How to maximize your email marketing ROI in 2020
Businesses need to make money and do their best to increase their return on investment (ROI). ROIs are simple: it’s the amount of money that your business earned for every dollar that it spent.
Emails nearly double other marketing categories when it comes to ROI. If you want to increase your email marketing ROI, then you should look over these tips to help you succeed and maximize your profits.
1. Improve Email Deliverability
If you want your email marketing to perform well, then you need to make sure that emails get to your subscribers. You can do this by improving your email deliverability practices, which means that you should pay attention to these metrics.
- Spam rate: the percentage of people or email providers that label your emails as spam.
- Hard bounce rate: emails that never reach the inbox because of non-existent or incorrect email addresses.
- Soft bounce rate: emails that never reach the inbox because of a full inbox.
Each of these metrics let you know why your emails never reach their destinations. If your emails don’t get to your subscribers, then it wastes money. If subscribers start to put your emails into the spam folder, you should try and make your emails more appealing or valuable to your subscribers. For example, segment your audience to send them relevant information.
If you get a soft bounce, try to reach out to the subscriber through another channel. If it’s a hard bounce, remove them from your email list as soon as possible. Keep your eyes on your metrics and continue to update your email list.
2. Add Incentives and Offers
If you want to get more money through your email marketing, then you need to add incentives and offers in your emails. People love to get deals and save money, so if you can offer them something, then they will want to open your emails for those potential savings. For example, you could add coupons to your emails.
These statistics show that adding coupons as an incentive increases the open, click, and purchase rates. This means that more subscribers open your emails, click on your links, and make purchases from your website. When people get coupons, they want to use them to save money while supporting your business.
Remember that you can give your customers other offers and incentives through your email marketing.
- Giving them in-store credit when they refer friends to your business.
- Sending recommendations based on their previous purchases.
- Giving customers exclusive birthday deals.
Continue to look for ways to offer your customers different incentives and deals. This way, they will look forward to your emails, want to open them, and see what you sent them. From here, they become more likely to spend money and increase your ROI.
3. Create Effective CTAs
Some businesses forget to put effort into creating effective calls-to-action (CTAs). A CTA means that you ask your subscribers to do something that will help them become customers. For example, you could invite them to look at different deals or join your social media pages.
Since you can use CTAs to help your business in different ways, you can also focus on increasing your ROI. You can do this by keeping your CTAs clear, direct, and easy to do. Let’s look at a bad and good example.
Bad: Make sure to visit our website and buy a product.
Good: Click on this link to get these shoes for 20% off before December 31st.
The first one leaves too many questions while making it vague. Where is the website? How does the customer get there? What products should they look at? It makes things more difficult than it needs to be.
As for the good example, you give them a direct CTA, let them know exactly what they can do, and give them a link to make it easy to access. Always strive to keep your CTAs effective so that you can get more subscribers to act on them.
4. Use Automated Marketing Software
While you may think that you can handle all aspects of email marketing on your own, you will increase your ROI by using automated marketing software. It can benefit your business in multiple ways so that your email marketing becomes easier and more effective.
As this image shows, marketers feel that saving time, generating leads, and increasing revenue stand out as the three most important benefits of automated marketing.
Automated email software allows the program to send emails and quickly respond to simple questions from customers. On top of this, if they request something, you can also have your software send them that information. By performing all of these actions, it saves you money since it handles emails faster than people.
Automated software will also find you leads and add them to your email newsletters. This way, people can start getting emails as soon as possible, allowing them to interact with your business and turn into customers. It will continue to find you more leads while nurturing them so that they will make purchases.
These points increase your revenue, but keep in mind that automated marketing does so many other things to accomplish that. By getting the software, you can take advantage of these features and watch your ROI increase.
While email marketing allows you to make money for your business, you should always improve it to maximize your ROI. Continue to apply these tips and look for other ways to increase your email marketing ROI. As you do so, you can make changes to your email newsletters and campaigns so that they will draw in more leads.