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CRM in Action: Targeted Emails Win Forex a 100 Percent Response Rate
The online currency trading firm was missing the back-end analytics crucial for effective prospecting and campaigning.
For the rest of the August 2004 issue of CRM magazine please click here
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Challenge: After outsourcing its email marketing program for years, Forex Capital Markets continued to face complications with its providers. The online currency trading firm was missing the back-end analytics crucial for effective prospecting and campaigning. Solution: The company deployed Eloqua, which enabled Forex to identify and track visitor behavior on its Web sites and automate a short cycle of weekly emails. Eloqua's solution uses Web-site behavior to correlate offers for trial software or free research to a visitor's interests, and each email contains a link to schedule a demo of Forex's services. All positive responses are instantly referred to sales. "Within the body of the email we can have a more specific dialogue with the customers," says Marc Prosser, chief marketing officer of Forex. "If my sales guys want hot leads, all they have to do is see who opened an email that we just sent out." In addition to filling the back-end analytics gap, Eloqua also provides Forex with the support of a customer service rep on a regular basis--at least two to three times each week. Benefits: Forex now has the ability to manage multiple campaigns, and often runs more than 20 at any given time. Additionally, it can send at least 250,000 targeted emails per month. The new target approach has led to an estimated 35 to 50 percent open rate, which is an improvement of approximately 15 to 20 percent, and a virtually 100 percent response rate from those who open the emails.
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To contact the editors, please email editor@destinationCRM.com
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