Many recent articles have highlighted the plight of the CMO. A recent issue of Harvard Business Review, “The Trouble With CMOs,” called it the riskiest job in the C-suite, with an average tenure of four years, half that of the CEO. An article in MediaPost by Maarten Albarda pointed out that while five C-suite members share growth and revenue responsibility, only the CMO was blamed for missed targets.
These articles recommend several solutions. Those include redefining the CMO’s role, matching responsibilities to the job’s scope, and realigning metrics with expectations. However, CMOs may find an easy win by adjusting what is already a top performer – their email marketing. This win could be easy because most CMOs don’t realize how much better their email programs could be performing.
“It’s Thursday. We send our main marketing emails on Thursdays. So it has been on every Thursday of every week since the dawn of time. And so shall it be unto infinity. Doesn’t matter if readers care.”
For many companies, sending out regularly scheduled marketing emails has become an indispensable part of their digital marketing strategy.
And for good reason.
Email marketing has been consistently outperforming the ROI of most other digital marketing channels for decades, and current trends indicate that it will continue to do so for the foreseeable future.
Every marketer has faced challenges when creating what they hope to be successful email programs. For those working in highly regulated companies such as banks, those challenges can often seem like mission impossible.
The many and changing regulations that govern banks apply fully to their marketing departments. And while email marketers have been able to work around those regulations to create amazing work, many still struggle with getting the data they need and using it to send highly personalized marketing messages.
But banks have a lot going for them when it comes to marketing. They have a LOT of first-party data on their customers. Moreover, new technology is emerging that could give banks the connection they seek, while maintaining the highest level of security.
Better personalization begets better marketing.
Brands and marketers have both been well aware of this fact for a long time. It’s why “personalization” has been one of the biggest marketing industry buzzwords for the better part of the last half-decade.
But what does personalization actually look like?
There was a time not too long ago where adding a subscriber’s first name to an email was considered a marketing personalization coup. Things have become much more complicated since then.
Today’s consumer has developed a completely different pattern of purchase behavior. With that pattern has come a whole new set of consumer expectations.
Email marketing is a dialogue, a conversation between one brand and one consumer. It’s a conversation that can seem a bit one-sided at times, but it’s a conversation nonetheless. And, in almost every case, the onus of keeping the conversation going falls squarely upon the shoulders of the brand.
But who wants to have a conversation with someone who doesn’t listen? Nobody.