How to Maximize Your Business Revenue Through Email Marketing
Sunday Adedeji,HND,Bsc,ACTI,CPFA,ACA,SMAC™
Financial Planner and Analyst|Finance Manager|Business Plan & pitch Deck Writers|Scrum Master|Data Analyst|
Let me start by asking what is email marketing. And how can you strategically maximize or increase your business revenue through email marketing?
Email marketing is a type of direct marketing that uses personalized emails to educate your audience about your product or services. You can persuasively educate them to perform specific actions vide email.
These actions can be, making a purchase, booking a demo, signing up for a trial, or registering for an event. It is a form of digital marketing.
Email marketing is a very affordable way to maximize your business revenue.
Because of its effectiveness in maximizing business revenue with no additional Ad cost or customer acquisition cost, it has remained a major marketing channel for many businesses both online and offline.
Strategies to Maximize Your Business Revenue Through Email Marketing
Let’s dive into these strategies that nobody is talking about on the internet, even though they work like fire.
1. Always Send Engaging Emails.
As a business owner, one grave mistake you can make is to send a vague email that doesn’t engage with your customers. The reason is simply that you might just end up wasting your customers’ time and energy without communicating with them. Once you’re unable to gain their trust, your next email would not be opened at all, and will invariably not buy from you.
How to do email marketing is to keep it simple, engaging, and concise in other not to lose focus which is to sell the hell out of your email list (audience). Bad email marketing turns people off and repels them. In fact, research has shown that it is better not to send mail at all than to send useless mail.
2. Research on Your Customers’ Avatars can maximize your revenue
One email marketing strategy that works like wildfire is conducting research on your customers before you start writing the emails. This will afford you the opportunity of knowing purchasing history. You will also understand their pains, and why they need your services or product as a solution. Your research will reveal their languages, interests, and how they feel and want to feel after purchasing your product.
This is the most important part to know about how to increase email revenue. The research will involve you conducting interviews with some of the customers and critical questions such as What’s the number one reason that you bought? and how has your life changed for the better since buying our product?
According to Todd Herman,” the highest converting marketing campaign begins with deep research.”
This must be done diligently and carefully as it will form the basis of the whole marketing efforts.
3. Treat Your Email as Non-Disposable Assets.
If the number 2 point above was done very well, your email will flow very well. And it will be easier for you to address your customers’ pain points, hooks, and angles to drive home your expected sales.
These emails should not be disposed of but rather be set up and let run for years after extensive research. Email marketing in digital marketing should be handled by a professional email copywriter or outsourced.
However, that doesn’t mean the same email series should be sent monthly to the same email list. But the same email creatives can be used for the same product but with a different audience or email list. You shouldn’t also forget to segment customers from prospects in your existing email list.
4. Use a “hot list” for your launches and evergreen sequences
This is one of the email marketing tips that will impact positively your bottom line for every promotion if done perfectly well. For every launch you do, add a tag to every subscriber that clicks the link to your sales page. Then, in the second half of the launch, send extra emails to these subscribers and these subscribers only.
These people that clicked your link are your quality leads. They are interested in your services or products and will want to hear more from you. So, the burden is on you to convert them to customers, the more emails you send to them, the higher the chances of converting them to buying customers.
However, this doesn’t mean you should abandon your general list, please don’t do that, keep on nurturing them too.
5. Create artificial urgency through your marketing
This is the second most important strategy in email marketing.
While sending emails out, you must have it at the back of your mind to address some objections. One such objection is: “Why should I buy your offer now, instead of later?” In addressing this objection persuasively, you must create urgency to answer the question to avoid revenue leakages.
In essence, for every of your product launch, you must set a deadline and ensure you stop sales on the said date at least for a couple of months.
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In all of your emails, emphasize the deadline. For fear of missing out, most of them will rush to buy before the date. It works very well to increase business revenue.
6. Time-sensitive discount
Another proven strategy to increase your revenue through email marketing involves offering a time-sensitive discount. The discount can be during a festive period, your birthday, or at any time of your choice. This is actually very simple and effective. However, the issue with this strategy is the risk of creating a situation where people simply wait to buy until they see a discount.
7. Special bonus.
The special bonus is a more advanced strategy that involves offering special bonuses to customers when they buy before a certain cutoff time. Though, not an easy strategy to execute well, because you have to offer a bonus that your prospects care about. However, I wouldn’t recommend this to you as the main strategy. But it can be used as an add-on to one of numbers 5 and 6 above.
8. Approaches to Increase Your Revenue with Email Marketing
There are several ways you can increase your revenue with email marketing:
Segment your email list
This is a way of sending targeted and personalized compelling emails to your customers.
These customers will be in different segments such as demographics, location, interests, and past purchasing behavior.
Test and optimize your emails
Any email marketer that knows his onions and, in an attempt, to maximize revenue will Use A/B testing when necessary. This is to determine which subject lines, email content, and calls to action are most effective in driving conversions.
Use automation
Automated emails can help you nurture leads, re-engage inactive subscribers, and upsell to existing customers.
Personalize your emails
Personalization can go a long way in building trust and establishing a relationship with your audience. Use personalized subject lines and include the recipient’s first name and other personalized details in the email body.
Offer incentive
Consider offering incentives such as discounts, free shipping, or exclusive content to encourage conversions. Remember the power of a FREE thing.
Optimize your email sign-up process
Make it easy for potential customers to sign up for your email list by placing opt-in forms in strategic locations on your website and offering incentives for signing up. Don’t make your funnel too complicated for your audience.
Use social media to promote your emails
As you might likely have heard before, a closed mouth is a closed destiny. Use social media to drive traffic to your email sign-up page and to promote your email campaigns.
Funnily, some people have opined that email marketing is dead, but this is not true. In the subsequent weeks, I will address this concern.
Marketers have long recognized the potential of email marketing to generate significant profits, and they have sought out the most effective methods of monetizing their email lists through the use of sound email marketing practices.