Email is considered one of the most effective marketing mediums of the 21st century. According to the Direct Marketing Association, email is so powerful that you can easily fetch an ROI of around $38 for every $1 invested in email marketing. Similarly, it is seen that email has driven almost 25.1% of all Black Friday sales (as per the 2015 stats), in comparison to only 1.6% sales done through social media.
If you wish to utilize the best of email marketing to fetch results, you need to do a little homework which will give you a huge increase in revenue:
1) Develop & execute a follow-up strategy on “Abandoned Cart”
One of the biggest challenges faced by almost all online business marketers is that a massive portion of people will visit your website, go through the sales process, and then just checkout without any purchase.
According to the data from Baymard prepared on the basis of 34 different cart abandonment studies, it has been found that around 68.81% of the visitors abandon carts which means 68 sales disappear out of 100 at the final stage.
Although there are various reasons as to why they abandon carts, email can be used to recover some of these valuable sales.
Using email marketing, 7.9% of lost sales were recouped by Radley London through cart abandonment emails.
There was a rise of about 12% in recaptured revenue when Boot Barn used email for remarketing the cart abandoners.
Plan for a way to conduct email follow up with cart abandoners and incorporate any of the email marketing systems with your checkout system to make the process of following up much easier.
2) Try out the email cross-selling & upselling trick
Is cross-selling worth it to your business? If yes, how much? According to 2015 stats, cross-selling for the e-commerce king Amazon was worth $37.45 billion i.e. about 35% of their revenue.
The recommendation engine of Amazon is one of the most powerful cross-selling systems around the globe, but people rarely know that email is the most vital ingredient of this entire system.
When it comes to the process of conversion leading to sales, experts have revealed that the on-site recommendation of Amazon could go as high as 60%, however, the conversion will go even higher through emails. So, just use the strategy of Amazon and incorporate email to your cross-selling and upselling systems, both for presenting offers as well as for following up those offers.
3) Organize your email list & avoid implementing the batch-and-blast approach
Below mentioned are the most common approaches followed in email marketing:
- The first comes the batch-and-blast approach where every individual is gathered into a single category and then emailed.
- The second is the segmented or the organized approach where subscribers are being segmented on the basis of their interests and other related information.
But which of the above approached is more effective? Well, let’s check out some research-based data again: A research conducted by Marketing Sherpa claims that segmenting subscribers for emails can result in a rise in conversion rates by almost 208% when compared to the batch-and-blast approach.
The segmentation is usually done on the basis of age, gender, activity on the site, interests, purchase behavior, and interaction with the website, and several other categories. Remember, the most organized and personalized your emails are, the better will be the results.
4) Optimize your email timings
According to research, there are specific time slots that are perfect for sending emails w.r.t your goals. Below mentioned are some of the quick facts depending upon a few reliable sources:
- 10 to 11 am is considered to be the best time for sending emails.
- When it comes to high transactions, Monday is the best weekday to send such emails, and Sunday for weekends.
- For click through rates and high open rates, Tuesday is regarded as the best time for emails.
Since the time zone varies from place to place, it is important to analyze which time slot would be suitable for your audience. In other words, you need to decide the time as per the destination your audience belongs to and then optimize your emails.
5) Embrace full-on email automation
There are several email services that let you send automatic emails to different people at different durations on the basis of their suitable time zone. They allow you to split test different elements of emails. Through these services, you can configure your emails in a way so that each customer receives personalized mail with respect to the action they take.
In fact, SendPlus (a popular email service provider) is already incorporating artificial intelligence for email marketing so that it does all the above and more. It is essential to understand that full-on automation is the very future of email marketing. You need to take a look at some services like Ontraport, Infusionsoft, Active Campaign, and several other similar email services; we just mentioned the most popular ones in this blog.
Thus, not using emails as a part of your marketing strategy simply means you are missing out on a majority of your potential future customers. Want to explore this subject in detail? We’re here to help, guide, and make you a digital marketing pro through our premier programs. If you have any queries, please do let us know in your comments. Till then, keep following our blogs and enjoy such interesting reads on internet marketing.