The 4 levers that boost eCRM revenues by c. 50%.
27 Apr 2016
The following 4 levers typically deliver gains up to 12% in incremental online revenue, tens of millions in monthly incremental physical store sales, and overall eCRM program revenue increases by c. 50% -
Machine Learning. Self-learning algorithms are now sufficiently advanced so they can mine data and dynamically populate email campaigns with greater accuracy and speed than a human ever can. This is a big step forward for email marketers because now marketers can concentrate on strategy and optimisation, rather than the laborious task of manually building email campaigns. For example, eBay increased their revenue per opened email by 250% in some countries and 68% globally by using machine learning to insert content into their email platform. From a techie perspective, you can use a semantic engine on content/catalogue data and marry it other datasets including CRM, behavioural, seasonality, trending products, inventory, geo, device type, as well as business rules. Then use a self-optimising algorithm to inject personalised content for each recipient into your email platform.
Realtime data availability in your ESP. Including offline/EPOS, product data, IOT data, in-app, and other datasets.
Triggers. Often marketers start with campaigns like cart abandons and life-cycle programs, but there is a myriad of other triggers that generate huge incremental revenues – and nowadays these types of behavioural email campaigns are much easier to manage, particularly using ‘fire and forget’ self-learning algorithm-based triggers, which can really turbo-boost your performance.
Database growth. Potential customers come from different sources, types of advertisements, and have different customer histories and intentions… why would you treat them all the same? The best approach to increasing list size is to dynamically personalise your site to surgically tailor when and where you get opt-ins. Intelligently serving sign-up campaigns based on visitor attributes and behavioural actions will increase your email signup rate by 3X-5X.
Here's an article in Jordie Van Rijn's Emailvendorseleection with more info:
http://www.emailvendorselection.com/machine-learning-email-marketing-levers/
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