Email marketing is still the most cost-effective digital marketing strategy.
We often think the benefit of digital marketing is the ability to reach millions of people at once, but that's only half of the equation. Another benefit of digital marketing is the ability to connect to with detailed targeting. Email marketing is an example of this.
"Email is the third most powerful source of data for B2B audiences, followed by colleague recommendations and industry-specific thought leaders."
It remains an extremely efficient way to reach customers especially when you provide people with important content and promotions.
According to DMA, targeted emails generate 58% of all revenue and marketers have recognized up to a 760% increase in email revenue from segmented campaigns. The only thing which can hold you back from driving a high email marketing ROI is the lack of email personalization.
It’s been found that on an average, more than 13 emails are hitting the inbox of an average subscriber on a daily basis. If your emails are not personalized and customized to the choices of individual subscribers, they are likely to get ignored, making your entire campaign less effective.
3 Steps To Increase ROI from Email Marketing
1. Map Email Marketing to the Buyer's Journey
Only a small fraction of your email subscribers are really in the market to buy something from you at any given time. It’s your job to recognize which ones—and make it as easy as much as possible for them to take action when they are ready.
This step starts by paying attention to the signals they’re giving as they interact with your brand and segmenting your emails based on the buyer’s journey.
Once you’ve done this, you can begin to plan your email campaign to the buyer’s journey.
.Awareness - The Welcome Email
Your prospect is starting to recognize they have a problem, but they don’t essentially know what the solution is. Maybe it’s a hotel administrator who knows the need to improve customer satisfaction scores, or HR manager facing high revenue in the workforce.
At this point, you're just beginning to form a relationship. Send them a pleasant welcome email introducing yourself and your brand and telling them what they can expect from you. If you send email newsletters, let know them how often you will send and what’s in it for them.
This is a huge opportunity to use humor—as long as you do it in a way that matches your brand.
What follows is engaging conversation. The humorous approach makes it stand out beyond the typical (and forgettable) “thanks for subscribing!” emails.
Consideration - How Can you Help them?
Subscribers in the consideration stage have a definite problem and are vigorously looking for solutions. This is where you can help them gather more information and encourage people who might be involved in the buying process.
You can send them:
• An invitation to a webinar covering a topic in which they're interested.
• A checklist defining what to consider when buying this product or service
• A link to a page with FAQ’s
Decision - The Product Demo or Free Trial
When a subscriber shows signs, they are ready to take a decision; it's time to move in for the sale.
You can do this by presenting them a chance to try your solution with a free consultation, free trial or a demo if the product.
Delight - Keep Them Coming Back For More
For most businesses, it's lucrative to keep current customers than it is to get new ones.
To keep relationships strong with current customers and inspire them to make new purchases- you need to delight them.
A few ideas to delight customers are:
1. Use advanced profiling to find out more about your customers (such as their birthday.) Send them an email with a special offer good for that month.
2. Host a contest for customers who renew or purchase an additional product.
3. Re-engage inactive subscribers by sending them your best-performing blog post from the previous month.
4. Try a referral campaign to reward customers for recommending a friend.
2. Use Autoresponders To Make Emails More Relevant
In order to increase ROI and to develop customer’s trust Auto-responders is the best way. There are mainly two types of autoresponders which are:
1. Action Based
Purchase/shipping confirmation – Mail an autoresponder which will let your customer know that their purchase has been confirmed. If a customer didn’t actually make a purchase, seeing this message will prompt them to contact you, so both are protected in case of fraud.
Sign-up confirmation – Why welcome emails? It is found that the average open rate of a welcome email is 50 percent, which is 86 percent higher than regular newsletters. Grab this opportunity and present your new subscribers a special discount!
Birthday emails – This is the best way to increase your ROI. Birthday emails are a great way to not only go near to customers and make them feel connected with your business but by offering a special birthday offer you can increase your revenue.
Newsletters – Content cycles activated on a specific day of the week or month are great ways to keep in touch with customers, let them know about your special offers or update them about new products.
Follow up – if you have a new customer it is good to set up a time-based autoresponder. For example, set up an autoresponder to be sent out a week after they sign-up for your list, and offer them a special discount.
3. Make Emails Clickable
It is estimated that 60% of B2C customers now open the email on their mobile phones. For B2B customers, it’s about 25 percent. And if they open your email, the average person will spend eight seconds reading it.
That means it’s more important than ever to ensure your emails are both clickable and skimmable on any device.
Engaging subject lines are a very important part of the email campaign. It ensures people to open your emails, learn more about your company, and ultimately become customers.
The finest subject lines are the one which is concise and personal, uses strong verbs, and give readers an accurate idea of what they can expect to find inside the email.
Subject lines can also be used to convey a sense of urgency like “Don’t miss our exclusive webinar!” or “Register now to save your spot!” Don’t forget to incentivize with discounts and special offers. Apart from the subject line, you also need to focus on
• The format should permit the reader to understand it. Use text in bold format and bullet points to help important words stand out.
• The message should inform receiver precisely what they should do, leaving no room for uncertainty.
• Call-to-action buttons should be wide enough to confirm they’re easy to click on.
Following these email best steps will improve conversion rates, which will eventually improve sales.
As you possibly noticed, all of the above points relate to each other. In turn, to fully succeed in your email marketing campaign and increase your ROI, you may need to take a good look at as many of these points as possible.
So take some time and think about what your email marketing is lacking and start building a strategy with an approach that develops your ROI success process:
Feedbacks -> Personalization -> Testing -> Analyzing.
As you revamp your emails, you will start seeing changes in your ROI.
There are different tools that can help you to calculate accurately & closely monitor your performance, so be sure to take advantage of them.
And finally, take benefit of the results you see. They might just surprise you.
Author Bio:Meenu is the Co-Founder and Head of Operations at Absoltz Internet Marketing. Her passion and strength is in managing projects, motivating people, building a culture and focusing on what’s right for growing the business.
In addition to managing day to day operations in Absoltz, she develops content and her posts are always packed with data and relevant examples that you can put straight into actions.