Episode Transcript
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Brandon Welch (00:06):
Welcome to the
Maven Marketing Podcast.
Today is Maven Monday.
I'm your host, Brandon Welch,and I am joined by Caleb.
What's your inbox count, AG?
Caleb Agee (00:14):
Oh, that's a good
question, hold on.
I'm at.
I'm at hold on, hold on.
Brandon Welch (00:21):
Riley is out
today, so it's got to be bad.
Caleb Agee (00:24):
For you.
Yeah, I'm at, it just says 99plus, so as soon as riley
returns, it'll be back to unreadis two, but I think my inbox
count is in the like 60s rightnow.
It doesn't.
My phone doesn't tell me theactual number I like to keep it
less than 50, if I can, becauseI want on the desktop, like on
the the computer, that's onepage.
(00:45):
I want one page.
Brandon Welch (00:46):
Oh, okay.
Caleb Agee (00:47):
So I like folders,
file things away, archive.
Brandon Welch (00:50):
Yeah, but.
Caleb Agee (00:51):
I leave it in the
inbox if it's not solved.
Brandon Welch (00:52):
Caleb's one of
the better email managers I know
.
And speaking of emailmanagement, this is the place
where we help you eliminatewaste in advertising, grow your
business and achieve the bigdream.
And we're just going to hit oneout of the park today.
It's a question we get asked byliterally like everybody
Everybody.
How often should I be sendingemail marketing to my customers?
Caleb Agee (01:12):
Yeah, if you don't
know, email marketing is
probably one of the mostinexpensive, quick to pull off.
Brandon Welch (01:22):
Highest ROI.
Caleb Agee (01:25):
It is the highest
ROI thing you can do, yeah,
media that you can use.
And we put that in the categoryof a yesterday customer.
So in the Maven yesterday yeah,In the Maven method we have
three types of customers thatevery good marketing plan speaks
to all three at any given time.
Today customer needs what youare selling right now.
Tomorrow customer doesn't needwhat you're selling right now,
but they will someday.
(01:45):
And a yesterday customer issomebody who's already really
been in contact with you orbought from you.
We can add value and create atribal bond and have them come
back for repeat business Withtheir friends and their family,
or their friends and family.
That's right.
Brandon Welch (01:58):
So, for that
reason, because this is a
misleading number, because it isactually reflecting all of the
goodwill that you've alreadyspent- but, if you were just
looking at email.
In and of itself, litmusresearch firm says $36 to $40
are returned for every dollarspent.
So every dollar you spend,you're getting $40 in sales.
(02:20):
You know what the truth is?
There's marketing costs thathas been long sunken into that
past customer but you're justre-harvesting it and it's like
man.
It's like if you won somebodyover.
Like this it's marriage.
This is marriage.
Like why, if we've hit the homerun, as Caleb and I have in our
spouses, why would we keepdating?
Happened to me the first time.
Caleb Agee (02:42):
Yes.
Brandon Welch (02:42):
Me too.
So why would we mess that up?
Why would we keep trying to gofor other people?
It's like this customer hasalready said yes, I've committed
to you in this category andyou're my lifelong person so
long as you keep showing up forme.
Fred Reichelt, who's like afamous guy who talked there's a
(03:05):
very famous quote from Bain andCompany.
We've used it a lot of times A5% increase in customer
retention can increase yourprofits by 25% to 95%.
Caleb Agee (03:14):
That's crazy.
Brandon Welch (03:15):
If you just focus
a little more on keeping your
customers, imagine a 95%increase in profitability.
And so the short answer to howoften should you be emailing
your customers is more than youare, more than you are right now
.
I'll bet We've had people comein here with $50 to $100 million
ad budgets and going like, howdo we get more customers out of
this?
And even at that level, eventhat really high level,
(03:41):
sophisticated marketing plans,all of those things we are, we
are still saying focus on youryesterday customer more.
Um.
So, short answer, it's the bestand most profitable thing you
could be doing.
Second answer is um, there aresome benchmarks you could use to
(04:02):
determine.
Hey, am I?
Do I have like the green lightto send more?
Caleb Agee (04:05):
to keep going or am
I overdoing it?
And I think I think that's whatwe're trying to.
Obviously, our broad strokesanswer is probably you're not
doing it enough, don't worryabout it so much.
But here's the fallback whenyou are sending them and you
feel like you're doing it atsomewhat consistent frequency
and, by the way, you can varythis.
We're not really going all inon tactics and email marketing
(04:28):
tactics today.
We're talking about how oftenyou should do this.
It's more of a strategyquestion, but if your
unsubscribe rate is under 0.3%so if it is less than one-third
of 1% of your entire list isunsubscribing in a single send,
then you have a green lightreally to continue forward.
(04:49):
Um, if you notice it goinghigher than that, you need to
investigate your list.
Really is probably what'swhat's going on Um or your
content, and we'll talk aboutboth of those Um.
You know, if you're, if you're,sending less than twice a month
, you're probably not frequentenough.
We talk about frequency a lotin tomorrow marketing, but in
(05:12):
yesterday marketing it's just asrelevant.
How often are we in front ofthat customer?
How often do they see us addingto their lives, building a
relationship with them, becausethey've already entered in, like
Brandon said before, arelationship with us, and so how
often are we coming back to addvalue to that relationship, to
add value to their lives?
(05:32):
And you know just a quicknumber we'd say if you're not
sending more than twice a month,you're too easily forgotten.
Brandon Welch (05:41):
Too easily
forgotten.
Yeah, way under the threshold.
Here's what I will say Minimumfor a service business once a
week Minimum.
If you're not doing that forour customers, we're always
telling them let's do more.
And for most people we'reserving at a direct level, it's
at least four emails a month andyou're going okay.
(06:01):
So what should I say?
Well, you could even be aplumber something valuable to
say If you tie this to yourbrand personality and you become
more than just being a plumber.
That's the whole point of emailmarketing.
It's a very cheap, very easy wayto maintain that relationship,
and so it could be things likehey, this month we're supporting
(06:23):
this cause and help us do it.
It could be five random thingswe saw driving around in our
trucks this week.
You know the, the, the, the,the good news, the pipeline of
good news, right, I'm justmaking up something for a
plumber this is off the, this isoff the, uh, off the cuff.
Um, it could be um, uh, somesort of thing that ties into
(06:46):
your personality, like dad jokesor or recipes or Could be
seasonal things, like if you'rea plumber, you could talk dad
jokes or or recipes.
Caleb Agee (06:51):
Or Could be seasonal
things Like if you're a plumber
, you could talk about winter oror high heat or you know
different things like that.
Brandon Welch (06:58):
It could be
stories about something that is
like, you know, good oldfashioned nostalgia things, like
I remember when or like for usit's been, frankly, friday and
it's just been like a philosophylife, you know, kind of faith,
work type stuff that we justsound off on.
And are they inspired bycommunication-related things?
Yes, but it really has nothingto do with marketing or doing
(07:21):
more marketing services with us.
Yeah, yet people over the yearshave become, I mean, regular
readers of that and it just it.
It's that relationship, it's adifferent, it's an extra facet.
Caleb Agee (07:33):
Yeah, and I think
we've tucked this away, but
you'll notice, no, not yet havewe said sell something.
Brandon Welch (07:41):
Yeah.
Caleb Agee (07:41):
That is the trick
with email marketing.
I think a lot of people aresaying I feel like I'm bothering
people too much.
If you are selling every singletime, if you are talking to a
past customer and all you'reasking them to do is spend more
money, then yes you arebothering them.
Brandon Welch (07:57):
Well, of course,
you're just going to be
irrelevant.
I don't know a person who getsmad at emails.
I think that there is afalsehood, that the business
owners are sorry, people aresitting around going, or this
company emails me too much.
I hate them and it's like anadd to your negative reputation.
Caleb Agee (08:18):
Man.
Email is not a new thing.
No, it's 30 years old.
Yeah, email is.
Everybody knows how tounsubscribe.
Brandon Welch (08:20):
They don't want
to and that's, and everybody
gets more emails than they'reactually going to read just like
you get more snail mail thanyou're actually going to read,
but it doesn't equal a negativefor you, um, but you also for
the effectiveness and to getthis nice return.
You don't want to just besending offers all the time.
Caleb Agee (08:37):
Yeah.
Brandon Welch (08:38):
So use it as an
extension of your personality
and I don't care if these days,if you want to lean on GPT to
help you just make something funand entertaining, I would have
some sort of thematicaticpredictability or just
repetition to it.
If you're the dad joke guy, dothe dad joke.
If you're the mom tips gal, dothe mom tips.
(08:59):
If you're the adventure getawayrandom story type people do
that.
But I would recommend there's areally solid example of a real
estate company.
People buy homes, like what,every seven or eight years, yeah
.
And there's a real estatecompany that did such a good job
over the years doing theseblogs on nostalgia and it was
(09:21):
just local nostalgia and it'slike five things you'll remember
if you were a 90s kid in thistown.
And local landmarks and justlike things that are like oh
yeah, I remember that and hadnothing really to do with
selling houses or connectingpeople with agents or generating
leads, but people open thoseemails at like 50%, 60%, 70%
(09:42):
open rates.
Caleb Agee (09:43):
Yeah, they were
probably getting more readership
than the local paper was atthat same time.
Brandon Welch (09:48):
Yeah, absolutely
so a couple of quick things.
If you're not getting a 20%open rate, you probably need to
do better on your content.
Caleb Agee (09:58):
And your subject
line.
Yeah, and your subject line.
Brandon Welch (10:02):
So that's a sign
that you're not being
interesting enough.
Caleb Agee (10:04):
Yeah, your subject
line obviously gets the click in
the open, but what also affectsyour next open is your last
email.
Brandon Welch (10:11):
Yeah.
Caleb Agee (10:12):
So if you were
relevant last time and I opened
it, but if you aren't relevantlast time, I probably won't open
it next time.
Brandon Welch (10:20):
They want to open
you again.
Caleb Agee (10:21):
So that's, that's a
key.
Brandon Welch (10:22):
And so look for
that 20% open rate.
It's like thumbs up.
If you're getting that, justkeep doing what you're doing.
You also want to make sure yourunsubscribe rate isn't more
than 0.3% percent.
So if you're, most unsubscriberates we see are like in the
0.1-ish range and it's likeyou're totally fine, that's just
part of the game.
It's just like people get offyour list, okay.
Caleb Agee (10:43):
Don't fret about it,
don't get hurt about it, don't
go looking at who unsubscribed,to realize it's like your best
friend You're like really.
Brandon Welch (10:48):
Really so.
And then and sometimes emailprograms are doing that
automatically, so it's not evennecessarily them saying, you
know?
Don't email me anymore, but agood MailChimp or a good
Constant Contact or any goodmail program will manage that
for you.
And then generally, if you aredoing offers, if you are doing a
special offer and you're doingit the right way and saying, hey
(11:10):
, click here to get this offer,that button needs to be getting
a 2% click-through rate.
That's a pretty good sign.
Like if you got 20% open rate,0.3% unsubscribed rate or less
and then a 2% click-through rateon that big button, you're
doing really good and I wouldrecommend your offers Do them as
often, as you're going to dothem as part of your strategy,
(11:32):
but once every five to ten centsshould be a special offer.
Caleb Agee (11:35):
Yeah.
Brandon Welch (11:35):
And, by the way,
when you do an offer, that
should be like three emails.
It should be hey, we're doingthis and then in the middle of
it, this is still going on.
Don't get it before or less.
Caleb Agee (11:44):
It's the last day.
Brandon Welch (11:45):
And the last day,
last chance.
Yeah, that's the proper way todo email.
So, uh, so we've talked aboutyou should be doing it more.
Here's some benchmarks toconsider uh, that you've got
good content mix.
Uh, be adding value more thanjust offers and promotions and
saying buy stuff from me andthen, uh, what else have we
added that caleb?
Caleb Agee (12:05):
I think that we've
alluded to this all the way
through, but it's send emails asoften as you have something
great to say, and you won't beannoying if you write great
content.
And I think that's the key,that's the trick in all of this
is be interesting, be exciting,sell, be a friend more often
(12:25):
than you're selling and behelpful, add value, and I think
those are the kinds of thingsMost of the time.
I think people cringe at theirown sending rate because they
know what they're sending is notadding value, like inherently.
I think they know ooh, I'masking too much right now, and
(12:47):
that check is actually okay.
When you've changed yourcontent to be helpful more often
, that's when you're winning.
Brandon Welch (12:55):
Yes, email isn't
dead, but your customer's memory
might be, if you don't staywith them.
Caleb Agee (13:01):
Yeah, hey, real
quick side note If you're waking
up your email list because youhaven't sent in a long time, and
this is your reminder, andyou're going to say, hey, I'm
getting started right now, andthis is your reminder, and
you're going to say, hey, I'mgetting started right now, take
it in stride and start as ifyou've never been gone before.
Brandon Welch (13:20):
Oh yeah, Don't
apologize.
Don't apologize.
Hey, jumping back on here.
Sorry, I've been gone a while.
Nobody noticed.
Caleb Agee (13:25):
Just send it.
They weren't sitting therewaiting like oh man, I don't
feel like Best Buy hasn'temailed me in a while.
Nobody's sitting around waitingfor that email.
So just just send the email,pretend like it's always.
You sent it last Friday and yousent it the Friday before, just
go.
And then the other thing is ifyour list has been old or cold,
maybe if, if it's more than 12months old, watch that
(13:47):
unsubscribe rate, watch yourbounce rate and, um, just make
sure you send to a good activelist so that you end up not
getting blocked by major inboxes.
So there's a little bit.
Brandon Welch (13:57):
Your email
sending software should help you
with that If it's been a longtime since you've emailed and
you've got a big list, becareful with that.
And if that's you and you'regoing, hey, what do I do with
that?
There's some extra rules thatwe're not going to put in this
podcast.
Caleb Agee (14:09):
Yeah.
Brandon Welch (14:10):
But call a friend
, phone, a friend, matter of
fact.
We'll give you one on the houseand then we'll suggest that you
join the Maven MarketingMastermind, because that's where
we answer stuff like that everyweek See what I did there.
But Maven Monday atfrankandmavencom Send your extra
email questions that we may nothave gotten to here because
there are some like what ifs.
And then for everybody, we arehaving such a good time in the
(14:31):
Maven Marketing Mastermind.
We are growing businesses,we're seeing our tribe make
progress in their marketingplans, they're getting stuff out
in the world, they're gettingnew customers and, man, that is
what we live for here at MavenMarketing Podcast and the Maven
Marketing Mastermind and Frankand Maven and all that.
So if you want to join that, ifyou are feeling just a little
(14:53):
bit unsure about your marketing,maybe a little bit lonely in
the marketing department or alittle bit just looking for
inspiration or fun, come jointhe tribe.
It's a good time.
We're showing up every otherweek and having a great
conversation about marketing andwe're making real improvements
to marketing plans.
You will grow because of thisand it's at a fraction of a
(15:16):
fraction of a fraction at whatyou would normally have to
invest to get a team to do thatfor you.
And you've got Caleb and I ohmy Enough said right One of
those, caleb right.
Hey, we'll be back here everyweek answering your real-life
marketing questions.
Check out that Maven MarketingMastermind at
mavenmethodtrainingcom, andwe'll see you next week, because
(15:38):
marketers who can't teach youwhy are just a fancy lie.
Almost lost it there.
Have a great week.
Bye, bye, bye, bye.