Thomson Reuters targets buy cycles


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Segmentation was the most significant piece of the life cycle marketing program, Stavseth said. “Segments include practice area of the attorney, the states in which the attorney is licensed, type of customer [for example, subscriber versus transactional], number of times a customer has purchased, Mandatory Continue Legal Education (MCLE) compliance deadline and high/low volume purchasers,” she said. Previously, the company was segmenting only by practice area, jurisdiction and compliance date, Stavseth said. “When marketing legal training and [continuing legal education], it is imperative that Thomson Reuters markets to attorneys when it makes the most sense. Whether it is an upcoming compliance deadline, a critical change in the law or an abandoned cart, these "triggers' allow for greater personalization resulting in higher response rates and revenue,” she explained. The life cyle marketing focus has allowed Thomson Reuters' marketing department to become more efficient. Today, one marketing person sends out as many as 135 e-mail campaigns per month because everything is based on templates and triggers. This allowed the company to allocate resources, which were already stretched thin, to other activities, Stavseth said. After implementing e-mail life cycle marketing, Thomson Reuters saw a 13% increase in its click-to-open rates when comparing life cycle marketing campaigns to featured online product campaigns. The unsubscribe rate was also very low for these campaigns—less than 0.01%. Plus, the company's life cycle campaigns have generated 0.07% additional revenue over the other e-mail campaigns. “That may seem like an insignificant amount,” said Stavseth, “but I am happy with it. Not only am I getting additional revenue but, with resources stretched, I am making that money with very little effort.” Originally published Jan. 8, 2010
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