In this article, you’ll learn the key points you need to know and the things you should avoid while setting up your email marketing and affiliate marketing programs.
Set Email Marketing Benchmarks
You need to have a clear understanding of what you are doing and why you are doing it before you establish email marketing benchmarks. In this case, we will define email marketing benchmarks as the criteria by which you measure the success of your email marketing program. It can be a combination of open rates, click-through rates, and conversion rates. These figures should be seen as the sum of two parts – the organic and the non-organic – the first being the results of the marketing activities of your company without any intervention, and the second being the results of the marketing activities of your company with the intervention of the marketing team.
The first step to set up your email marketing benchmarks is to set your goals and objectives. To do this, you need to consider many factors such as your product, industry, and target audience. With these considerations in mind, you can develop an ROI (Return On Investment) calculator that will help you determine how much money you should be investing in your email marketing program.
Why should you consider setting up an email marketing program? As discussed in the section below, there are many benefits to having a robust email marketing program.
Why Should You Have An Email Marketing Program?
An email marketing program is a great way to connect with your customers and potential customers, and there are several advantages to having such a program. To demonstrate the advantages of an email marketing program, let’s take a look at how commercial banks and credit card companies have implemented them.
Innovative finance companies such as Citi and Chase have created digital banks where customers can access their accounts through a web browser. In this scenario, the customer has a digital experience similar to that of a commercial bank as they can log in to their account and conduct transactions, pay bills, and update their information online. In the case of Citi, they even allow customers to get a taste of what a traditional branch bank experience is like by using virtual agents that have been trained to sound just like a live person.
Having a digital bank, whether you run a traditional bank or a digital bank, is a good idea because it allows you to (1) stay connected with your customers, (2) provide customer support even when customers are browsing from afar, and (3) gain new customers who might not have previously engaged with your company.
Another great example of an innovative bank that has effectively implemented an email marketing program is PNC. The company has created an internal customer service team that focuses on listening to and acting on customer feedback, and the team has developed a reputation for responsiveness and excellence. As a result of this reputation, the bank has been able to gain an extremely loyal customer base that feels included and important to the company. In addition to customer support, PNC has also implemented a two-way communication model where customers can get involved in the decision-making process and feel empowered to be part of the process rather than just customers of the company.
In the case of Barclay’s, a global bank that operates across many industries, specialties, and platforms (online, mobile, and social), the company implemented an email marketing program to better understand the needs of their customers, improve their services, and grow their business. As a result of their email marketing program, Barclay’s was able to gain a deeper understanding of their customers and create more personalized services for them.
If your company operates in multiple locations and countries, you might need to set up different email marketing programs for each region or country. This is because of the way email works: if you have an email marketing program that is not set up correctly, your messages will become junk mail to the majority of your audience. Ensure that you set up automated email campaigns so that each message gets delivered successfully. To set up an email marketing program for your company, contact a digital marketing agency for help.
Once you have set up your email marketing program, you’ll want to benchmark your success. There are several ways to do this, but for the sake of this article, let’s assume you choose to measure the success of your program based on the number of interactions with your audience (clicks, opens, and click-throughs). We will call these “metrics”. Once you have established the initial metrics for your program, it’s time to figure out how to increase them. The better your initial metrics, the better your chances of boosting them through your email marketing program. To start, you’ll want to examine the types of content that your audience interacts with and how often they interact with it. Consider looking at the bounce rate, or the rate at which your audience members leave your emails after they have opened them. You should examine this rate because if it’s high, you might need to determine whether or not the content you are providing is valuable to your audience.
Set Up Affiliate Marketing Benchmarks
An affiliate marketing program is a type of program where you promote and earn a commission from products that are sold through your blog or website. For example, let’s say your blog relates to men’s clothing and accessories. You might write an article about the best menswear trends for autumn/winter 2022, and in return, the clothing brand you promote offers you a commission if someone clicks on a product that is linked to their site from your article.
You should consider setting up an affiliate marketing program for your company if you (1) want to promote products that you know your audience will love, (2) want to promote products that are highly relevant to your blog or website’s content, and (3) want to earn a commission from the sales of those products.
To set up your affiliate marketing program, you first need to determine what percentage of your revenue you should derive from this channel. The best practice is to look at other successful affiliate marketing programs in your niche and compare your figures to theirs. Consider also looking at affiliate marketing platforms like commission-generating websites such as Shopify and Etsy. These are places where you can find merchants and products that you can promote.
How To Establish Email Marketing and Affiliate Marketing Benchmarks
Once you have set up your email marketing program and determined its initial metrics, its time to start boosting it. The first step to do this is to create compelling content that will engage your audience. To increase the number of interactions with your audience, create content that is both informative and entertaining. To entertain your audience while being informative, create video tutorials, infographics, or podcasts to highlight the topics you will cover in your email marketing program. The goal is to create engaging content that will make your audience want to get in touch with you so that they can learn more about your products or services.
To establish your email marketing and affiliate marketing benchmarks, you should look at the results of your company’s previous marketing efforts, whether formal or informal. In some cases, you might want to look at how the product or service was marketed before it became widely available, because this is when the majority of your audience will have heard of it. In other cases, you might want to consider looking at the success of your company’s social media accounts, because this is where your audience spends a lot of their time.
A good starting point to establish your email marketing and affiliate marketing benchmarks is to examine the types of content your audience interacts with and how often they interact with it. After you have established the initial metrics for your program, examine the content that is performing well and determine what you will do to make more of this content.