15 Things Your Business NEEDS To Know About Personalized Emails

If you’ve heard it once, you’ve heard it before – email marketing offers the highest return on investment of every other form of marketing there is. And considering that the ROI is an average of $38 for every $1 spent (that’s a whopping 3800%!), it is no wonder that even companies with a tiny little marketing budget are jumping on the bandwagon.

Now you might think that a ROI that high can’t be beat. But according to a study done by DMA, one in 5 companies are reporting ROI’s as high as 70:1! So what are these companies doing that is so special compared to what all the rest are doing? Well there is no way to provide an exact answer, but one factor is probably that they’re personalizing their emails with anything from the subscribers name in the subject line to dynamically adjusting content based on their subscribers data. There’s also the fact of using an email list cleaner that helps them keep their contact database valid for the best performance.

Back in 2013 Experian reported that only 70% of brands were actually personalizing their communications with subscribers, while a more recent report by Adobe says that the majority of brands have basic personalization in place. However nearly one third of Tier 1 retailers (annual sales exceed US $1bn) say that they have limited or no capability to support personalization efforts. And that is shocking because email personalization isn’t that difficult!

No matter the size of your company, or how large your list of subscribers is – email personalization is relatively easy to implement. And the nice thing is that many of the more established bulk email providers support the sending of personalized emails! Now if the stats you’ve seen so far don’t shock you into building personalized email campaigns – then maybe the following email personalization stats will!

  1. In a research report titled Email Marketing: Get Personal With Your Customers, Aberdeen Group revealed that click-through rates are improved by an average of 14%, and conversions improve by as much as 10% when subscribers receive personalized emails.
  2. In another more recent study by Campaign Monitor, unique open rates had increased to 29% and unique click through rates to 41% when comparing personalized email campaigns to non personalized ones.
  3. The same study showed that simply personalizing the subject line of an email can improve your open rates by as much as 37%. And by implementing the most basic of personalization techniques, which is essentially just segmenting your email lists, you can increase your email revenue by as much as 760%!
  4. Although website analytics, namely the ability to track the activity of individual visitors on a site and keeping a record of a buyers past behavior has vastly improved; only 39% of online retailers are using email to send personalized product recommendations.
  5. And this is despite a survey by MyBuys Inc. And The E-tailing Group Inc. that found that between 39% and 41% of consumers purchase more often when they receive emails that are personalized based on their past interactions with a retailer, their past purchases, or their on-site browsing.
  6. A study by Listrak reinforces this with their report that revealed 80% of consumers find it helpful when emails from retailers feature products based on their past purchases, with 71% liking emails that feature products based on their browsing behavior.
  7. Although Digital Trends found that 88% of consumers think that companies should give them the option to decide how their personal information will get used to personalize their shopping experience, as much as 73% of consumers said that they prefer to shop with retailers who make their shopping experience more relevant by using their personal info.
  8. A report by Infosys shows that 59% of shoppers who have experienced personalization believe that it had a significant influence on their purchasing decisions, while 89% of shoppers who have engaged with retailers via social media channels believe those interactions have also impacted their choices while shopping.
  9. A study by Chadwick Martin Bailey revealed that the two main reasons why consumers like and subscribe is because they want to receive discounts and special offers, and to take part in a specific promotion. Personalized email campaigns allow you to provide relevant content that is more likely to keep them as subscribers.
  10. The two main reasons that subscribers in the U.S. will opt out of emails from a business or non-profit is because they are receiving too many emails (69%) and because the emails they are receiving are no longer relevant to them (56%).
  11. In a survey of more than 1100 digital and ecommerce professionals, Econsultancy and Monetate found that 94% of businesses feel that personalization is critical to both their current and future success.
  12. According to Demand Metric, 78% of consumers feel that a company who takes the time to provide them with custom content is actually interested in building a good relationship with them.
  13. The Experian Data Quality Study discovered that the biggest challenges with personalization are gaining insights quickly enough, having the right amount of data to properly personalize emails and subscriber data that is inaccurate even though it is the subscriber who provided it.
  14. In a study conducted by Janrain, it was discovered that 77% of customers would trust businesses more and be more willing to provide personal info if the business explained how they plan to use the personal information provided to improve the customers online experience.
  15. According to a study by Gleanster, emails that combine segmentation techniques, a personalized greeting, product or service recommendations and the use of custom database fields in their copy deliver up to 360% higher conversion rates than a broadcast message that uses nothing but a personalized greeting.

As you can see, email personalization has a lot going for it and as long as your subscribers list is not filled with people who are paranoid about their online privacy – then personalized email campaigns are probably one of the best things that you can invest in. And that holds true for every kind of business – from a small content blog or local business to a massive ecommerce platform or multinational company!

Email personalization obviously starts with some simple data about your subscribers, and between email and website analytics you may be able to glean a fair amount of info without asking a single question. But if you want to be absolutely certain that your emails are relevant and that the information you’re using is accurate then take the time to build an en email preferences and customer info page, then send an email asking your subscribers to update their details.

Then start building customized emails, enjoy the benefits and let us know how your personalized email campaigns are doing!

 

Take Your Career Forward With An MBA

You’ve done your research and you know that the most effective way to take your career forward is not with an undergraduate degree alone. If you want to take your career and your salary to the next level, you need a degree that matches your experience and one that employers take seriously. For most, that means earning an MBA, but with that comes the question, which programs will provide the best return on investment? It’s important that you look for certain key components to make sure that you’re getting the degree that will help you take that great leap forward in your career.

Business school should offer you the chance to take on leadership positions with the earning potential to match. The FT Global MBA rankings provide some information on what you can expect when you graduate with an MBA; most can look forward to a salary increase of 50 to 100 per cent. It can be a significant initial investment, but successful graduates can expect to start seeing returns on their investment within 3-5 years. When you’re considering your degree, it’s already time to start thinking like a business leader.

A Holistic Approach

Highly respected programs understand that fundamental business subjects should be taught in a holistic manner, incorporating all eight fundamental fields into the same curriculum. Those eight fields of study include business analytics, financial management, economics, marketing, accounting and others, and they should be taught together, reflecting the reality of the business world. A truly integrated program such as the Integrated Core at the Lazaridis MBA will allow students to work in teams and collaborate constructively to incorporate all fields of study into their term project, which will in turn prepare them for the diverse challenges that await them in the real world of business — whether on Bay Street or Wall Street.

Case Studies Matter

Once students have a holistic foundation in business fundamentals, they need to be able to apply it to real-world case studies that involves strategic financial recommendations to the executives of real companies. There is no better way to adapt to the business world of today than learning and analyzing the challenges that real companies face in both domestic and foreign markets. Case studies give students the chance to solve problems in team environments, drawing on a diversity of knowledge and expertise. Case studies are a chance to test classroom knowledge, real work experience and people skills beyond the challenges presented in textbooks alone.

Find Professional Development Strategies

Superior Canadian MBA programs (at institutions like the Lazaridis School of Business & Economics) also provide professional development workshops (including counselling, interview preparation, networking and negotiation seminars) that will help you prepare to enter the job market as a highly-qualified candidate. Visit Lazaridismba.ca to see the full list of employment services options available, all of which help students enter the job market and land leadership roles.

Socializing Is Part of the Job

Finally, any solid business degree should providefertile ground for networking, allowing students plenty of opportunities to make connections with fellow classmates, alumni and business leaders who have ties to the program These kinds of events encourage students to network better and build business connections that can pay off early or years down the road.

When you’re choosing an MBA program, do your research and weigh your options carefully so that you’re set up for success in all walks of life.

Employees Beware: Incidents That Could Destroy Your Career and How to Avoid Them

One of the most pressing concerns for employees around the world is job security. Many people around the world work hard and struggle at their jobs to make ends meet, and there usually comes an opportunity when they’re given the chance to upgrade their position. It’s the result of months or years of hard work, loyalty to your company and dedication.

Climbing the corporate ladder is the number one priority for a lot of people. Unfortunately, for as many career-boosting opportunities you get, there’s an equal amount of career-busting pitfalls that you could fall victim to. For example, if your boss hands you an important assignment that is crucial to the success of the business, then you’d better hope that you do a good job or else you might get fired for screwing up such an important task.

To help you prepare for these pitfalls so you can avoid them, here are some points worth considering.

Don’t get too comfortable, always remain vigilant

Don’t get complacent. That’s the number one rule when it comes to managing your career and preventing yourself from slipping off the corporate ladder. Don’t make promises you can’t keep. It doesn’t matter how tough a job is or how little time you have to meet a deadline, you absolutely must not look like an unreliable person.

When our co-workers or friends and family give us a pat on the back for something we did, it’s natural to feel joyous and comfortable in our surroundings. However, the business landscape is always changing and what was a good job yesterday could be the norm today—always strive to improve yourself.

Accidents happen, but don’t let them destroy your career

Everyone is susceptible to an accident. Whether it’s an office chair that breaks and drops you to the ground or a steel beam that drops onto your foot, you’re going to need a personal injury lawyer to help you remedy the damage.

Work-related accidents don’t always force you out of a job. In most cases, there are systems in place to help you find work or keep your job after an accident as long as you fill in a report about what happened and how your business could improve or help the situation.

Manage your savings properly so you can avoid a financial crisis

Whether or not you like the sound of it, the possibility of your company going bust are real. Your secure job and relationship with your employer and co-workers could crumble into nothing once your business collapses due to mismanagement or being pushed out of a competitive market. This is a huge concern for most startups and lesser-known companies that are in a big-brand dominated sector.

Take the fast food industry for example. If you work at a brandless fast food restaurant in a popular area, then it’s only a matter of time until a larger brand buys the location or business and converts it to their franchise. To avoid these situations, make sure you handle your finances properly. Prepare for the day that you lose your job due to factors outside of your control, but pray that it never comes.