Marketers need real-time data on competition in the inbox, as well as their own program performance, in order to realize near immediate optimization opportunities.
NEW YORK and BOSTON (PRWEB) October 20, 2016
eDataSource, the leading global provider of competitive email marketing and inbox intelligence, today releases The Value of Competitive Intelligence Research in partnership with market research and advisory firm The Relevancy Group (TRG). The study surveyed 486 qualified marketers based in the U.S. to explore the use and impact of competitive intelligence methods on email marketing revenue. The research was collected via online survey in June 2016.
The study found that Competitive Intelligence Applications (CIA) are central to driving improvements, such as improved open and click-through rates, deliverability/inbox placement, average order value (AOV) and conversions, versus alternative tools and tactics used to gather competitive insight. More than 30 percent of companies that utilize CIA recognize these improvements, as well as gain a better understanding of optimal message frequency and what works for their competitors.
Taking the actual key performance indicators (KPIs) reported by both marketers that use CIA and those who don’t, TRG applied both segments to the same average email monthly volume and AOV. The findings are dramatic: Marketers that utilize competitive intelligence applications generate 3X more monthly email marketing revenue than those who don’t. With an average monthly email send volume of 19.4M, an AOV of $121.86, and segment-reported delivery, open, click-through and conversion rates, CIA users see monthly returns of $3.425M compared to non-CIA users’ $1.157M in revenues.
David Daniels, CEO and founder of The Relevancy Group said: “While signing up for emails from your competitors is easy and gives a glimpse into their world, it is not ideal for deep analysis or harnessing the value of such insight. Marketers need real-time data on competition in the inbox, as well as their own program performance, in order to realize near immediate optimization opportunities. This research reveals that investments made in CIA are prudent and something marketers should definitely argue to add to their budgets.”
Competitive Intelligence is a Necessary Expense to Drive Email Marketing Optimization
Survey data showed that 38 percent of marketers are using a tool that allows them to view their competitors’ email performance data, and 52 percent said that they would use such an application. With such a high adoption rate, the 10% who said they would not use a CIA are likely to miss out on optimization opportunities and be left behind by their competitors. Further, with 40 percent of marketers stating that they view CIA as significantly important, the report documents that the CIA market sector is about to move from nascent to mainstream in short order.
As far as budgets go, most large senders are spending upwards of $225,000 annually on competitive intelligence, while enterprise marketers have average annual competitive intelligence budgets of $150,000. Their mid-market peers have an average annual budget of $94,000. This spending indicates and underscores that competitive intelligence is soon to move beyond emerging market sector to perennial budget item served by CIA providers.
“There are tremendous opportunities for brands to boost their email marketing results, but if they can’t get their hands on what is happening in actual consumer inboxes in real time, how can they optimize their programs and stay ahead of the competition?” commented Arthur Sweetser, eDataSource CEO. “It’s essential for marketers to have a system in place for competitive email tracking, and a structure from which they can make rational decisions about marketing spend, strategy and tactics.”
The free report, which is available for download now, also provides advice for marketers on selecting the right CIA provider. TRG reveals six major areas that prospective CIA buyers must thoroughly evaluate, including questions about the source of the panel data, automation, reporting, ease of use and the vendors’ email marketing expertise. For the full report and more information about the study methodology, please visit: http://www.edatasource.com/free-report/.
In addition, eDataSource and The Relevancy Group will host a webinar on Wednesday, November 2 at 1pm EST on the value of Competitive Intelligence Applications, as well as spending, adoption, challenges and best practices for selecting a CIA partner. To register, click here: https://attendee.gotowebinar.com/register/1673788028496279553.
About eDataSource | http://www.edatasource.com | @eDataSource
eDataSource is the leading global provider of performance insight and analysis for email marketing, inbox delivery and eCommerce activity, based on real-time monitoring of 1.5 million active consumer inboxes and 90,000 brands. eDataSource empowers marketers, email service providers and digital agencies with the deepest, most accurate and easily accessible information needed about their own email campaigns and those of 90,000 other brands. This provides eDataSource clients with unparalleled access to competitive data to improve critical success metrics and drive more revenue.
About The Relevancy Group | http://www.RelevancyGroup.com | @RelevancyGroup
Measuring consumer and executive behaviors, The Relevancy Group (TRG) provides market research and advisory services that deliver strategies to optimize a return on marketing investments. Each Analyst has a minimum 15 years of experience in digital marketing and many are highly sought after public speakers. In addition to working with some of the top brands and vendors in the digital marketing economy, TRG produces dozens of surveys, research reports and webinars each year. TRG also publishes the digital magazine for marketers by marketers, The Marketer Quarterly.