How to Increase Your Revenue Using an Email Marketing Strategy

A study conducted by Campaign Monitor showed us that “an email is a revenue-driving machine returning $42 for every $1 you spend”, converting 40 times as many customers as social media.

What is email marketing?

Email marketing is a potent tool that can be used to increase revenue. Email marketing is a very personal way of reaching your target clients. Messages from your family and friends are sitting along side email updates from your organisation. That is why email marketing functions at its finest when it's personalised. The email could be tailored to client activities so that each communication is pertinent to their interests. It is possible to cover topics like fluctuations in your business, successes, ask for feedback from a client - this list is almost endless. With 2.5 billion consumers, email is not going anywhere.

When did email marketing begin?

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The first email was sent in 1971 by Ray Tomlinson which marked the start of an era of modern communication. It was an amazingly simple message containing a series of numbers and letters that looked more like a password than a message but holds profound significance.

The email was sent with the help of a network of machines unlike the internet we know today. The world was introduced to ‘@’ by Tomlinson.

How to get started with email marketing

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Email marketing consists of several moving pieces. Once you break down the strategy into tactics, the execution process becomes smoother.

1) Create an email list

   Grow the email list with quality leads who can be targeted at the right time in their customer journey

2) Find a good email service provider

    An email service provider allows you to segment the audience, arrange the email list systematically and distribute the newsletter content to the audience

3) Refine the list and messaging

    Create an iterative cycle to refine the list and messaging so you are reaching your target audience and establishing a relationship with them

What is a lead magnet?

Something awesome we give away in exchange for the email address. It can be anything if it provides value to the customer.

Lead magnet example are as follows:

eBooks

The eBook on email marketing created by Emailtooltester checks off all the elements for a good lead magnet. The illustration does the job of grabbing our attention using vivid tangerine to stimulate encouragement and enthusiasm. The fields contain the industry which will help later during email segmentation. The CTA is clear and concise.        

A cheat sheet of tips or resources

Mediaatelier provides a cheat sheet (lead magnet) with a list of shortcuts for effectively using the tool. The screenshot of the cheat sheet on the landing page provides a visual glimpse of how the experience will be using the tool with the cheat sheet installed. The CTA button is clear, and an accent colour (green) is used to act as a focal point to direct the viewers' attention to the Download button. Cheat sheets save folks a great deal of time by cutting to the chase. They operate similarly to a checklist. Cheat sheets possess a more actionable character to them. Cheat sheets are particularly beneficial when you're sharing hints which help readers comprehend complicated tasks for your very first time.

Free trials or samples

Ellusionist takes the simple and straightforward approach of directly communicating what you are getting in exchange for your email, a FREE TRICK. The design follows hierarchy by giving the primary focus to 'FREE TRICK' followed by how easy it is to perform the trick and the orange accent CTA.

White papers or case studies

This is a great way to build your mailing list.️ If you are new on the market you can build your credibility and reach out to other partners that can help you grow your business faster. It needs to be remembered that this is more effective for B2B companies, but this does not mean that B2C can’t use this type of content.

A webinar

Conducting free web-based seminars that help you help others are a good method of generating excellent quality leads. Mindvalley played their cards right by creating the F.O.M.O (Fear of missing out) effect by providing the option to reserve a spot before it completely runs out. Most of us often get this fear of losing out on opportunities that are amazing. It is possible to take advantage of this panic in your intended market to your benefit to advertise your products and brand. This behavioural marketing strategy is named F.O.M.O.              

A free quote or consultation

Opticalexpress provides free consultations to connect 1 on 1 with your prospects. Establish a personal connection and show them how you can help them solve the problem they are facing. A free consultation can bean effective lead magnet.

Quizzes or a self-assessment

Sephora engage the website visitors by conducting a skincare quiz. It helps in improving the dwell time on the website and increasing their email subscriber list. A skincare quiz is a good lead magnet to attract more opt-ins.

A coupon

Kate Spade uses coupon codes as the lead magnet to get a prospects email address. The coupon follows the psychology of people avoiding pain and seeking pleasure. The anticipation of missing a discount by not providing the email address is a pain people will want to avoid.

What makes a good lead magnet?

1) Ease of interpretation

      To gain traction, the lead magnet should provide value to the user who downloads the attraction they have.

       Avoid using jargon and use analogies and screenshots to ease the interpretation of the content.

2) Actionable

        It needs to provide an actionable tool, skillset or information.

3) Relevant

        Conduct audience research to understand what the interest of the customer is. Use self-interest as a compass to create content that will persuade prospects to         download the lead magnet.

4) Instant Gratification

        Give the people what they want. People love to experience fulfilment without delay or deferment.

What is email list segmentation?

The process of identifying a smaller group (segment) of people within your larger audience.

Here are few options for segmenting your email list:

New Subscriber: Welcome email

Preferences: Blog newsletter / Sale newsletter

Interests: subscribers who like SEO vs Social Media Marketing vs Email Marketing

Open Rate: Reward the subscribers who are engaged more with an exclusive offer.

Lead Magnet: Send personalised email based on the lead magnet that they downloaded during the opt-in.

Why segment your list?

More personalised communication will achieve better results through higher click-through rates, orders and a decrease in the unsubscribe rates your campaign generates.

How do I build an email strategy?

1) Email marketing plan

A) Define your audience

A target audience needs to be defined to whom the Email marketing communication will be directed to. The email audience needs to be identified to create communication that resonates with their interests and behaviours.

B) Signup sources

Identify the tactics used to achieve signup. Whether it is through subscription sidebar forms with a lead magnet or pop-up forms. This can be used to define what is your best and worst signup sources and more efforts can be employed to focus on areas that are creating results.

C) Segment and Groups

Use an email marketing tool to conduct the segmentation and personalisation options. A 1-click segmentation by sending surveys with one question that provides more insights on what value the prospect is hoping to get from you.

D) Decide weekly/ sale newsletter campaigns

Based on the type of products & customers the business is dealing with, a good mix of weekly and sales newsletter content needs to be generated to keep the customers engaged.

E) Establish sending frequency and goals

The best practices for sending email campaigns are as follows:

• Try to send at least 1 weekly newsletter to ensure the list remains engaged and you are not missing valuable conversions.
• Sending an email every second day is bound to drastically lower the engagement levels without generating any conversions. Each business is unique, hence through A/B tests, you can identify what works best for your business.

2) Design your emails

Creating a template that is in union with the brand guidelines (colors, fonts)

Ensure all the elements of the campaign are communicated effectively by providing a hierarchy based on the importance of the message. Placing the most vital information on the top so people understand the message in focus even if they are short on time.

Coded email templates - They ensure maximum control over the email design; you have the option to code it and import it into the email service provider.

3) Test your emails

Use A/B testing to find the best version of the campaign. Send a test email to co-workers/ family.

4) Email automation

Set a series of email from welcome emails to follow up emails after a purchase rewarding the customer with a special incentive. Automation helps you streamline your communication and focus on increasing return on investment and creating content.

5) Measure your performance

By tracking the opens, clicks and other key performance indicators you can refine the marketing strategy as you move forward.