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Table 5-22 Total Name Value
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Direct mail value Regular promotion Low-cost item promotion Last-minute special Retention messages Follow-up messages Viral marketing Newsletter Rental value Total annual value $0.80 NA NA $2.40 $1.20 NA $1.20 $0.42 $6.02 Email value $1.28 $0.32 $2.48 $3.68 $9.12 $0.24 $2.24 $4.20 $23.56
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them. We can say with some con dence that email names, with permission, are worth at least $15 to $20 each to any company. To my knowledge, no company has done this analysis and therefore knows, with any kind of precision, what emails are worth to it. What does that number tell you in terms of marketing strategy You must collect email names and get permission to use them. How do you do that By every means at your disposal: Telemarketers must be compensated for capturing these names. Every form should be revised to include a space for email names. Don t wait for the forms to run out. Junk them and print new ones. Run contests in which, in order to enter, customers must go on the Web to a microsite and enter an email name and provide permission to use it. Be creative. You gain $10 per year for every email name captured. Lenscrafters gives $10 for each email name provided by customers. We are in a new millennium, folks, and the rules of the game have changed. Like the invention of catalogs, direct mail, radio, or TV, this new phenomenon, email, has fundamentally changed the nature of marketing, and we must change with it.
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1. Now that you have read this chapter, go to the Web site www.dbmarketing.com and download all the tables in this chapter. (Incidentally, when you do this, you will be asked to give your email name to the Database Marketing Institute. How s that for email name capture ) Using these tables, gure out how much your company can make by using email more effectively. Determine the value to your company of an email name. 2. Develop an action plan to capture more email names. Get a budget for it and sell it within your company. Establish your schedule and determine when you will get the names.
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3. With the names in hand, develop programs that will use these names effectively to build sales and your retention rate.
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Using test and control groups for all database marketing initiatives Determining the value of your email names Determining customers lifetime value and using it to evaluate your marketing strategy Capturing customers email names with permission to use them Viral marketing Retention marketing Emailing last-minute specials Emailing follow-up messages Emailing newsletters
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What Doesn t Work
Failing to capture customers email names and use them in your marketing program Using database marketing for packaged goods, with some exceptions Paying more than half the LTV to acquire a rented name Starting any dot com without rst computing the value of the email names to be acquired Thinking that email response rates will be as high as direct-mail response rates Failing to use control groups with any database marketing program
Quiz
1. Compute the lifetime value, after 3 years, of newly acquired customers given these facts: 400,000 customers; retention rates 62 percent, 70 percent, 74 percent; average purchase $320,
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3. 4.
6. 7.
$340, $350; cost percent 65 percent, 63 percent, 62 percent; acquisition cost $140; no marketing costs; market rate of interest 7 percent; risk factor 1.5. Develop a second table to show the effect of a 4 percent increase in the retention rate, an increase in annual sales of $12, and marketing costs of $6 per customer per year, with everything else the same. Show the pro t or loss to the rm after 3 years if it makes the 4 percent increase. Assume 400,000 customers. Determine the value of these names for resale, assuming brokers fees of 25 percent and assuming that the buyers use email, with a 1.2 percent success rate. Assume four rentals of names per year. Email costs $0.05 each, and the LTV of the names is the same as that developed in Question 1. Buyers offer 50 percent of the value of the names to them. List ve pro table uses for email names in your own situation. Estimate the annual value of the email names resulting from each use. Provide ve reasons why regular packaged goods names are worthless. List ve speci c action steps to be taken in your company (or your client s company) to obtain email names. Estimate how many you will capture during the next 12 months. Come up with a viral marketing plan for your company, listing what you will promote and providing the text of the viral message to be sent by your customers to their friends. Of your current junk emails, nd out how to unsubscribe from ten of them. List the percentage that was easy to do and the ones that were hard. Think of a last-minute special email that would work for your company. Write the sender s address, the email subject, and the rst ve sentences of the email.
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