CEOs! Marketers! Ops! (and anyone else who seems to have a hand in marketing in your business). It’s time to let go of the bullshit vanity metrics – or at least find yourself something to feel meaningful pride about!
Open Rate (OR) and Click Through Rate (CTR) are largely meaningless metrics. Yes they tell you who is opening the email (once you’re past all the privacy filters being added by the big service providers and the fact your database is likely riddled with lapsed customers anyway), and yes they give you a clue your content might be of interest – but to WHOM?
Until you know who your most valuable customers are and can confidently predict a prospects life time value (CLV) you’re doing the old spray and pray – which feels like a very risky way to handle your most prized asset.
WHAT TO DO INSTEAD
1 Identify and profile your key groups, but particularly the ones who are already behaving, or showing a propensity to behave like they might be of the highest value to you (we use complex Machine Learning models to get to this)
2 Direct your comms to this group. Stop trying to be all things to all people and zoom in on what’s important to this group (our models identify what that might be)
“Most of our customers like cocktails and burgers”
“But what do your most valuable customers like?”
“Beer and pies”
“So what will your comms be about?”
“Cocktails and burgers”
“No!! Beer and pies!”
Be prepared to let some low value customers go.
3 Stop caring about OR and CTR and start caring about their conversion. Because when this group go all the way, they are likely worth several times more than the rest (yahooooo!)
CUSTOMER FIRST
Data gives you valuable insight >>>
Which drives better, more meaningful comms which put your customer first and resonates deeply >>>
Which drives significantly better results with less effort >>>
And feeds the insights all over again.
Like a beautiful marketing flywheel which spins faster and faster over time, chucking out £50 notes and a high margin as it goes.
If you’d like to put vanity metrics in the bin where they belong and start being serious about monetising your database, give me a shout.
We specialise in emotionally intelligent, data-driven marketing which deepens trust, increases lifetime value, and turns customers into fans.
Emotion moves people, we help YOU move the market.
