There are many ways to market a business. Now more than ever, a focus on digital marketing methods is essential for a business to thrive. One of the ways to see results in digital marketing efforts is to invest in email marketing. Email marketing is a great way to connect with customers and help new customers discover the benefits a brand can bring to them. It is also one of the best ways to collect helpful data on customers to help tailor their online experience to fit their wants and needs.
With so many upsides, some business owners are still apprehensive to get into an email marketing campaign because of the costs. There are also others who struggle to see the value of email marketing for their company. Return on investment is at the forefront of every successful business owner’s mind when they make an investment in their company. With email marketing, as with any type of digital marketing, there are some periods where slowdowns can be disheartening.
Email marketing is essential for those business owners looking for a way to increase their impressions conversion, reach milestones, and simply gain a better understanding of their consumer base. Explore some expert tips to increase email marketing ROI so you can see the results you want faster and more effectively.
The Basics of Email Marketing: How To Measure Success
Before anyone can increase the ROI on an email marketing campaign for their company, they need to explore what exactly email marketing is and how success is measured. The success of an email marketing campaign is measured differently depending on each campaign’s goals. While some companies want to see more impressions, others want to see more conversions. Discuss with your email marketing experts and set realistic goals to achieve. This helps to narrow down what needs to be done to achieve those goals.
The ultimate goal of email marketing is to increase sales or conversions. However, the goal is always to increase sales. Email marketing helps to achieve this with trackable evidence of who is opening your emails, who is opening and clicking on them, and who is opening them, clicking on them, and ultimately purchasing something from the site. This gathering of data not only helps to better target likely conversions in the future, but it also helps track the campaign’s overall success. It shows the actual return on investment in a trackable manner.
Email marketing professionals will measure the success of a campaign mainly through the methods listed below.
Open rates are the percentages of the total number of email subscribers a business has who opened an email. This number helps identify which subject lines are or are not working. Some methods of improving open rates are personalizing the subject lines and making them more centric to the demographic that is the target market.
Click-through rates are what shows how many people are engaging with the email content. While open rates simply show how many people opened an email, click-through rates give a clearer picture of what percentage of your audience is interested in the content. A way to improve click-through rates is by filling emails with quality content and graphics.
Conversion rates are how the amount of people who complete the desired action is measured. For example, if the goal is to get people to purchase a product from an online store, the conversion rate would refer to the percentage of email subscribers who opened an email and used that email to lead them to the company website to then complete the purchase of an item.
Percentage of Revenue
The percentage of revenue is how much of a company’s overall revenue comes from emails in a certain time period.
How To Make Email Marketing More Cost-Effective
There are many ways to make email marketing more cost-effective while increasing email marketing ROI. The most important and effective way to do this is to focus on your email subscriber list. This is your most valuable asset when it comes to email marketing. The first and most crucial thing to do to make your email marketing campaign more cost-effective is to audit your list.
Auditing an email subscriber list helps to manage the costs of a campaign. Removing subscribers who do not interact with emails at all can help to ensure you’re not paying for customers who will never convert. This gives you the capital and capacity to focus your efforts on customers who have a higher chance of converting.
Expert Tips: How To Increase Your ROI
The entire reason to make any investment in a business is for the ROI. Increasing the ROI on an email marketing campaign is at the forefront of both business owners’ and email marketing experts’ minds during the course of a campaign. Below is a breakdown of what an email marketing expert would recommend to a client to increase their ROI.
Personalize Your Emails
Personalization in emails is always a great idea. This is something that yields results differently based on industry and customer base, though. Be sure to test personalization to see if it makes a difference for your business, as it’s a tool to get better open rates. Putting a person’s name in the subject line of the email often works to gain their attention. Personalization can also extend to “what to buy next based on your past purchases” emails which can help turn opens into conversions. While this doesn’t always lead to a higher open rate, in many cases it does, so it’s worth exploring.
Segment Your List
Segmenting your customer base is a great idea. Segmenting an email subscriber list means taking the entire list and grouping the emails into common groups. Base the groups on previous purchases and the way each user interacts with the emails and navigates the website. Customers who touch certain categories should be grouped together for more target emails, and those who avoid certain categories should also be grouped together.
Optimize for Mobile First, but Don’t Forget About Desktop Users
These days, the majority of emails are opened on a mobile platform. With the current shift to many people working from home, though, there are more desktop users than before. Optimizing emails should always focus on mobile devices first, but you shouldn’t neglect desktop optimization. Emails should be able to look and function perfectly when opened on any device including mobile, tablets, and desktops.
Put Thought Into Your Call To Action, There is No One Size Fits All
Every email sent out to your subscriber list should contain a call to action, but the call to action should look different in different email types. Remember that a newsletter and a product promotion email are different. Product promotion emails need a call to action that is extremely prominent and easy to identify, and the call to action should be housed at the top of the email. A newsletter email should have a less obvious call to action, and it should be put near the bottom of the email since the focus is the content rather than the call to action. There are also automated emails to consider, such as "you left this in your cart, check out now!" emails which are entirely comprised of calls to action.
Invest in Your Graphics
One mistake many companies make in their email marketing is not putting an emphasis on quality graphics. Graphics are tremendously important to consumers. Spend time and energy to make sure graphics are amazing because visuals are what draw people in and get them to spend time on your emails.
There are so many different ways to increase the ROI on any digital marketing campaign, especially email marketing. The beauty of email marketing is that the more it grows, the more data you collect on your customers, and the better you can tailor your emails to fit their needs. Email marketing is an essential way to grow a business. The way a company can truly measure the success of its email marketing campaign is if it meets the goals it sets for itself. Working with a professional digital marketing company is a must for a successful campaign. Logical Position offers custom email marketing campaigns designed to help you reach your goals. The key to a successful email marketing campaign is a digital marketing company that won’t work off a template for your business. Your company is unique, and so are your customers. That’s why investing in a campaign designed for only your business is so beneficial.
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