FUNDAMENTALS OF DEALS SUCCESS
By Nancy Lane, president, Local Media Association
Chris Edwards, Vice President Sales/Customer Care for Source Media Group/Fusionfarm, shared strategy and success stories in the deals space.
Source Media includes The Gazette – 55 K daily/60 K Sunday, KCRG TV 9 and their digital agency Fusionfarm.
Monetizing your database:
Build & market it intelligently!
Email is thriving: 88% check email daily; 50% of consumers make purchases as a direct result of email. Email drives more conversions that any other channel.
Tactics for building your database:
- Give people a reason to opt in – make them an offer, initial, second try, third try…
- Make it easy
- Keep them engaged – offers they want; reasons to be interested
- Be creative & interesting (don’t look like everyone else out there)
How they grew from 0 to over 33,000:
- Great deals
- Utilizing site features
- Leveraging in-house assets & promotions
- Contests & giveaways
- Paid media
Use the Tools:
Building your database with contests – 2 recent examples:
They gave away a Kindle Fire – 550 entries/166 new emails/462 new likes on FB. They recommend that you “promote the heck” out of the winner.
Hawkeye football tickets – 894 new emails/1,360 entries/65% increase in emails. ROI: approximately $18,000.
- Optimization of emails and formats
- Incentivize inactive users to make a purchase
Active Buyers are important! 50% of their buyers are “active buyers” – have purchased in the last 90 days. Active buyers are more likely to buy, less likely to opt-out, more likely to accept additional marketing.
Learn & Innovate – use the database to launch new offerings such as: new products of your own; opt-in and segment your lists for you to manage for specific customers, etc.
Just this week they launched an e-marketing product. They can now manage and grow their customer’s email database.