What do you think is the most important aspect of a business today?
There would be many answers for this but one of the most appropriate answers for this question would be: Focusing on Customers!
Yes! Acquiring new ones, nurturing the existing ones, and maintaining the recurring ones.
Don’t go by what I say?
According to Forbes too, Companies that are customer-centric tend to be 60% more profitable than the companies that don’t value focusing on their customers.
How do you think companies tend to do that?
One answer to this would be – Email Marketing!
What is Email Marketing?
Email Marketing is a marketing strategy to target consumers by sending commercial messages via email for various purposes such as increasing sales, building customer relationships and customer loyalty.
Email Marketing has been the most widely used marketing tactic by companies to turn potential leads into paying customers and turning customers to recurring loyal customers.
It is one of the best ways to communicate with your customers and maintain a bond with them.
But the real question remains: Is Email Marketing still alive?
Believe it or not, Email Marketing is like a strong pillar of marketing and is here to stay.
Want to know why?
Because Email Marketing, if done right, can fetch you a return rate as high as 4400%.
Yes, that’s 44$ on every dollar you spend on your marketing campaign!
Now you may be having an idea as to why Email Marketing is so important for a business to progress.
Let us now understand how exactly does Email Marketing work!
How does Email Marketing Work?
3 Key Steps to Follow.
Email Marketing is no cakewalk or an overnight affair that will get you the desired results you always sought for. It is something that is needed to be worked upon time and again and see what works for your business.
However, there are certain standard steps needed to be taken to get it right.
Choose your Email Marketing Goals
Know what you aim to achieve through your email marketing campaigns. Based on your goal, create KPI’s that help you monitor your performance and progress.
Confused what can you possibly be aiming for?
1. Increase your Sales – Every company wants their sales to improve. Through your email marketing efforts, you can assess if your efforts are bringing any positive difference through monitoring metrics like engagement, lead acceleration and the impact on revenue.
2. Increase the traffic to your Website – This is something that you aim for, to improve your brand awareness. You can assess this by looking at your Click Through Rates for your emails.
3. Build Customer Relationships – A lot of businesses aim to achieve stronger relationships with their customers which then tends to have a long term effect on their revenues and sales. Building relationships is a means to build customer loyalty. One of the ways to assess it is by checking the customer’s retention rate.
To build an effective campaign, it is necessary that you know what is your goal? Who is your target audience? Once you are aware of your goals, it is then time for execution!
2. Build your List Legally and focus on Segmentation
There are multiple ways to get your hands on lists that you would want to email to but it is advisable to build your list on your own instead of purchasing or renting it. Building a list yourself is more effective and fetches you better results. Some of the ways you can acquire lists or build it on your own are:
a. Through your Landing Pages
b. Subscriptions
c. Subscriber’s Forwards
d. Pop-Ups
The list is endless but you need to make sure that you use the right means.
Once, you have got the list that you need, it’s time for you to understand that “No Size fits all”. Segmentation is the key to creating effective email marketing campaigns. You can not expect to drive mind-blowing results by creating campaigns that you send to everyone in your lists.
So, you start by segmenting your list based on different factors such as their demographics like age, gender, their locations, interests, etc. Focus on keeping people that belong to the same category on the same lists.
Then you match your campaign goals with the list and send it to the one that seems to fit your criteria. If you do it right, you will yourself notice higher engagement and better results for your efforts.
Keep experimenting here and adapting to changes until you get the results you aim for.
3. Design Your Emails Right!
There is a lot that goes into creating the right email strategy!
There are campaigns and workflows that are needed to be well thought before sending out anything. There are emails such as welcome emails, cart abandonment emails, story building emails, incentive emails, all of which have extremely different goals.
There are certain things you can work upon to make your Emails more attractive and have a more likely to open approach, irrespective of the campaign or the workflow you are going for!
1. Try and Experiment with Personalizing your emails by including your subscriber’s name in the emails, or having a personalized subject line.
2. Place important information ‘above the fold’ while writing your emails as it makes it more likely to be read by your subscriber.
3. Focus on your CTA’s (Call To Action) – Use a CTA that motivates action, comes at the end of the email, and is clear and highlighted.
4. Focus on offering something of value as that is the only way you can ever expect to build a bond with your subscriber.
5. Get your Timing Right – “Timing is everything” in Emails. Make sure that your workflows are detailed and each of your emails holds significance for your reader.
Conclusion
The potential for Email Marketing is huge but it is on you as to how much you make of it!
There is no right particular technique that is guaranteed to get you a 4400% ROI, but it is a creative space that is experimented to drive your progress.
Now that you are aware of the 3 key steps you need to follow to be able to have an Email Marketing Strategy in place for your business, it is time for your to skyrocket your performance through a killer strategy! 🙂
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