Your email analytics are full of business development opportunities. The trick is finding them. As you send newsletters, client alerts, and event invitations, the data piles up, not only do you amass a daunting stockpile of statistics, but you are also confronted with the seemingly innumerable ways in which that data can be analyzed. Begin by focusing on data points that are easy to gather and yield the most significant insights. Here are three ways to prioritize analytics in support of your business development initiatives.
1. Identify your most engaged subscribers and sort them by relationship. Who opens and clicks on your emails most frequently? Your most loyal subscribers likely include a mix of clients, prospects, referral sources, and people whose connection to your firm is tangential or unknown. Their strong click-through rates reveal they are already receptive to your messaging. However, the first step in leveraging that advantage is to segment these contacts because your business development planning will be driven by their existing relationships with your firm.
2. Look at activity patterns for key clients. Relationships with clients certainly do not hinge on email engagement — but the way clients interact with your communications can offer some important insights into what interests them. Clients are, of course, a subset of your subscribers, but they often merit a greater share of attention than others. Narrow your scope to key clients and examine their engagement history. Does a client consistently read articles on a particular topic? That insight could lead to planning a lunch date to see whether the client has concerns around that topic that your firm could address. Does a client register for events but seldom actually attends? That could be a good opportunity to personally reach out and offer the client ways to obtain information that interests them but that they are unable to consume for scheduling reasons. Does the client not engage with your communications at all? That could raise the question of whether there are client concerns that are not even on your radar.
3. Determine which types of content drives the most engagement. Are your subscribers more likely to open your webinar announcements than your newsletters? Are there some who consistently share your content on social media? These types of insights reveal how you can draw those subscribers through a business development funnel. By identifying the content channels that best attract your subscribers, you can capitalize on those interactions by offering even more content through those channels, and gradually lead those subscribers to more personalized interactions.
The path from analytics to business development is not a straight line. The opportunities will be driven by what the data reveals and by the relationships in place. However, the job of identifying those opportunities through email analytics will be much easier when you narrow the scope of information to analyze and focus on the most actionable data.
By Gina Eliadis, Content Manager, Baker Donelson for the First Quarter 2018 LMA Mid-Atlantic Region Newsletter