Can you tell me what your main reason for doing email marketing is?
Is it to send funny anecdotes and relatable memes to your customers?
Is it to ask for feedback from your customers about your products and services?
Is it because your competitors are using it so you need to jump on the bandwagon and use it, too?
The answer: none of the above.
You see, your email marketing may be nice and smooth. It helps you nurture a relationship with your customers.
But if it’s not profitable…
If it’s not giving you a positive ROI (return-on-investment), why are you still investing hundreds of hours and thousands of dollars in it?
Your end goal in your email marketing should be profit.
You can either reinvest your profit into your business, or you can use it to pay yourself a nice salary and splurge on nice things like champagne, your kids’ education fund, or a limited edition Marvel Funko Pop.
Since profitability is incredibly important, we’re going to talk about the three quick and easy things you can do today to improve your email marketing profitability in today’s video.
3 Hacks To Improve Your Email Profitability
1. Receipts – Up-Sell and Cross-Sell Your Customers With Your Email Receipts
We all know the role email receipts play in our business, but did you know that email receipts get 70%+ open rate and 10%+ click rate – much, much higher engagement compared to other types of emails you send?
People are more likely to open their email receipts, so why don’t you take advantage of this fact and include up-selling and cross-selling marketing components here?
Include a unique product discount coupon and a personalized product recommendation in your receipts.
The key here is to make the discount coupon and the product recommendation tailor-fit to the customer’s profile.
Aside from the high engagement that email receipts offer, consider these:
– A first-time customer is 27% more likely to buy from you again. Nice, right?
And if you’ve successfully managed to up-sell or cross-sell your first-time customer?
– A second-time customer (someone who bought from you once, and then buys from you again) is 54% more likely to be a repeat customer over the long run.
2. Reviews & Ratings – Include Your Product Reviews and Ratings Into Your Emails
What’s one of the most well-kept secrets in email marketing?
Customer testimonials and product ratings, of course!
“Wait, what do you mean?”, you may ask. “We already display our product reviews on our website!”
Sure, that’s nice since product ratings and testimonials provide social proof to build trust and increase product sales. After all, 70% of people will trust a recommendation from someone they don’t even know!
Here are three ways you can incorporate this hack in your email marketing:
– Use the product’s average rating in the subject line (1,011 people rated this product as ⭐⭐⭐⭐⭐!)
– Include the aggregate rating in your product recommendation email (“You may want to consider this product: 788 people rated it as ⭐⭐⭐⭐⭐ so it’s one of our best-sellers!”)
– Put your customers’ testimonials verbatim in your emails. This way, your email readers won’t be bored with your usual marketing spiel as they get to read about your customer’s first-hand experience with your product as well.
3. Rewards & Loyalty Programs- Sign up your first-time customers into your Rewards program
Customers who trust you and are loyal to you will spend 67% more – over time. If you use email marketing to do this, you’ll be increasing your Customer Lifetime Value and boosting your email marketing profitability at the same time.
Within an hour after buying from you, send this post-purchase follow-up email to your first-time customer. Here’s an example:
“Hey, Tony! Thanks from doing business with us!
We see that you’re not yet a loyalty member. Most of our customers are members of our rewards program.
Here are the benefits that most of our customers receive for being a member of our rewards program:
If you sign up now, you’ll receive _____ bonus points as your Welcome Gift! Most of our customers love this!
(Sign Up Button Here)
Aside from your _____ bonus points, claim _____ points from your most recent purchase!”
Make sure your email copy:
– Contains the phrase “most of our customers”: this reduces friction and encourages them to sign up since humans naturally follow crowd behavior;
– Contains the word “claim”: it improves your brand’s top-of-mind awareness over time and encourages them to take urgent action in claiming what they rightfully deserve.
69% of customers choose to do business with a company that gives them the most reward points from their loyalty programs. Make sure you have one.
For more tips on how to improve and increase your email profitability, download this awesome free guide below: