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A choice of two
There are two key formats for e-mail
marketing:
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Text-based e-mail messages,
typically sent using MS Word or any number of CRM systems such as
Goldmine, Act or SalesForce. By plain text we mean no graphics
(whether technically HTML, plain text or rich text). The best of
these look like they are hand written prospecting e-mails rather
than mass merged marketing e-mails.
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Graphical HTML e-mail marketing,
generated by mass e-mail marketing tools. These almost always have
embedded 'tracking' that, in theory, allows you to monitor who
opens, who forwards and who clicks through from your e-mail
marketing campaign.
Horses for courses
If the objective of your e-mail is to
raise awareness or get people to click through to a web page, then
highly graphical e-mails are fine, so keep using them. However, if your
objective is to get people to reply to, or forward your e-mail, then you
should reconsider: tracking works by using technology that creates four
serious problems:
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MS Outlook blocks images and tracking
unless the reader has added you to their safe senders list - unlikely
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These e-mails look awful on
Blackberries etc - the images simply appear as long web addresses.
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Any firewall worth its salt can spot
these are e-mailshots not personal messages.
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The default MS Outlook (2003
onwards) security settings will generate the following alert when
people try and reply to or forward e-mails with any kind of
tracking:

The default alert generated by Outlook when
someone
tries to reply to a e-mailshot sent with tracking
This could therefore mean that your
attempts to measure the success of your campaigns will, in fact, be the
cause of their failure.
Conclusion
I personally get involved in
business-to-business more than consumer marketing, and here the
immediate measure of success for a campaign is assessed in terms of how
many replies it generated. For this reason I always recommend that clients stick to
simple, inexpensive personal messages sent though simple technology. They
have all seen response rates improve by an order of magnitude.
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