Email marketing is a vital part of any business’ marketing mix, and according to HubSpot Blogs research, nearly three quarters of respondents use email to conduct business. With the right strategies in place, you can be sure that your email marketing will achieve your ROI (Return On Investment) goals.
Here are 10 ways that you can increase your email marketing ROI.
1. Build a Customer List
The data shows that respondents purchased products and made purchases specifically because of email marketing. In other words, your product or service is likely to be of interest to an audience that has already shown an interest in your industry. This being said, not all marketing is created equal, and there are specific ways that email marketing can be used to generate a better return on your investment. For instance, you can use email to grow your customer base, find new leads, and develop a relationship with an existing customer. In doing so, you increase the odds of that customer returning to your site or making a purchase, hence the saying, “the money is in the list.”
To put it simply, the more people you can get to interact with your brand, the more money you can make. So, building a customer list and nurturing that list is essential if you want to maximize your email marketing ROI. Moreover, capturing information about your ideal customer — their lifestyle, interests, hobbies, and so on — allows you to craft an email campaign that will appeal to them. They’ll then be more likely to click on your offering, make a purchase, and ultimately become a loyal customer.
2. Measure the Right Things
The same data revealed that respondents used multiple metrics and measurements to assess the effectiveness of their email campaigns, with the most used metrics being open rates, conversion rates, and click-through rates. In other words, you’re not using the right tool to measure the success of your email campaigns if you’re solely relying on raw numbers like numbers of opens, clicks, and conversions. To put it simply, you need to look at the big picture and not be swayed by isolated metrics.
For example, if you’re new to email marketing and using a free email service, you’ll see a high number of opens, but perhaps a low number of clicks or conversions. However, when you compare this to a premium service where fewer people are opening your emails but those that are are more likely to click, you might see an apparent decline in your ROI. This is why it’s important to look at a range of metrics when assessing the success of your email marketing campaign, and not to simply compare apples to apples. In the end, you can only control what you can control, and all you can do is to continue experimenting and learning, so that you can eventually reach your goals.
3. Use Analytics
An important part of any marketing plan is measuring the results of your efforts so that you can easily determine if what you’re doing is working and if you need to make changes or additions to your plan. However, not every piece of software is created equal, and using Google Analytics to track the success of your email marketing campaign is a good place to start. This platform can help you track the performance of every aspect of your campaign, from the welcome email that you send to the last bit of copy on your website.
Now, you might not want to rush out and buy all the available tools like Google Analytics. There’s a reason why it’s called ‘free’ software, and it’s because you can absolutely use it without paying a penny. With this in mind, it’s essential to look at analytics as a part of your whole marketing strategy, and not to simply see it as a measurement tool. This sort of software will allow you to experiment with different techniques and determine which ones work best for your specific situation.
4. Measure Client Reactions
One of the most effective ways to measure the success of your email marketing campaign is to look at the reaction that you receive from your client. This means that you need to be collecting data about your customers’ experiences both within and beyond your digital space. Measuring these metrics allows you to see the degree to which your clients engage with your materials, and it helps you determine the effectiveness of various content and platforms.
For example, if you’re using HubSpot to develop and track your marketing efforts, you can use the platform’s built-in analytics to track client reactions. Within HubSpot, you can determine the volume of client interactions with various content, such as websites, email marketing, social media, and so on. Moreover, you can use tools like Google Analytics to track traffic to your site from both organic and paid search results, as well as social media sites like Twitter.
By analyzing this data, you can easily see which content and platform is performing the best, and you can determine the degree to which various content and platforms convince your clients to take a specific action. Moreover, you can use this data to create more effective content and determine the most effective approach to reaching your clients. In doing so, you greatly increase the likelihood of your email marketing ROI.
5. Customize For the Best Results
If you’re using a canned email template, you’re essentially throwing away the opportunity to tailor your message to your client. A 2015 Email Marketing Benchmark Report from HubSpot Blogs found that respondents customize their messages to gain a better understanding of their target audience, resulting in a 13% increase in open rates and a 17% increase in click-to-open rates. Essentially, the data suggests that if you want to achieve the best possible results from your email marketing, you need to customize your messages to your specific audience.
6. Identify and Nurture Your Most Effective Channels
According to HubSpot Blogs research, respondents reported using a variety of channels to reach their audience, with the most popular being email, Facebook, and Twitter.
What this means is that you should be using various platforms to engage with and attract your customers, and not just relying on one channel. To put it simply, you’re more likely to attain the best results from your email marketing if you utilize multiple platforms for sending out your marketing emails.
For example, if you’re using HubSpot to drive traffic to your product website, you can use the platform’s built-in email component to send out automated welcome emails to new customers. From there, you can use the email service to send out a series of marketing emails regarding your product or service. In doing so, you can utilize various email platforms like HubSpot, Constant Contact, and MailChimp to send out these messages – all with varying degrees of success.
7. Experiment With Multimedia Content
According to HubSpot Blogs research, respondents reported using a variety of tactics to attract customers, with the most popular being email and social media marketing. This data makes it clear that if you want to succeed in email marketing, you should be incorporating multimedia content into your strategy.
Multimedia content can take many forms, from text-based articles to videos, infographics, and so on. To put it simply, the more content that you can use to engage with your audience, the better your chance of attaining the best results from your email marketing.
8. Use Direct Mail
There’s more than one way to skin a cat, and in the world of marketing, this saying rings even truer. To put it simply, if you want to succeed in email marketing, you should be using direct mail to attract your audience. This sort of marketing can take many forms, from mailers that you send out in the mail to a phone call from a random number.
The point is that direct mail is one of the most powerful and underused marketing tactics out there, and if you want to see the best results from your email marketing efforts, you should be using this tactic.
9. Track Retention
If you’re new to email marketing or looking to increase your ROI, you might be tempted to simply gain more subscribers and open rates, as these are easily measurable metrics. However, respondents in the Email Marketing benchmark report cited by HubSpot Blogs reported using various methods to track customer engagement, with the most popular being email subscriptions and phone calls from customers. To put it simply, tracking customer retention is essential if you want to determine the effectiveness of your email marketing program.
For example, if you’re using email to attract new customers to your site, you can use the platform’s built-in analytics to track the volume of subscribers and determine the rate of engagement, or lack thereof. From there, you can determine the quality of your marketing material, the effectiveness of specific campaigns, and the degree to which various content and platforms bring in the paying customers.