I hope this bit of information finds you well, like it did for me. Over the past summer I had the opportunity to talk to the vice president of Lord & Taylor. Over lunch we discussed many things. One of them being sales and the most efficient ways to capture them. I talked to her about my hopes and aspirations and what the area of business i hope to be in one day. Through this conversation she went on to tell me one of the biggest mistakes her company was making and how she is working to fix it. She learned about it from a woman the company brought in to present to top executives in the company. She told me it was one of the most fascinating presentations she has ever sat in on and a mistake she was working on fixing asap.
So here it is, most businesses send out newsletters and email subscription updates on what’s going on in their companies. They showcase new trends, clothes, coupons, etc. Lord & Taylor is no different in this custom and the bad habit that most companies exhibit in this case. Lord & Taylor was sending out their emails to their customers at around 8 a.m. along with many other big players. The problem is virtually no one looks to shop or really read the email at the time in the day. People are getting ready for the day, taking their kids to school, starting the work day already, you name it but not shopping. You see you got an email from them, click it or just delete it right there and never think about it again or come back to it. The sales those emails generate are very low.
She went on to tell me about the turnaround the studies show when you send the same email out around 8 p.m. People, especially parents, which would be their target market are just starting to sit down and relax for the day. The kids have started to wind down, supper is taken care of and the dishes put away, and they have their glass of wine out sitting on the couch. This is the period of the day where they have time to sit down and look at things and have time to themselves.
The turnaround from correcting a simple thing like changing the time you send out emails is amazing. The volume of people you get actually scanning/reading the email is far greater and productive than before, she was telling me. The wallet will open. I thought this was a really good piece of information to share with you all. I truly never really thought about it before she informed me about it. One day when I start my business, I know not to make this mistake now. I hope you learn the same from this. It’s one of those things you really don’t think about, but the data is overwhelming. Moving product is very strategical. It’s not something you can be weak on. In today’s market your competitor will crush you. I was always told growing up that in order to succeed you need to know your product/service and to know your customer. If a huge company like that can make a stupid error, you only wonder what things you could be doing better. Just in general, thinking of little things like this really should help you realize similar holes in your marketing, sales, strategies, and open up new doors for you.
BoweryJE22
Wow, for one what a cool opportunity to be able to sit down with the vice president of Lord and Taylor. I had never thought of how important the timing of a promotional email is. It makes all the sense in the world, but I can see how something like this is overlooked. Yet, I know from personal experience and full inboxes that I receive the majority of my promotional emails in the morning hours when I am preoccupied by a bunch of other things, am stressed about the day, or simply not in the buying/spending mood.