It’s no secret that from all marketing efforts, only a fraction of the people you reached actually buys.
This depends on many factors. Some of the people you reached just weren’t interested, some maybe didn’t have any money at the time you reached them, and some might have just forgotten about your offer and went on with their day.
As a brand. the golden question that is frequently being asked is “how can we grow our revenue?”. And that makes sense. Brands need revenue in order to operate and to grow. But there are actually two ways to go about increasing your revenue, yet still, the most common approach to increased revenue is customer acquisition- And that makes sense, right? If you want more customers, you need more customers. However, that’s not the full story, and it is not always the ideal approach to growing revenue and sales most effectively.
In fact, a study has found that it is 6-7 times more expensive to acquire a new customer than it is to keep a current one. Furthermore, the probability of selling to a new prospect is only 5-20% whereas the probability of selling to an existing customer is 60-70%.
In other words, the best solution for driving sales is not always focusing on constantly acquiring new prospects. In fact, many times, it can be to focus on the prospects you already have and try to convince them to buy instead.
In this post, we’re looking at how you can increase your sales by getting more people down your conversion funnel using email marketing.
1. Send email marketing reminders about abandoned carts :
Okay, so only a fraction of the people you reach will actually make it all the way down your conversion funnel. So how can you make it so that more people make it to the very end of your funnel?
An effective way is to look at the people who are falling off very late in the funnel, because those who do are very relevant prospects that have shown a great interest in your brand, even to the point where they add products to their shopping cart. Unfortunately though, not all of those that add products to their shopping cart check out. The good news, is, however, that with email marketing, you can significantly increase the number of people who actually make it to the checkout.
According to a study, an average of 69% of shoppers abandons their carts, costing online retailers an estimated $260 billion in lost revenue. On the flip side, data from a study found that 60% of shoppers returned to make a purchase within 24 hours of receiving a personalized email about abandoning their shopping carts. Safe to say, email reminders about abandoned carts work, and they can help you drive substantial revenue.
With the Send pulse Automation 360, you can set up automated emails to be sent as reminders about the product people have added to their cart but for some reason have abandoned it and not finished the checkout process. Sending reminder emails about abandoned carts manually is a lengthy task, and this is a reason why many brands neglect it. But the good news is that the Send pulse Automation 360 takes care of all of that for you, so you can focus on what you do best and what you enjoy.
2. Upsell to existing customers :
One of the best ways to increase your revenue isn’t by acquiring new customers, but leveraging the customers you already have. In fact, existing customers spend 67% more on average than those who are new to your business.
How can you leverage email marketing for this?
The answer is through a little-known email marketing tactic that has proven to work tremendously well.
The average email open rate is less than 18%. But did you know that Email receipts (purchase confirmation emails) have an open rate of over 70%! Realize the huge potential in this!
Therefore, you should obviously take advantage of your email receipts to upsell to the customers that clearly have proven to be the most relevant to your brand, because email receipts get opened, and this means that you have their attention and can sell to them.
Using the Send pulse Automation 360, you can set up automated “thank you” emails after someone have purchased from you. in those automated emails, you can also upsell, offer coupons, or ask for feedback. Using Automation 360 for confirmation emails means creating a seamless experience for your customers, and staying in contact with them at all times. And the best part is that all of this is done automatically, without you even having to think about it.
3. Don’t only rely on email :
While email marketing has proven to be tremendously effective and something that almost all marketers are leveraging, diversification is everything.
Only having one conversation channel with your existing customers and prospects isn’t ideal. First off, if a prospect has entered their email, but then changed it, it means that you have lost your connection with them forever. On the other hand, if you’ve also collected their phone number, for example, it means that you can still stay in touch with them, and keep them updated.
This is a huge benefit of Sendpulse’s Automation 360, because not only can it effortlessly send out automated emails so you don’t have to think about manually sending emails for every step in the process your prospects and customers take, but it can also send out these messages on SMS and web push notifications – two little-discussed customer interaction tools that work very well.
4. Tailor and optimize your messages :
You might be sending marketing email after marketing email, but despite this, it seems like you just aren’t able to push the needle and get your prospects to move further down your conversion funnel.
What you are missing might be tailored and personalized emails.
The emails you are sending might not speak to the heart of your prospects, and thus not impact them enough to convince them to buy, but the good news is that this is a feature of Sendpulse’s Automation 360
Not all humans are created equal and with the built-in data filter, you can send different messages to different people, depending on the variables, conditions, and events.
5. The measure, measure, measure :
Measuring the results of any marketing effort and campaign is the foundation for success. Obviously, if you aren’t measuring results from your marketing efforts, you’ll never be able to know how well you performed, if the campaign was worthwhile, and most importantly, how you can optimize your campaign to generate even better results the next time.
But the fact of the matter is that measuring the ROI and results for your email marketing campaigns is hard, and you might recognize yourself in this challenge, standing there and not knowing where or how to begin.
But you’ll be happy to hear that measuring results from your email marketing campaigns don’t have to be difficult. At least not if you’re using the Send pulse Automation 360 because this tool allows you to calculate conversions from your emails using these conversion goals:
- Open email
- Any other you have created
You measure the conversions from your email by creating an event, which is the goal you want to achieve, and then, you create the automation flow. Lastly, you add a “Condition” block and choose the conversion event based on your goal of the campaign. Now, you’ll be able to see everyone who converted after reading your email.
In the conversation about increasing revenue and sales, we tend to always talk about how we can acquire new customers, as that is the only way to increase revenue. The problem with this is that focusing on getting existing customers to spend more is falling in the shadow of that, and tends to be more of something that most marketers only pay a second thought to, rather than having it as the core strategy of increasing sales. Focusing on getting existing customers to spend more is clearly an effective strategy, considering that it is both more difficult and more expensive to acquire new customers than it is to convince existing ones.
When having existing customers, almost always, we have access to their email addresses, as it is a part of the checkout process. This means that email marketing is one of the most effective strategies for getting in touch with existing customers, and with Sendpulse’s Automation 360, doing so is both easier and more effective than ever.
Read Also :