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Getting Started with Predictive Analytics in Your Email Marketing

This post is brought to you and contributed by an outside writer.

As companies grow and their customer lists with them, it’s easy to lose sight of personalization in your email marketing strategy. But that doesn’t have to be the case.

When 52% of people say they will find somewhere else to shop if an email is not personalized, it’s important to take the extra step. Why lose those sales if you can use the data and customer information that you already have to send them a relevant message that is more likely to result in a sale? 

Personalization is an important step in email marketing for nearly every industry. From media and entertainment to travel, customers like to see personalization in their inbox. Make the shopping experience easier and give them what they’re looking for. Image courtesy of Marketing Land.

The use of predictive analytics can help marketers continue to reach customers on a more personalized level. Predictive analytics allows you to use a lot of the data you already have, and new data you may decide to collect to improve email marketing through personalization and segmentation. 

The right predictive analytics strategy can help you grow your customer lists, increase customer lifetime value, and build better relationships with your customer base. It can also help improve accuracy and track customer data in real-time, allowing you to always have the most accurate information. Something that the manual data entry process of the past could never provide.

Predictive analytics won’t only benefit your customers by providing them with the most relevant products and content. It also provides your teams with a less manual process that eliminates the human error factor that comes with manual data entry. Image courtesy of Small Business Trends.

When you first hear about the idea, it might sound overwhelming — but it’s easier than you think to get started in the predictive analytics game. Let’s take a look at how any company, large or small, can get started using predictive analytics to their benefit.

Here’s a sneak peek at what we’ll discuss throughout this article: 

  • How implementing predictive analytics into your strategy is easier than you think
  • Customer relationship management systems can help you manage and analyze the data
  • Why email and predictive analytics are a match made in heaven

How to Get Started With Predictive Analytics

Here’s the good news — getting started with predictive analytics is easier than you think. There’s no special skill set (although the more analytical you are the better), or degree that is needed to take advantage of the improvements to your email marketing strategy that predictive analytics can provide.

In fact, you probably have almost everything you need to get started. Chances are good you’re already collecting data on your customers and site visitors, you just might not know how to dissect this information or what data is valuable.

Here’s some of the data you’re probably already collecting from users that can help improve your email marketing strategy with the help of predictive analytics.

  • The shopping preferences of users
  • How people are browsing your website
  • What their product interests are
  • How people are finding your site
  • What emails customers are engaging with

Although these are just a few examples, there is a long list of information you can collect from visitors on your website and email list. The problem that most companies run into is actually having the ability to manage this data in real-time — something predictive analytics and your email marketing system can help with. 

Use the Data Your Email Marketing Software Provides

If you have an email marketing strategy in place and using are using a customer relationship management (CRM) system to manage it, you’re already ahead of the game. If you don’t have a team focused solely on analytics, your management system can help you easily understand the data of how your customers are interacting with your emails.

A few of the types of email interaction data that can help improve personalization include:

  • The number of emails each customer is opening
  • What are people purchasing from your emails
  • Who might soon become inactive in your system due to no interaction
  • How many users are clicking through emails to your website
  • What subject lines are the most popular for your customer base

Each step of an email marketing campaign provides you with more data on your customers. Knowing who is opening, clicking, converting, and then becoming return customers can help you know what to serve a customer in the future. If you know a customer tends to drop off before converting, maybe a coupon will help get them to make a purchase. Image courtesy of Social Media Impact.

All of this data provides you with information on how each customer shops and provides you with new opportunities to personalize each interaction with them. If you know a customer often purchases a certain product, you can send them related products. Or, if a certain subject line performs well, you can begin to understand what verbiage and content your customers want to see.

Why Predictive Analytics for Email Marketing Works

Whether you’re looking to implement predictive analytics across all of your marketing efforts or just getting your feet wet, your email marketing is the perfect place to start. Not only are you able to collect a vast amount of information, but your CRM can help you understand and test the information. No matter your skill level, predictive analytics is within reach.

Customers want to receive personalized offers and content. If you’re willing to take the time to improve your personalization and give customers relevant information (with the help of predictive analytics) you’ll find retention and engagement rates will improve. Image courtesy of Finances Online.

You Already Have Lots of Data

Because most companies already have a customer list for emailing purposes, it eliminates the need to compile new information. This means you can get started today with the customer information you already have on hand.

Use this data you have to build segmented lists based on customer behavior. From there, you can continue to learn more about your customers and provide them with an even more personalized experience. The more relevant information you send, the more likely a customer is to convert. 

Use Your CRM to Your Advantage

With the help of a CRM system, email is easy to implement and you have full control of the message and audience. If you already have a CRM in place, all you have to do is create the email content, upload it to your email templates, and segment your lists — it’s as easy as that!

Having the ability to determine what the message is, and who it is going to help you to learn more about each different segmentation in your strategy. It also offers you the opportunity to analyze the results of your marketing campaigns with easy to read stats on each email that is sent out.

A/B Test for Best Results

Email allows you to easily A/B test to determine the best results. A few of the areas you can test for performance include the subject line, call to action, and imagery. By using an A/B testing method, you can test emails within different segments to see what works best with those customers.

As you analyze these results and learn what performs well and what doesn’t, you can apply these changes to future emails to improve performance. This will improve future email campaigns that you send out and provide your audience with more of what they want and less of what they don’t. 

A/B testing lets you understand your customers better and increase conversion rates. With the help of predictive analytics, you can start to understand the patterns and predict what your customers may want next. Image courtesy of Nelio Testing.

Let Predictive Analytics Improve Your Email Campaigns

Predictive analytics might just be what you need to take your email marketing to the next level. With the ability to utilize the data you already have and provide customers with a more personalized experience, you’re bound to increase conversions.

Although the capabilities of predictive analytics go far beyond what we discussed in this article, it’s much easier to get started than you may have thought.

10 Signs You May Need Debt Counselling

It’s become all too common for people to suffer from a huge amount of debt, but at what point does it become a serious problem that you need to tackle? Keep reading to get familiar with the warning signs that tell you when to get debt counselling as a Canadian and begin working towards a debt-free life.

1. Late on bill payments.

Are your bills increasingly piling up one after the other? Are you finding yourself behind on making payments? Don’t let this become a regular habit – the longer you leave bills unpaid, the more you will be charged in late fees, making it harder and harder to pay them off.

2. Inability to save money.

Have you opened up a savings account but unable to keep any or very little money in there? If you want to save money but find yourself unable to, it might just be because your money is tied up elsewhere in loans and late payments.

3. Using credit for monthly expenses.

If you’re using a credit card to pay for your groceries and other necessities like fuel because you have to (not because you want the cash back) then you may be in over your head. This kind of living is nowhere near sustainable.

4. Borrowing more to pay off debt.

It’s a vicious cycle when you need to borrow more money to pay off existing loans. This is perhaps one of the most obvious signs that you need debt counselling.

5. Getting calls from collection agencies.

Does the sound of the phone ringing make you cringe? If you’re avoiding calls from collection agencies, then it’s because you’re in rough financial shape and are truly in need of help.

6. Losing sleep at night.

Money troubles are a leading cause of why people experience stress. If you’re lying awake at night thinking about money, then it’s because you have a reason to be worried.

7. Lack of a healthy budget.

Ideally, everyone should set themselves a monthly budget in order to maintain financial well-being. Budgets help you spend within your limits and reduce your chances of getting into debt.

8. Spending beyond your means.

One of the sure signs of someone in need of debt counselling is when they are consistently spending more than they make. This kind of lifestyle is unsustainable and will quickly spiral you into debt.

9. Only making the minimum payment.

Making minimum payments on your credit card every month on time will help your credit rating but it isn’t enough to pay back what you owe. Eventually, the interest will catch up with you and you’ll just dig yourself even deeper into a hole that’s difficult to get yourself out of without help.

10. Living off overdraft or a line of credit.

An overdraft or line of credit should typically only be used in the case of emergency, not for daily expenses. If you find yourself needing to dip into these financial safety nets regularly then you might just be in a situation where you need help.

Talk to a Credit Counsellor

If you can relate to any of these ten items then it might be time to get the help you need. Certified Credit Counsellors in Canada are understanding and non-judgemental, and they’ll work with you to create a plan to get you back on track.

Upcoming Live Events with Femme Frugality

I’ve been a little bit of everywhere lately, and I’m happy to say my feet have more ground to tread in the near future.

This past week, I had a book signing on the beautiful island of Mount Deseret, hosted by Sherman’s of Bar Harbor. It’s an amazing bookstore right there downtown. If you go to visit now, you just may be able to grab one of the signed copies I left behind. There are limited quantities, though!

Upcoming Live Events

Like I said, there are more places to catch me in the near future. Here are the dates and locations I currently have on the books.

Book Signing & Discussion in Boise

On Tuesday, August 20th, you can join me at Rediscovered Books in Boise, Idaho. This event will be not just a book signing, but will also include an in-depth conversation about some of the themes and solutions covered in The Feminist Financial Handbook.

Starts at 7p–RSVP here!

ABLE Accounts at FinCon

Brynne Conroy speaking at FinCon19 in Washington, D.C.

This year, I’m super excited to be speaking with Paul Curley–founder of The 529 Conference–and Sarah Pennington of ABLEnow about ABLE accounts at FinCon. If you want to buff up on what exactly an ABLE account is before the conference, you can do so here, along with learning about how to invest in one. If you have your own ABLE story, share it with the ABLE NRC by July 31, 2019.

FinCon is September 4-7 in Washington, D.C.

The Finances of Raising a Special Needs Child

Mamas Talk Money is an online summit put on by the brilliant Chelsea Brennan. With speakers tackling topics like career, business and wealth, it will be held October 21-24, 2019. And you can access it from anywhere!

I’ll be presenting on personal finances for parents of special needs children. We’ll talk ABLE accounts, but we’ll also be touching on subjects such as healthcare coverage, budgeting challenges and challenges in your career.

Coming soon to a city near you?

If you’re interested in attending a book signing in your own neck of the woods or are in need of a speaker at your next event, contact me! I’d love to make something happen.

Can It Still Be Done? The Journey Towards Buying A Home

This post is contributed and brought to you by an outside writer.

Can it still be done? The journey to homeownership in 2019.

Owning your very own home has always been part of the American Dream. Believe it or not, this remains true to this day. Around 75% of Americans express that purchasing a home is still a priority for them, according to a survey conducted by Harris Poll. That doesn’t mean there’s not a lot of skepticism on whether buying a home in today’s market can still be done. In a world of wealth inequality and stagnant wages despite increased productivity levels, is the dream of owning a home even still possible?

The Staggering Cost

One of the biggest impediments for aspiring homeowners is the fact that real estate prices are continuing to soar. The median price sale of a home goes for about $253,000 which is about 3% higher than previous years, according to the National Association of Home Builders. They say that the lack of affordability is one of the primary reasons why Americans feel that owning a home is nigh impossible for them.

Strengthen Your Financial Standing

What is one to do, then?

Boost your present and future financial standing.

It’s a good idea to approach a financial advisor who can point you in the right direction if you need to rehabilitate your finances. They may be able to talk to you about options that you can pursue like how to improve your credit score. A good credit score can help you negotiate better loan terms for your future home purchase. You may also consider setting up an account that is specifically for your house savings.

Study the Market

The real estate market can be one of the quickest shifting markets that exists. This is why it is important to familiarize yourself with the signs of a good buyer’s market, terminologies used, and even the average offers made. It also helps if you have a good relationship with your listing agent. They can keep you abreast of any up-and-coming seller’s markets that you can take advantage of. Supplementing your knowledge about the housing market gives you a learned point of view that you can use to correctly identify and score a great deal.

Have a Clear Vision

It helps your odds of buying a home when you have an idea of what sort of property or location of the property you’d like to have. It can be tempting to shift your desires from one style to the next but you must hold fast. A clear vision of the home you want can lend a strong foundation to your journey as a homeowner. Try to build a vision board and get your family’s vision aligned, too. Nothing botches up a good buying opportunity than contrary desires by different family members.

Buying a home can seem like an uphill goal with a lot of pitfalls but you shouldn’t let this dissuade you. Like all challenges, it takes careful planning and careful decision making in order to avoid any mishaps that may derail your dream. At the end of the day, you must never lose sight of your goal to own a home if you want it to ever come true.

Win a Myrtle Beach Condo

This post is in collaboration with Vacation Myrtle Beach.

Myrtle Beach is one of my favorite vacation destinations when I’m not trying to travel and absorb a new culture, but am rather just trying to get away and chillllllllll.

It’s ripe for Pittsburghers. Next time you go down you’ll notice Steelers and Penguins gear spread around disproportionately. It’s because so many of us go there!

Your Chance to Win a Myrtle Beach Condo

What if you could go to Myrtle Beach without having to pay for a rental or timeshare? What if you actually owned your own condo?

So much less money stress, right?

GOOD NEWS!

Vacation Myrtle Beach is giving away a condo (worth $100,000). The person who wins can choose $50,000 in cash instead of the condo. ENTER HERE!

Second place gets a 7-day vacation to Myrtle Beach, and third place gets a 3-day vacation.

If you want to take a look at the condo yourself, here you go, friend!

Should I take the condo or the cash?

Only one person will win the condo or $50,000, but if that person ends up being you, which should you take?

Fifty thousand in cash is tempting. But personally, I’d take the condo. Not only will it allow you to go to Myrtle Beach whenever you want, but you’ll be able to rent it out during all those weeks you’re not there. So it wouldn’t just be a nice vacation every year, it would also be a source of income.

Of course, you have to factor in maintenance and taxes. While I still have to delve into the specific math for this property, I’m willing to assume that the profit you’d get from renting it out would more than cover these expenses while still turning a profit.

No matter which grand prize you’d choose, best of luck! Enter here today!