Emails have been the lifeblood of business communications for decades now, and an important factor influencing the performance of companies. With that in mind, companies currently invest extensively in building strong email marketing strategies and campaigns.
There is a solid reason behind that. For every dollar spent on email marketing, companies stand to generate an ROI of $42. More importantly, email marketing can help companies in achieving multiple goals including the increase of sales and revenue, sustained communication with customers, and building brand loyalty and credibility.
Since every brand has these goals charted out for improving the performance of their business, investing in email marketing is not optional. For better context, here are a few ways in which email marketing strategies can help build your business performance:
#1 Increase Sales
Email marketing strategies can be designed to achieve a wide range of goals for your business, and one of the prominent ones for any business is, of course, to increase sales and revenue. So, if you have an online store, email marketing can help you inform customers about new product launches or remind them about products that they may have left in their shopping carts.
Moreover, if the business is looking increasingly slim, you can totally leverage email marketing to announce sales and discount offers, which are known to bring hordes of customers to businesses. After all, 88% of customers used some kind of discount coupon or code to shop throughout 2020.
Another proven way of using email marketing strategy to drive sales is by leveraging upselling and cross-selling tactics effectively. You can do this by sending product recommendations to customers based on their past purchases.
#2 Generate Leads
Email marketing is an effective tool for marketing and sales departments alike. So if your team is struggling to generate leads, running successful email campaigns can help!
But when you have a specific goal such as generating leads in mind, you need to polish your email marketing strategy accordingly. The first step in the process would be to clean your email list and segment it based on customer preferences and profiles. To generate leads through email marketing, keeping in touch with customers is important. For some organizations, this can mean automating email campaigns.
Using highly targeted CTA that are placed strategically in the email content can also help you generate leads effectively.
#3 Re-Engage Customers
Regardless of the kind of business you run, it is natural for customers to walk away from a transaction due to a wide range of reasons. In online stores, this is especially counterproductive and characterized by cart abandonment.
Now, the journey of convincing a lost customer to come back and make a purchase requires brands to build a strong communication channel. Through email marketing, brands can send reminders on abandoned carts and tailored offers or discounts which may prompt the customer to return and complete the purchase. After all, sending more than three cart abandonment emails is 69% more likely to result in a purchase.
Re-engaging customers can also happen after a customer has finished a purchase. In such cases, companies can send tips and tricks, newsletters, or periodic updates in order to re-engage the customers.
#4 Inform and Update Customers
When your customers are informed and educated about the products or services that you are offering, they are more likely to transact with you. This is just the plain and logical truth.
But it is time for companies to realize that the onus of educating customers does fall on the brands. Since brands have the platform and public domain to capture the attention of a large crowd, it is important to produce content that can be useful to customers. Such content can also be instrumental in establishing the credibility of your brand.
What’s more, producing informative content can have a few additional benefits too. Publishing such content on the website while taking into account the SEO best practices can rank higher on the search engine. For extra help on achieving better rankings, consider taking the help of SEO specialists who can guide you through the entire process.
#5 Promote Products and Services
As discussed earlier, the relationship that you form with your customers or potential customers has a lot to do with how you communicate with them. Sending informative content and newsletters are proven ways to engage your customers, but the impact of informing about your products and services through emails is irrefutable.
While there are many ways to go about it, it is highly recommended that brands leverage visuals such as graphics or videos within the content for generating maximum impact. Since adding videos can increase email click rates by 300%, it is only fair that brands integrate videos in their email campaigns.
Additionally, since visuals are known to be more engaging, they can help companies generate better results in terms of promoting their products and services.
#6 Build Credibility and Relationships
Ask any brand the reason behind running regular email marketing campaigns and they will tell you that building brand loyalty and credibility is everything.
When you keep in touch with your customers, they identify you as a company that is consistent and credible. Through emails, you can also inform customers about the way your company does things, and how it helps you deliver the desired results. This will not only bolster your customer relationships, but they would also be more likely to do business with you, going forward.
Building customer relationships is not the easier thing to do for brands, but email marketing can help them do it effectively. By maintaining regular communication with customers, you can ensure that your business performance only improves over time.
Email marketing is a great tool for all kinds of businesses that want to achieve specific marketing goals. Not only can it help companies bring more customers and drive sales, but it can also help them build strong credibility and identity. Creating unique and targeted content for your subscribers can help your business make the most out of your email marketing strategy. Considering such benefits, businesses should invest in email marketing, to leverage it as a tool for boosting their growth and performance.
Ronak Kothari is the founder of RONKOT, a full-service digital and printing agency specializing in web design, development, and digital marketing. With over a decade of hands-on experience in marketing, Ronak helps brands reach new heights.