Email is hands down the most powerful marketing tool available. It has shown some of the highest return on investments among any other marketing channel, which has firmly established it as the most effective way of engaging a target audience.
However, email marketing needs to be done in the right way to be successful. Even a good email campaign could always be better and if a marketer really wants to increase revenue for their business, it is necessary to constantly make modifications to their overall strategy.
Here are 5 easy email marketing tricks that can make a significant impact on a company’s bottom line.
Develop an ‘Abandoned Cart’ Strategy
“One of the toughest realities you have to face as an online business is that a huge — and I mean HUGE — portion of people will go through your sales process, from their first visit to your website right to the checkout, and then drop off,” says John Stevens, contributor to Entrepreneur.
According to data from Baymard Institute, the average abandonment rate for carts is a whopping 69.23%. This means that nearly 7 out of 10 online shopping carts will never result in a sale.
However, there is still hope for reclaiming some of those lost potential customers and it is as simple as using email to follow up on someone’s abandoned purchase. This can be a totally automated process and it has been demonstrated to help increase revenue by recapturing lost sales.
Cross Selling by Email
Cross selling is an extremely effective method of boosting revenue and email marketing that employs this strategy can provide significant results for a company.
“Experts reveal that conversion to sales from Amazon’s on-site recommendation could be as high as 60 percent, but the conversion is much higher with email,” says Stevens. “Play it like Amazon and integrate email into your cross-selling and upselling efforts, both in introducing offers and in following up on those offers.”
Start Segmenting Your Mailing List
There are two common methods of sending out emails to a mailing list. There is the batch-and-blast email and the segmented mailing list. If you are still using the batch-and-blast technique, it is time to update your strategy. If there is any doubt, then consider the report released by Marketing Sherpa that shows segmented email campaigns have a 208% higher conversion rate.
“You can segment by gender, age bracket, interests, activity on your site, purchase behavior, interaction with your site or a host of other categories,” recommends Stevens. “The more personalized and segmented your emails are, though, the better.”
With significantly higher conversion rates, this type of email marketing trick can have a serious effect on a company’s overall revenue.
Optimize Email Delivery Times
It is important to seriously consider when it is the best time to send out an email to a target audience. Not too many people read emails at 3:30 AM, but if you are targeting late night taxi drivers, then perhaps that is the right time to send out your messages.
This is where a deep understanding of your audience becomes valuable to your marketing strategy. Contacting a customer base at the right time can make a huge difference when it comes to increasing revenue and conversion rates.
“It is essential to also consider the role the time of your audience plays; the time zone of California is different from that of Florida, and that of Florida is different from that of Berlin,” notes Stevens. “So, it is essential to identify where your audience is mainly based, and then use that knowledge to optimize your emails.”