A representative from the company shared the data in the LexisNexis InterAction CRM group on LinkedIn, and we saw an opportunity to ask a few questions legal marketers might find helpful. The answers, which were shared with the entire group, were interesting so we decided to make a post out of it for this week’s Friday Share.
According to the Concep graphic shown nearby, from October to December 2014, Concep says the legal industry earned the following marks on its email campaigns:
- 27% view rate
- 3% CTR (click through rate)
- 11% CTO (click to open rate)
- 1.6% undeliverable
- < 1% opt-out rate
4 Questions on Legal Marketing Email
We asked Concep some questions in response to the share on LinkedIn the answers to which you can see (excerpts) in the Queen’s English below. Keep in mind the company has offices in London, New York and Sydney so the data is likely to have an international (vice US-specific) flavor.
1. The post notes at the bottom that legal was the only sector that did not see a drop in view rates. Why is that?
Typically firms in the legal sector are less siloed than other sectors. Legal firms are further advanced in their CRM journeys than other sectors, this centralisation of data and process leads to better quality data. The challenge is now on to work out how to combine data sources and use those insights to drive Business Development. Some traditional systems make the reporting aspect difficult.
2. The undeliverable rate is also the lowest in legal – why?
This really goes back to a centralised CRM system and processes. This allows for better upkeep and therefore cleaner lists, when the data is clean, the stats will reflect that. Integrated email solutions ensure undeliverables are recorded and monitored correctly.
Compared to financial sector as an example, they tend to be more siloed and as such companies can use multiple CRM systems and lists which can cause difficulty when recording and sharing undeliverables. Typically larger lists mean less targeting and generally poorer results but the data stewards and their teams at law firms have bucked this trend slightly when comparing against other sectors.
3. What is the finance industry doing that legal is not – in order to drive a higher CTO (with legal being below the average across all sectors)?
We’ve found that financial campaigns are a little less internally focused compared to legal. Legal bulletins are still quite lengthy and many examples contain too much text. This alongside more me, me, me content can mean a recipient does not directly relate and as such does not click through to view further information. We are seeing a slight shift though and with the legal sector continuing to move away from showcasing just firm updates but information that does impact their clients and prospects and positions them as a commercial adviser. This will always lead to a higher CTO rate.[Financial services] firms are also a little bit further ahead on their use of owned content targeted to not only drive their inbound marketing but using email as the primary channel on driving contacts to their content on their website, which lends itself to a higher CTO as opposed to having all the content in the email itself.
4. What advice does Concep offer to both drive engagement and response rates, but maintain the higher ethical requirements?
Ensure CRM data is kept up to date, whilst selectively targeting contacts and ensuring perennially disengaged recipients are not sent to. Greater use of personalization and clear calls to action will build trust and relationships with your contacts. Preference driven email marketing allows contacts to choose what they want and when they want it. Finally a further key idea is testing, understanding the most effective tone, imagery or subject line will ensure firms are evolving with what’s engaging.
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The InterAction CRM group is among the most active and probably because many of the participants the participants are legal marketers. Here are some of the other (moderated) product-specific groups that might interest readers:
- LexisNexis Firm Manager group on LinkedIn
- PCLaw by LexisNexis group on LinkedIn
- Juris by LexisNexis group on LinkedIn
- LexisNexis CounselLink group on LinkedIn
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