The popularity of email has changed the way people market their products today. So robust is this marketing strategy that a report by the Direct Marketing Association indicates entrepreneurs can obtain a ROI (Return on Investment) of more than 38 dollars for every one they spend on email marketing. According to continued studies, email contributed to a huge percentage of the sales achieved during Black Friday in the year 2015. When compared to the sales achieved through social media, it is clear that email was more productive.
Achieving productivity from email marketing requires dedication, and a clear understanding of the procedures involved. Today, the market has many professional email marketers who can bring a wealth of knowledge to an organization. What’s more, entrepreneurs can outsource professionals from a reputable freelancing site.
One of the methods entrepreneurs can use to maximize email marketing results is to change their approach.
1. Develop and conduct follow-ups through scrutinizing cart abandonment
We can explain cart abandonment in terms of examples. Imagine having an online shop, complete with a shopping cart. Many potential customers are likely to visit the online shop, perhaps from referrals or just chance visits. Eventually, these potential customers may find some items they are interested in and even go ahead and add them to the shopping cart. While a good percentage will complete the purchase by making payment, there are those who will leave without completing the purchases. According to research conducted by Baymard, more than 50 percent of shoppers never complete their purchases. This means that entrepreneurs achieve less than 50% of sales, which is on the low side. The fact that more than 50 percent of sales get lost at the last step raises many questions. Why does it happen? Is there something the entrepreneurs can do to counter this? Every customer will have various reasons for abandoning the sales at the very end. However, entrepreneurs can recover these sales by sending “abandoned carts” emails. Strategize on the best way to create and send cart abandonment emails. There are various email marketing services that companies can use to make follow-ups easy and convenient.
2. Cross-selling and up-selling of emails
In the year 2015, e-commerce leader Amazon made more than 35 percent of their sales from cross-selling. As it is today, Amazon is among some of the most successful cross-selling organizations the world over - but not many people realize email plays a vital role in this success. According to experts, changing Amazon’s on-site approval to sales is presumed to be more than 60 percent. However, this conversion increases with the use of email. Small businesses and aspiring entrepreneurs can learn from Amazon and incorporate email to their up-selling and cross-selling ventures. They can do this by giving out offers, and making follow-ups on the same.
2. Portion the email list while avoiding the batch-and-blast method
There are two popular methods of email marketing. They are:
Segmented approach. The marketers group subscribers depending on their significance and interests.
Batch-and-blast approach. This approach involves grouping all the subscribers together and emailing them.
One of the above approaches is more effective than the other. Marketing Sherpa conducted a study on both approaches and concluded that the segmented approach had the potential of enhancing email conversion by more than 200%. Entrepreneurs can choose to segment emails depending on the subscriber’s personal interests, age bracket, site activities, gender, purchase habits and site interaction. To achieve better results, make sure the emails are appropriately segmented and personalized.
4. Carry out research to identify the right time to send emails
The ideal day and time for sending emails depends on what an entrepreneur seeks to achieve. Here are a few points to understand:
The ideal day of the week to send high transaction emails is on Mondays. The ideal day of the weekend is on Sunday
The ideal time to distribute emails is between 10 and 11 in the morning
The ideal day to distribute click-through and high open rates is on Tuesday.
Also consider the fact that different clients are in different time zones. Try and find out where every subscriber lives. This gives an individual an idea on how best to optimize their emails.
5. Utilize complete email automation
Individuals can achieve many of the tweaks in this article through automation. Many email services available today enable users to automate email timing. This ensures emails go to various people at different times depending on each individual’s time zone. Individuals can split-test different email components; they can organize their emails to ensure an event can prompt the other to give a varying yet personalized outcome for every customer, based on their actions. Individuals should understand and utilize these attributes. Currently, various email services have come up with brilliant substitute ideas of email marketing to ensure marketers achieve these processes. It is vital to understand that in future, email marketing will fully depend on automation.
6. Clean and update the email list often
Making sure the recipient list is updated and cleaned enables the entrepreneur and the customer to interact better. To achieve this, segment the lists depending on their engagement and do away with those where no engagement has taken place for a prolonged period of time. Sending emails no-one opens can have a huge effect on email delivery. To avoid this, marketers should make sure their lists are not only up to date, but pay more attention to the active followers.
7. Avoid relying on click to-open rates
Click-to-open rates help marketers find out how effective their email content is. This strategy involves dividing exclusive clicks with exclusive opens, which then converts to percentage. This tells the marketer the people who opened the email, and the number of them that clicked. This is an ideal method that shows the amount of productivity the design provides,against message performance. Click-to-open basically relies on approximation, which means the figures could or could not be correct. Due to this, marketers should research and find out better methods of analyzing the effectiveness of their marketing strategies. In order for businesses to achieve the anticipated results, marketers should focus beyond the click-to-open rates, and strive to obtain extensive information such as the amount of revenue earned and the number of leads that converted into sales.
Email marketing is a long process with a never-ending learning curve. Marketers and entrepreneurs have not yet seen the magnitude of this strategy. With continued technological advancements, the success of this strategy will continue to grow for many years. Marketers should take advantage of this, and orient themselves with the necessary technological know-how. Whether you are a small start-up business or a giant marketing corporation, adequate email marketing plays a vital role in propelling the business to greater heights.
Marketers can achieve much more from email marketing. Every day is an opportunity to learn from previous mistakes, make improvements, and optimize marketing to achieve the best results. These tweaks should be a starting point towards business prosperity.
Do you have an entrepreneurship venture? What strategies are you incorporating to increase sales, enhance your relationship with your customers and convert leads into sales? Do you have an online shop? We would love to hear your ideas and suggestions. Feel free to leave us a comment below, and share this post on your social platforms.