customers, prospects in play and raw leads - and structure the message accordingly. There is no faster way to turn away a hot lead than to email them a generic "dear prospect" message when they are already deep in the sales cycle.
Step Two: Clean House
Your first communication should be a simple message with a simple goal - get the contact to grant you permission to continue to communicate with them via email, and define what that communication should be for all parties. Offer several opt-in options, from "contact me immediately about xyz product" to "receive offers about product updates" to "receive our free monthly enewsletter." This question alone will help your sales force prioritize your database immediately. It will also train you to develop separate communication strategies for each group within your database.
Step Three: Test and Track
Your database, once cleaned and properly segmented, is now ready for your real e-marketing efforts. With each communication you have the opportunity to establish a deeper relationship with the customer or prospect, by asking questions and tracking actions. Information can be fed back into your installed base program, to increase the desired response for each segment - whether it's to simply boost the open rate for your enewsletter, or to generate sales. Be sure to track and measure the data points that are actually useful, across all touch points. For example, use iMakeNews to measure open rates and click-throughs to your landing site, and then follow the path through the point of desired action (opt-in, purchase, etc.)
Step Four: Apply What You Learn To "The Real World"
The insight you gain into your customer and prospect decision-making process as a result of your installed base program can be just as valuable as the sales it generates. For example, if you purchase email lists for prospecting, you can use your most successful subject lines and offers right from the start. The resulting ROI for such a program can be dramatically different than the ROI of a program where testing is just beginning. And at a CPM of $250 or more for email list rentals, the leg up can equal important cost savings for your marketing budget.
Karen R. Macumber is President of Fulgent New Media Inc., a full-service media strategy, planning and buying firm. Call 617-262-5255 or email isabelle@fulgentnm.com for more information about their services.
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