Ways to Improve e-commerce Sales Using email Marketing Strategies?
According to a study, email marketing is responsible for 23% of the total e-commerce transactions. Going by these statistics, it’s very obvious that email marketing is one of the fastest growing marketing channels of the present times.
This also means that the competition is getting tougher with every passing day.
If you are new to digital marketing, you must be wondering why suddenly everyone is going gaga over email marketing.
The simplest answer would be- an excellent return on investment (ROI). You can expect 4800 percent return on investment from a successful email marketing campaign. After all, the investment for email marketing is next to nothing.
There are two main reasons why marketers should be more serious about improving their email marketing strategies-
- Minimum investment.
- An effective medium to build a strong seller-customer relationship.
No matter if you are a seasoned online marketer or a newbie, there’s always room for improvement. Below, we are going to discuss a few tried and tested tips which will help boost your e-commerce sales in no time. Patience is the key here.
Here Are Some Tips to Follow:
- Encourage People to Join the List
The most renowned email marketing experts around the globe have repeatedly emphasized the importance of involving as many people as possible on your list. After all, the primary goal is to increase the sales of your e-commerce sites, isn’t it?
Welcome Email: This can be done in multiple ways. A “Welcome email” campaign is a very popular strategy to maximize your sales. In fact, a recent study has shown that welcome emails have 42% of more success rate than promotional emails.
Through these emails, you start off by thanking the subscriber for signing up, then gradually encourage them to buy your products by providing discount coupons.
Use Lead Magnets: Another excellent method to increase leads and sales is to give away free content. For example, if you have a website selling welding tools, the difference between MIG welder and TIG welder, the importance of wearing a welding helmet etc. will be good lead magnets to keep your subscribers engaged.
Run Ads: Running ads that describe the products you are selling is another popular strategy of boosting sales. One pro tip for you: if you run a website that sells expensive products, it would be a good idea to run ads that also promote the lead magnets.
Cart Abandonment Emails: Keep tabs on the cart abandonment emails. When a customer adds a product to the cart, it means they are interested in buying that product. These emails help in separating frequenting buyers from the dormant and semi-dormant customer bases.
Segmentation: While we are on the topic of audience segmentation, you should know that segmenting based on interests, buying frequency, age and other demographics can have a huge positive impact on your sales.
Categorizing based on buying frequency will let you target your most loyal customer base. Enticing them with gift cards or incentives like 33% discount on their next purchase can drive your revenue up to $25,000.
The same strategy will also prevent you from sending irrelevant emails. Since you can identify customers on the above-mentioned demographics, you can increase your long-term open rates by sending emails based on the specific customer’s interests.
- Retain Your Customers
That’s where even the smartest online marketing wizards struggle. Getting people on your list is one thing but building a loyal customer base and encouraging your dormant customers to buy your products is a different ball game.
A follow-up email Series: You can add value to your email marketing campaign by using follow-up email series after each sale. This will include a mail on order confirmation, followed by an email stating the order status and the final email should request the customers to leave a review.
You can also use such transactional emails to promote other products and discount offers. Stats have proven that up selling products in order confirmation emails has hiked transaction rates by flat 20%!
Seasonal and Holiday Product Promotions: Seasonable events provide an excellent opportunity to promote and sell your products. You will need to let your freak flag fly to build a campaign around popular seasonal events like Valentine’s Day, Halloween, New Year’s Eve and much more.
You can build newsletter calendars, create throw away emails and most importantly, but before that, learn how your products related to these events.
Reward Your Customers: Who doesn’t love free store credits, discount coupons? According to a case study, a company called Petflow once gave a store credit of $4.25 to all their customers which were valid for only 24 hours. That plan clicked really well.
Reactivate the Inactive Users: Send personalized emails asking why a customer isn’t subscribing to the service for so long, ask their suggestion on whether there is any scope of improvement. Emails like these will make them feel important. Try to avoid sounding too pushy, though.
Email Marketing Campaign Metrics
You should learn about certain metrics of email marketing that will allow you to monitor how your existing campaigns are faring. This is will lead to a better understanding of which things actually work and which don’t.
Conversion Rate: Email marketing conversion rate is marked each time the recipients of your email signs up for something and completes the goal. Conversion rate goals include but are not limited to purchase-related. It is one of the most important metrics to calculate the Return on Investment.
The influence of positive product reviews on conversion rate is undeniable. A company called Figleaves drove the conversion rate by 12.5% by rallying a campaign based on products with 20+ reviews.
CTR: CTR or Click-through Rate is basically the percentage of recipients who click the links in your email. This will help you keep tabs on how often and well are the subscribers responding to your emails.
Bounce Rate: There are two types of bounces- soft bounce and hard bounce. While the former is benign, implying some issue with the email address, increased rate of hard bounces is something to worry about.
A hard bounce occurs due to sending emails to fake IDs or IDs that have been permanently closed. On the brighter side, this will help you prevent your emails from getting flagged as Spam emails by the mail servers.
The Bottom Line
Having all said and done, email marketing is extremely experiential. A successful email marketing campaign has to go through numerous trials and errors. The key is to never stop learning.
Factors like what kind of products you’re selling, types of tools you use and other significant aspects like the quality of the copy also determine the fate of your campaigns. So, do your homework properly before venturing into any project.
Article by Signaturia – a platform to create amazing email signatures for your team to promote your company with every email sent.