Did you know that email marketing can contribute as much as 30% to 50% of your total store revenue if done right? Email marketing is one of the best marketing tools with an excellent return on investment (ROI). To give you a rough idea, for every $1 you spend on email marketing, you get an ROI of $36, provided that you do it correctly.
Email marketing doesn’t mean sending emails to your target audience. By shooting out random emails, you’re only making your way toward the recipients’ junk mail, or worse, getting marked as spam.
If you’re an Australia-based business that’s exploring different marketing avenues, you must look into email marketing. The best marketing strategy will give you maximum results against minimum investment; if done right, email marketing will deliver just that!
We’ve put together a quick guide to help you maximise your email marketing ROI and put your marketing budget to best use.
The Scope of Email Marketing
Email marketing is one of the strongest marketing tools. According to a study by the Radicati Group, in 2023, the number of emails sent and received per day is expected to reach 347 billion, and this number will only increase. However, despite massive volumes of emails sent and received daily, marketers still face challenges attracting relevant audiences and generating desired conversions. The spam filters have evolved considerably, and if the emails are suspected as spam, the recipient never receives them. To top it all off, customers are more selective when it comes to emails they want to engage with.
But that doesn’t mean email marketing isn’t worth it. Even though email marketing poses numerous challenges for businesses, if you can crack the code to solid email marketing strategies, your business will be well on the way to success. All you’ve got to do is design strong and full-proof email marketing strategies and work towards maximising your email marketing ROI.
How to Maximise Your Email Marketing ROI?
The most important question here is – how exactly can a business maximise its email marketing ROI? Is there any formula to get it right?
The answer isn’t too simple. You’ve got to design strategies and ensure their seamless execution, and only then can you leverage the power of email marketing.
We have listed some ways in which you can make your email marketing campaigns a success.
Build an Effective Email List
The foundation of email marketing is the email list. The more engaged, active, and responsive the contacts on your email list, the better the ROI of your email marketing campaign will be. Let’s say you’ve got thousands of contacts on your email list, but only a few hundred engage and respond to your emails. In this case, your email marketing campaign is destined to fail. You shouldn’t aim to build a long email list. A short email list comprising highly active and engaging contacts is much better than a long list of inactive contacts.
Many people provide inactive email addresses, and some even provide fake ones to proceed to your website. Such email addresses are of no use to you. One way to ensure only the people interested in receiving emails from you sign up for your email list is to set up forms that the visitors can fill out willingly. Don’t make filling up the form mandatory for them to proceed to your website. This way, fewer people may sign up to your email list, but those who do will be the right ones.
Add Elements of Personalisation to Your Emails
Sending out generic emails to all your customers won’t help you maximise your email marketing ROI. You must add an element of personalisation to your emails. It’s no longer an option. If the recipient doesn’t feel like you’re talking to them on a one-on-one basis, they won’t feel motivated to engage. Instead of referring to your customers with words like ‘Hello, Shopper’ or ‘Respected Customer’ etc., address them by their name.
One way to make the recipient feel special is by segmenting your contacts based on age, interests, demographics, etc., and then creating emails for each segment separately. That way, the email will resonate with the recipient better, and the chances of them engaging are higher. You can’t expect anyone to respond to your email or take action if you aren’t making any efforts to make them feel valued and important for your business.
Keep the Content of Your Email Engaging and Interesting
Too much text in an email is a turn-off. If you want to maximise your email marketing ROI, you’ve got to ensure that your content is interesting and engaging. Add attention-grabbing visuals, which could include GIFs and live content. Keep text minimal. If there’s too much text, the important information may get overlooked. The email content should keep the recipient hooked so that they read the email till the end and decide if they want to take the actions you’re asking them to take. If the content is dull and boring, the recipient won’t bother reading the email until the end.
Set the Frequency and Timing of Emails Carefully
If you send emails all the time, there will come a point when even the most engaging customers will stop engaging. They’ll get annoyed. They may even mark you as spam. Moreover, if you send emails early in the morning or late at night when the recipients are less likely to check emails, you’ll miss out on a lot of opportunities. For this reason, it’s critical that you set the frequency and timing of emails carefully. You should send out emails less frequently and at times when people are most likely to open their emails, like during the weekends or weekday lunch hours. The more people open the email and respond, the higher will be the ROI of your email marketing campaign.
Conduct A/B Testing
A/B Testing is one of the best ways to maximise the ROI of your email marketing campaigns. In this test, you send out different versions of an email to a group of customers and see which version of the email gets the most response and engagement. A/B testing helps marketers understand customer behaviour better. You can use this information to tailor your email marketing campaign to get the desired response and engagement, hence, a boost in your ROI.
You won’t get your email marketing campaign right the first time you do it. Identifying what works best for your business requires a lot of effort, patience, and trial and error. If you want to understand the Australian market better, you can take help from email marketing service providers. Email marketing service, Canberra, like TocToc can assist you in creating powerful email marketing campaigns that deliver excellent ROI.
Once you crack the code, you’ll be amazed at how little of an investment you need to get leads worth so much more than your investment!