Whatever information you’re sharing with the readers depend the specific objectives you wish to accomplish. And, email marketing helps you achieve the business goal easily. It’s a versatile tool that helps you attract the target audience, nurture relationships and build trust. Business owners can benefit from email marketing and connect with the right audience. Here are a few ways of achieving your goals through email marketing.
Spreading the word
Email marketing is a superb tool for building awareness about a product, service, brand, business or event. It’s extremely essential that the messages reach the inbox of your target audience. It is a great medium to send messages to thousands of prospects at an affordable rate. If the recipient does not open your email message, you can share a myriad of information with a simple creative subject line. Email marketing is a great tool to entice the target audience, but you need to share relevant and meaningful content. Without putting a little work, achieving the desired results in next to impossible.
Upsell and cross sell works
When a customer has become regular in purchasing, it is time to offer items related to their previous purchase. Find out the personal usage habits of your customer and accordingly send the upsell messages. For example, if the customer has recently purchased a laptop, offer a printer or headset at a discounted rate. You’re not only enlarging your revenue, you’re also ensuring repeat business, which increases loyalty. Upsell and cross sell works excellent with a majority of the customers because they usually purchase different accessories.
If you have organized a webinar, send gentle nudge via email to remind the customer of an upcoming event. You can even ask the customer to click a URL confirming their presence. Sending blunt reminders are considered rude and will turn away the customers. Focus on sending gentle reminder messages to build trust.
Follow these tactics to achieve your business goal and increase your customer base.
For a majority of industries, email is usually considered a very ROI marketing channel, but for retail banking, the scenario is not so. Most banks don’t measure their email and never focus on open and click rates. Banks send useful information to their customers via this marketing platform, but fail to measure the effectiveness of the email marketing campaign. Understanding the impact of email marketing is essential to reach the target audience and focus on long-term engagement. Here are a few effective ways of measuring email marketing for retail banking.
Focus on a paperless transaction by sending statements on email than traditional paper. Not only will you save tons of money, but you will help the government in the green revolution. By getting individuals to sign up for paperless transaction, you can save a lot. For example, if such a statement costs $1, then getting 10000 subscribers to sign up for paperless transaction can lead to a saving of $10000 per payment cycle. You can apply the same concept to regulate notifications. However, you need to remain ready for a print version, in case an email bounce occurs. You can effectively reduce the cost of your email marketing campaign by measuring your efforts.
Promote your mobile app via email to increase customer retention. You can easily estimate the app retention value by the number of apps downloads and used. Additionally, focus on creating a system wherein the customer can directly deposit in their bank account. People should be able to direct their paychecks to the bank without them physically visiting a branch. Such readers are likely to remain loyal and read your messages. Moreover, focus on sharing information about insurance, credit card and new account type via email. You can measure the click rate and the open rate of these messages to know how your readers are responding.
Focus on making life simpler for your target audience to reap ROI benefits of email marketing. Send effective and compelling messages to engage the readers.
Leaving out email marketing out of promotional mix is a bad idea and you could probably miss out on possible ROI. According to a research, more than 78% marketers are revising their email marketing budget because of the immense power of this marketing platform. And, more than 60% of customers worldwide check at least one newsletter each day. The power and reach of email marketing is only growing as time passes. You need to master the basics to reach the target audience without facing any hurdles. Here are a few effective tips to maximize the impact.
Signup for newsletters and email campaigns of your rivals to compare your efforts with the industry leaders. It is completely acceptable to tweak their ideas and techniques to build strong customer relationship. However, focus on original strategies, ideas and techniques to gain the first mover advantage. Customers are attracted to ideas that are new, innovative and cannot be found elsewhere. Understand the content marketing calendar of your competitors to create your own. The more you study your competitors, the better you will understand the mindset of your potential customers.
Monitor customer feedback
Take the customer feedback seriously because most customers complain only when they have really suffered. Therefore, listen to your customer feedback about content, format, frequency and respond quickly. When grievances are dealt quickly, it increases trust because your readers know that their voices are being heard. Monitor the customer feedback closely and tweak necessary changes in your email marketing strategy.
Study industry trends
Email marketing is evolving so swiftly that you must be proactive and know all the latest updates and important features. Study industry trends on a regular basis to know more about the best practices. For example, recently GIFs and videos were loved by readers and if you failed to integrate it in your email marketing campaign, you probably missed out a huge opportunity. Changing with the evolving technology will help you stay ahead in competition.
Grow your business by adhering to the best practices of email marketing.
Email marketing is the leading platform to attract the readers and ensure a long term relationship. Without email, reaching to potential clients is almost impossible because more than 90% of the customers today read their inbox on a daily basis. However, marketers find it extremely difficult to attract new customers, especially with the stiff competition in the market. As a marketer, you need to ensure that your email marketing campaigns are catered towards the requirement of the target audience. Focus on avoiding these turnoffs to build a strong email marketing list.
Your first impression is essential in building a strong relationship and if your readers have a formatting issue or broken links, they are likely to turn away from the email marketing campaign. Double check your email marketing template before sending the messages to the target audience. Ensure that all the hyperlinks and links are directed towards the intended source otherwise the readers will filter your messages as spam. Check the phone number and name before sending the messages to your target audience.
Lack of valuable content
The worst possible thing is sending self-promotion messages to the new customers. Most customers hate receiving email messages filled with promotional content, constantly urging the readers to make a purchase. Therefore, focus on sharing content, videos, articles and newsletters that will add value to your readers. Poor quality content is one of the major factors of a customer leaving your email marketing campaign. Deliver value to stay connected with your target audience.
Overdoing the campaign
Your business may be your heartbeat and lifeline, but for a majority of customers, it is equal to thousands of other businesses. Never send messages every now and then because a purposeless message either goes unread or reaches the spam folder. Therefore, send messages only when it has a direct impact on your customers and it provides some useful information. Irrelevant and meaningless messages can reduce your open rate and increase the spam rate.
Focus on enticing new customers by offering good quality content and irresistible offers.
The world today, without a doubt is addicted to their inbox because of which email marketing is not dead. Even in the foreseeable future, email marketing is likely to dominate and will help attract potential clients. According to a report by McKinsey, email marketing is 40 times more effective in acquiring new customers than any other social media platforms. Therefore, you need to understand the basic facts and myths surrounding this marketing platform.
Unsubscribes are bad
Many email marketers love to brag about their unsubscribe rate, but it’s useless to brag about it because unsubscribes are not bad. It’s a nice metric and means nothing to your business because it helps you remove unwanted readers and subscribers. When unqualified leads are removed from the marketing list, it helps in maximizing the ROI. Your opportunity cost reduces as you remove people who are unlikely to buy from you. Focus on placing the opt-out link in every email message so that readers than opt out.
Marketing messages should be branded
Not all marketing messages should look nice. According to a study, plaint text with no logos and color also result in a great conversion rate. If your messages are appealing and effective, customers will read it, whether you have included any image or not. Therefore, focus on sharing messages that add value to your readers. Again, everything depends on your audience, who might prefer regular or conversational personal feel.
Whenever in doubt, test what works with your customers.
Tuesday is the day to send email messages
You would have definitely heard that Tuesday is the best day to send messages as on Monday’s people are catching up with and on Friday’s people getting ready for their weekend. And on Wednesday and Thursday, people are probably busy and in full swing. Therefore, you have only Tuesday to send messages to your target audience. According to a report by HubSpot, Tuesday was the worst day to send marketing messages to the readers.
In fact the best days to send email messages is Thursday, Friday and weekends.
Focus on your improving your email marketing campaign to reach the target audience.
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