It depends - a true consulting answer, but it really does depend - mostly on the context of the question. This question was asked during the Premiere Global Services webinar "Doing Well by Doing Right". For our purposes let's ask the question in a more defined manner: Is reputation more important to the delivery of an email than the content of the email itself?
The short answer is yes, however, you need to be careful of how literally you take that answer. As email inbox providers are more reliant on technology and algorithms to determine the allowance of email delivery to subscribers the more important your reputation becomes in the contribution of that decision; certainly more so than if the word "free" appears in your subject line.
The thing about reputation though is this - how your recipients engage with your messaging also contributes to your reputation. This is where the content becomes king! If your recipients are not opening your messages because your subject lines are not compelling, or they are reporting your messages as SPAM because the content is not relevant, then you are negatively impacting you reputation - and thus making your content very important.
So rather than trying to decide which element of your email program is more important, I recommend that you at your program holistically - the entire program is important. Make it the best email program it can be for your audience and your brand - period.
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