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A quote to the aspiring entrepreneurs We hope you enjoy issue twenty two of the Entrepreneurs' Chronicle!
1. Franchising
Opportunities
Want to feature your organization in the Entrepreneurs' Chronicle? Visit http://www.zeromillion.com/advertise/ to learn more. David Siu began working at Virante on June 1. David runs a number of sites. Check out his wine cabinet site, his medical coding & medical billing site, and his secured loans site.
We hope you enjoy this month's informative Entrepreneurs' Chronicle! In the first article, "Summer Update" , I will share with you the progress of my companies and my plans for the future. The second article, "Why Email Marketing Matters" takes a look at the importance of email marketing and how it directly impacts your bottom line and helps sustain long term client relations. Finally, we have sections that provide free content you may use on your web site and a list of our book recommendations for current and aspiring entrepreneurs and business leaders. If you have any comments, suggestions, or would like to contribute content to be published in the newsletter or online, I encourage you to contact us at myoung@virante.com. Please do feel free to forward this newsletter on to your colleagues and associates. On behalf of the Zeromillion.com team I thank you for being a subscriber. Yours entrepreneurially, Summer UpdateBy Ryan P. M. Allis, CEO of BroadwickGreetings all. It's been eleven months since the last post. Here's an update on what's going on... Things at Broadwick are going very well. We are up to 2266 clients for our IntelliContact Pro Email Marketing Software product as of tonight and have 15 full-time employees and two part time employees. Back in December we moved in to a 6300 sq. foot office in Durham / Research Triangle Park, North Carolina. New pictures of each member our team can be found at http://www.intellicontact.com/company/ . Here is a photo from last Friday of our full team.
Check out http://www.virante.com for more information on our search engine optimization services . At the moment, I am enjoying being off of school. I finished my junior year at UNC in May. I will likely be taking 3-4 years off to continue building Broadwick and Virante in order to take full advantage of the business opportunities we have. Right now I plan to return to UNC for a year to finish off my economics undergrad degree around 2009 and then head to either Stanford or Harvard for an MBA. Long term, my goal remains to make a significant amount of money (current goal is $1B) so that I can fund my own foundation down the road that will work to reduce poverty in developing nations through the promotion of techology, entrepreneurship, health, and ethical government and business leadership. I am also excited about moving into my first house. It is being finished now and will be ready to move into on July 15. It is in Durham, NC about 5 minutes from my office. If anyone wants to ask me any questions or just share their story, I encourage you to post on the Zeromillion.com Entrepreneurship Discussion Forums . Ryan Allis is the CEO of Broadwick Corporation, a provider of permission-based email marketing and list management software IntelliContact Pro (www.intellicontact.com), and CEO of Virante, Inc. (www.virante.com), a Durham, North Carolina based web marketing consulting firm. Ryan, who is 20, is currently studying at the University of North Carolina at Chapel Hill, where he is an economics major and Blanchard Scholar. Additional information on the author can be found at www.ryanallis.com. This article may be republished online as long as the byline remains Why Email Marketing Matters By Ryan P. M. Allis, CEO of Broadwick According to a study by the Winterberry Group, email marketing brings in $15.50 per dollar spent . This is about 17% more than direct-mail campaigns and 73% more than telemarketing campaigns. In short, email marketing matters and if you're not sending out at least monthly email newsletters to your subscriber base, you should be. The true cost comes from acquiring the prospects and clients, not the three or four hours needed to create a monthly newsletter. Many organizations, once they have spent the thousands of dollars acquiring their clients, fail to market to their existing base. I've met quite a few marketing managers who would rather continue spending $200 a pop for new qualified prospects rather than $0.01 per person to build the relationship with their existing clients and recommend new products or encourage re-orders. I've found that sending relevant email communications to persons who have requested to receive them is the single most effective way of cultivating the type of relationship needed to turn your prospects into customers and your customers into lifetime product evangelizers. As a reader of this article, chance has it that your organization is one that already sends out a newsletter, or at least is considering doing so soon. Once you began sending your own newsletter, however, it is important to follow two important rules that will increase your likelihood of achieving your marketing goals, whether they are to increase repeat orders, convert a higher ratio of prospects, or obtain top-of-mind brand awareness. The first and most important rule is to only send relevant content to persons who have requested it. What does this mean? Well, let's say you are a travel and adventure planning company. If someone has subscribed to your Kayaking Monthly Newsletter, don't move them over to your European Vacations list and send them an article on Dining in Tuscany. In most cases, you will very quickly lose any prospect or reduce the lifetime value of your relationship with an existing client. If the person also subscribed to it, it would be okay to send him or her a monthly company newsletter that from time to time had information on other topics, but don't mix newsletter bases just to increase mailing volumes. It is important to note that just setting up an interest segment and adding it to your sign up form doesn't require you to create a monthly newsletter on that topic, but once you get a few dozen to a couple hundred people interested in that area (depending the value of the product or service you are providing), it will likely pay to have quality content developed on that topic for distribution in interest specific newsletters. This can be easily done within the IntelliContact Pro email marketing software by either creating a list specifically for persons interested in a topic or creating a segment of persons with a specific interest. The second rule is to be consistent with your sending frequency. Depending on your type of business and your subscriber interest level, the right volume for you could be weekly, biweekly, or monthly. Once you find the frequency that is right for your organization (and this could vary newsletter to newsletter), stick with it. We see a lot of companies whose email strategy can only be defined as "ad hoc." Rather than blasting out a promotion whenever sales are lagging, we recommend having an emailing schedule for each newsletter and sticking to it, whether it be every Saturday, every other Wednesday, or on the 15 th of each month. As an example our company newsletter, the Permission-Based Email Marketing Monthly goes out on the 28 th of each month. What type of results can you expect from regularly sending out regular email newsletters? Here are two examples from users of IntelliContact Pro , the email marketing software my company Broadwick provides. Biotage is a company based on Massachusetts that provides DNA sequencing instrumentation. They send out event notifications and company updates to 20,000 or so subscribers each month. David Shultis, Marketing Communications Manager of Biotage, notes, "We've seen open rates at around the 38-42% mark for our large mailings. There has also been a 'pass-along' quality of our emails, as we've noticed new names that were not originally on our mailing lists responding to offers." Another IntelliContact Pro user, Julie Ibrahim, Vice President of the Tiger Sports Shop says "The monthly newsletter keeps us and our inn at the forefront in the minds of our past and potential guests. Thus with the continuous news from us and our region, we are kept in mind, with no sales effort or pressure." If your organization wants to see marketing results like these, it may be time to start or expand your usage of permission-based email marketing. If you stick with sending relevant, high quality content-rich emails on a consistent basis to persons who have requested to receive your emails, you will increase your prospect to customer conversion rates and customer lifetime value at a fraction of the of the cost of traditional methods and take advantage of the best type of marketing possible—free marketing through authentic customer word-of-month. Ryan
Allis is the CEO of Broadwick Corporation, a provider of permission-based
email marketing and list This article may be republished online as long as the byline remains. If you have
a web site that has to do with business, entrepreneurship, marketing, web
marketing, ebusiness, personal development, or economics and would like high
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from our web site. These articles are stored in zip format and can be downloaded
by clicking on the appropriate link. We simply ask that you keep the author
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zip file. If you choose to use any of the articles we ask that you notify
us at info@zeromillion.com. Members: 801
The following books are recommended for reading by aspiring and current entrepreneurs and business leaders. The books in bold are must reads. Please email any recommendations for additions to this list to myoung@virante.com. Globalization & Economics
Entrepreneurship
Marketing
Personal Development
Past Highlighted Organizations: June 2005 - Habitat for Humanity This concludes issue twenty of The Entrepreneurs’ Chronicle. We'll see you August 1, 2005. If you are not subscribed and would like to subscribe, please visit http://www.zeromillion.com. If you would like to contribute content, become involved with the zeromillion.com team, make suggestions, or provide feedback please feel free to contact us at info@zeromillion.com. We encourage you to participate in our discussion forum at http://www.zeromillion.com/talk/. This newsletter is published by www.zeromillion.com with support from the Entrepreneurs’ Coalition and the Boston University Global Program. The newsletter is sent using the IntelliContact Pro web-based email marketing and list management software. Comments/Suggestions: myoung@virante.com Archives online at: http://www.zeromillion.com/echronicle/
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