Unlike many other communication tools and platforms used in business today, email marketing has maintained its goldmine status, specifically because it has withstood the test of time. According to Constant Contact, in 2022, the average email marketing ROI was $36 for every $1 spent, thus making it one of, if not the most critical, tools in any brand's toolbox.
The secret to the effectiveness and value of email marketing lies in the concept of a customer's lifetime value since a customer is a lot cheaper to feed than to catch. While acquiring new customers is essential to any brand, the fact is that if customers enjoy the product they bought, they will return; therefore, retaining the customers you already have is a vital element in maintaining success.
Now the question remains, what is the best and fastest way to build a strong CRM? These are our recommendations for new ways to bulk up an email list, and how to capitalize on the subscribers you already have.
A study done in 2022 shows that “on average, “92% of first-time website visitors aren’t planning on making a purchase”. However, that doesn't mean they don’t want to hear from you or aren’t interested in a future purchase. Many customers shop around and do research before purchasing, so the best way to catch those potentially interested customers is with a website popup. It’s common to see brands showing subscription pop-ups as the website loads. However, for a first-time visitor who potentially knows nothing about you, this tactic can be seen as annoying and immediately disregarded. Customers want to learn about your brand's story and offerings before opting into regular email communication with your brand. We’ve found that triggering a popup after users have been on the site for 10-12 seconds yields a higher return than immediately being fed the request. Another consideration is to have your newsletter offered as a floating side button that trails down the site as users scroll, allowing for an easy way to revisit the subscription request when they’re ready.
We all appreciate a good deal. According to an article on e-commerce stats published by Oberlo, “38% of customers say that they shop online for more than just convenience but because they like the coupons, deals, and complimentary shipping offers they receive.” If a first-time customer is browsing your site and sees an offer to get 10% - 15% off their first purchase, they are far more likely to subscribe.
The most effortless way to get leads of interested customers is to ask shoppers to opt into your email newsletter during their checkout transaction. The action of asking rather than auto-subscribing customers demonstrates that you value their privacy and personal information. Try offering customers bonus advice, product benefit information, and more deals as an incentive to opt into your marketing emails upon purchasing. Once the customer subscribes, place them into a segmented email list in your CRM, and set up a follow-up automated email to offer another deal or introduce a new, complementary product.
For interested customers looking for specific products or annual releases, installing a “Notify when available” button for sold-out products is the best way to capture email subscribers. Doing this gives you an idea of the most sought-after items on your site and a potential sale waiting on the sidelines when your product gets restocked. While these customers wait for availability, you can introduce them to other highly rated products, seasonal sales, and offers.
Many online shoppers spend hours a day on social media. Whether your customers follow your brand's social media account or visit your brand page from an organic or paid post, you have already completed the first step of catching their attention. Once they are on your social media profile, having a clear call to action is a great way to continue building your email list organically. While it is not the fastest way, it is a simple way to remind your potential customers that offers, deals, and more are given by subscribing.
Lead ads are one of the fastest ways to grow your email list. They are affordable ads published on Facebook & Instagram that can spend as little as $5 to $8 daily in a campaign with 2-3 ads and are fully customizable. You can use Meta to target specific audiences that align with your brand's demographic. Advertising on Meta allows you to reach new potential customers by leveraging lookalike audiences. Lookalike audiences are segmented groups of people that Meta deemed users similar to your current customers in interests, demographics, shopping habits, and more.
Contrary to what the media has been saying for years, email marketing is not dead. Not only does email marketing allow you to reach a large group of people directly, but the personalization aspects of email are unmatched by any other marketing medium. When implemented correctly, email marketing will be one of the most important channels for your business to nurture new sales and attract repeat customers.
Speakeasy Marketing Specialist