Less is more - our 2021 digital enhancement strategy
As you will be aware, Panacea cleanses it’s data on a quarterly basis using Autus Data Services. This is run against the FCA register and includes filling in any information gaps we may have and updating information if an individual has moved company.
We are very proud of how hard we have worked over the years to ensure our data is valid and the content we deliver on your behalf is going to relevant individuals.
We recently decided to take the next steps to run a re-engagement campaign. This involved breaking down our recipients down by their frequency of engagement. We then reached out with various re-engagement emails to:
- Ghosts – those that signed-up but never opened a communication
- Zombies – those that haven’t opened or clicked on a communication in the last 12 months
- Dormants – those that haven’t engaged in the last 6-12 months
After sending engagement emails to these groups, we then removed any ghosts or zombies that still didn’t interact.
This ‘less is more’ strategy is something we believe is not seen very often, if at all in financial services marketing, the bigger the database the better, in our view, is not the case. It is important that all our partner firms can know the true integrity of a database they are engaging with.
Removing these individuals has seen our community reduced this month to a still-sizeable 17,314 individuals. The difference being that we can now say confidently that every person within our community has engaged with our communications over the last 12 months.
You may wish to ask other digital marketing platforms when they last carried out such an exercise.
Going forward this is an exercise that we will be running every three months. This will benefit our partners as you know that:
- the Pancea Adviser database is clean and up-to-date
- the audience we communicate with are likely to be receptive
- with emails going solely to active subscribers, open rates, click rates should be higher than when inactive subscribers are included
- by consolidating our list, we get more genuine indication of how marketing efforts are working, particularly helpful with lead generation emails.
May stats are already showing this strategy manifesting itself as mentioned in the report!
Our next step in our 2021 digital strategy will be to roll-out the improved email communication designs so please look out for these coming into your inbox soon.
Derek Bradley
CEO, Panacea Adviser