The Best Converting Email Marketing Strategy
The value of a high converting email marketing strategy is often overlooked by many online businesses.
It shocks me how many big companies I work with that don’t even come close to tapping into the potential of a strategic email marketing strategy.
In the graphic above you will see an online business who has a very weak email marketing strategy.
Their email marketing channel has a last click or direct conversion value of only 2.28%.
Take a look below at how close the email marketing channel compares to the direct channel.
This companies email marketing channel hits 33.40% for the same metric!
Imagine how much revenue could be earned if the first company took their email marketing more seriously!
Effective email marketing provides the highest ROI compared to other channels.
Today we will cover several email marketing strategies that will boost your conversion rates and ramp up your revenue.
Your Welcome Series
When your website visitor offers their email to you they have taken a big step.
An opt-in shows you a website visitor:
- Wants to be contacted by your business.
- Trusts you but likely aren’t quite ready to purchase.
- Wants to learn more about you and your products before they buy.
All too often businesses make the critical error of not recognizing how valuable a statement a perspective customer is making by offering you their email address.
What is a welcome series?
It is the very first email or set of emails your brand sends to a perspective customer.
This is your most critical opportunity to engage with your new lead.
Essentials of a welcome series include:
- Ensure your initial email provides what you promised at opt-in.
- Set expectations for future contact.
- Segment your list to provide more relevant emails.
- Encourage subscribers to engage with your social media channels.
- Offer reasons to buy now such as free shipping, 5 star product reviews or coupons.
We always recommend continued testing of subject lines, images and content to ensure you are providing the highest converting emails.
Post Purchase Series Emails
The shocking truth is most businesses work so hard for the sale that after one takes place they don’t work to maintain and nurture the relationship for future purchases.
It takes about 700% more resources to gain a new customer than it does to inspire a second purchase from an existing customer.
Get your attention yet?
The best converting email marketing strategy should always focus on the LTV of the customer and their future buying cycle.
Let’s say you sell someone a sports car.
You can initiate a post purchase series of emails that are timed based on things such as:
- Estimated time for an oil change or tire rotation.
- Additional products specific to their vehicle.
- Offer discounted service coupons.
- Educational emails that are brand or car specific.
Another example would be a customer who purchased a replenishable product such as make up.
Send them emails offering a new product or related product when you anticipate they are ready to replenish their product.
Once a customer knows, likes and trusts a brand after purchase consider cross selling them products that may add value to their initial purchase.
You may have made this offer at checkout but perhaps they weren’t ready, didn’t have the funds or wanted to test your brand out first.
Take advantage of this powerful statistic and opportunity.
If you own an e-Commerce website then you are very aware of how much money is lost with cart abandonment.
You paid $8 to get a web visitor to click your ad.
They spend 3:51 seconds on your site and finally decided to move forward with their purchase of 4 items they added to their cart totally $157.89.
Why did they leave their cart without completing their purchase?
- Did they receive an error message that made them lose momentum?
- Did they look on Amazon to see if they could find your product cheaper?
- Did they simply not see enough 3rd party reviews and trust signals and get cold feet?
If designed well, these messages are welcomed and convert at around 10-15% on average.
These are your hottest leads and can be remarketed to with a sequence of emails addressing all of their potential concerns.
Retailers will often test sending a limited time offer as an incentive to buy without looking elsewhere.
Send emails to cart abandoners detailing a drop in product price or a similar product they may have overlooked that would fit their needs.
Consider sending them a list of 3-5 customer reviews of the product they wanted but failed to move forward and purchase.
If you haven’t implemented an email marketing strategy for 2017 you can be sure your competition either has or soon will.
The revenue gained for the resources spent make implementing an email marketing strategy a top priority for your business in 2018.
Let us know if you need help creating or upgrading your current email marketing channel.