How targeting changed our entire business

Contributed by Eureka Report

Two years ago the online investing publication Eureka Report was just over 20 months old and had already grown to 6000 paying members. But like many startups the business faced some key challenges in relation to growth strategies, targeting and database management.

"One of the keys to our success has been the clearer identification of our market and the ability to target specific communications to niches within our established and growing databases." says Rowan Wilde, Marketing manager of Eureka Report and Business Spectator.

"We had to find a way to not talk to everyone at the same time. It's not appropriate or effective to tell everyone the same thing in the same way."

Eureka Report produces a vast range of information, from analysis of speculative mining stocks, through to long term portfolio strategy information.

After many discussions Eureka Report brought on the services of Campaign Master but Rowan acknowledges it wasn't an easy battle to win internally as the 'value' hadn't yet been established through practice.

"Management were understandably a bit tentative about investing in an email system when we had an internal one that some thought was working 'just fine'" recalls Rowan. But Rowan's argument wasn't about having a system that worked 'just fine'; it was about exceeding goals and expectations. "Like most startups, every dollar spent is accountable and scrutinised. There had to be an element of faith that it would work."

One of Eureka Report's biggest annual campaigns is in June. In June 2007, prior to Campaign Master's involvement, the company enjoyed its biggest campaign revenue reaching over $500,000. Since the introduction of Campaign Master the past two June campaigns have exceeded $1 million each.

The June campaign this year was built around asking a group of core members what they'd specifically like answered about investing right now. Eureka Report sorted through hundreds of responses and produced a relaxed format 'kitchen table investing conference' DVD addressing many of the issues and specific questions from their members. "A lot of big family investing decisions are made around the kitchen table and it was a great way to get a lot of information across in a friendly and relaxed format. We didn’t want it to be overbearing and serious, it was more of a 'your friendly expert' format" Rowan said.

"We simply couldn't have had the success we did this June without Campaign Master and the professional services team, headed by Wei Tan. Everything from the targeted email sends, to the landing pages, feedback forms and data collection was built by Campaign Master."

Has the success of the June campaigns and other campaigns been down to Campaign Master alone? "No not entirely, but it's an incredibly important part of our communications and marketing strategy. Knowing that we can say everything more effectively and target anyone, by any parameter – as long as the information is in the database – gives us the freedom to produce as many varied communications and campaign offerings as appropriate."

And after a tentative start how has management responded to Campaign Master? "Everyone internally has embraced our ability to target, listen and respond to our community of paid members, free trial members and former free trial members more effectively."

Rowan says he knew the tipping point of success had come when his CEO, Alan Kohler, approached him before a major campaign launch, asking for detailed information about the various communication streams and which groups of the database were getting which types of messages, and how many different messages were being tested for effectiveness.

"That was really rewarding, because it meant that he and the rest of management understand and endorse the processes that we have in place. It's moved from being just a concept, a 'nice to have', to a measurable and fundamental part of the company. The cost isn't even something the company thinks about anymore because the value and benefit is clearly entrenched within our bottom line." Rowan then laughed, remarking "It was the easiest part of my budget for 09-10 to get approved."

And how does this success translate to the raw figures overall? Eureka Report now has over 13,200 paying members, a retention rate in excess of 80% and a database of past free trial members and past paying members in excess of 96,000.