Email is the most powerful marketing channel of the 21st century. In fact, email is so powerful that the Direct Marketing Association says that you can get a return on investment (ROI) of $38 for every $1 you invest in email marketing. Similarly, research shows that email is responsible for driving 25.1 percent of all Black Friday sales in 2015, compared to just 1.6 percent of sales from social media.
If you want to get results from email marketing, though, you need to change your approach. The following are some very little tweaks you can make to your email marketing that will give you a massive boost in revenue:
1. Create and execute an “abandoned cart” follow up strategy
One of the toughest realities you have to face as an online business is that a huge — and I mean HUGE — portion of people will go through your sales process, from their first visit to your website right to the checkout, and then drop off.
Data from Baymard, which is based on 34 different cart abandonment studies, found that a whopping 68.81 percent of people abandon carts. That’s 68 sales out of 100 that disappear at the final step.
Of course, there are many reasons why people abandon carts, but you can use email to recoup some of these sales.
Radley London recovered 7.9 percent of lost sales simply by sending cart abandonment emails. Boot Barn generated a 12 percent lift in recaptured revenue by using email to remarket to cart abandoners.
Devise a means of conducting email follow up with cart abandoners and consider integrating one of these email marketing systems with your checkout system to make following up easy.
2. Email cross-selling and upselling
How much is cross-selling worth to your business? For e-commerce giant Amazon, cross-selling was worth $37.45 billion in 2015 — a whopping 35 percent of their revenue.
Amazon’s recommendation engine is…