Email marketing is simply the process of communicating with customers (or prospects) through email in such a way that creates value in order to get a desired response from them. It is a cost-effective medium for reaching, satisfying and keeping the customer. It comes with a number of benefits that will help grow any business that does it right. Here are a few…
1. Get More Shots At Making A Sale
How much would you sell if all you had was just one shot? Would you sell as much as if you had a hundred shots? Email marketing gives you many more shots.
No matter how good your closing rates are, they will improve with good email marketing.
2. Build A Relationship And Establish Your Brand
People buy from people they know and trust. Your mama taught you to avoid strangers and that’s one piece of advice you’ve never let go. You don’t do serious things with people who are NOT well known to you. The more you have to invest or spend, the more you look for someone you can trust. This is also true of your customers.
Email marketing helps you build that relationship that makes you a trusted friend or neighbor.
3. Increase The Lifetime Value Of Your Customers
How long do your customers stay with you? Do you have a high customer retention rate? You can still improve it with good email marketing. Furthermore, you can increase the lifetime value of each customer. That is, you will get more dollars out of each customer if you take advantage of email marketing to point them to your different products and services.
One advantage of increasing the lifetime value of your customers is that it gives you the privilege of spending more on customer acquisition while increasing profits.
4. Seize Situations And Use Them To Your Advantage
You can send special birthday messages to each of your customers on their birthdays. Don’t worry, it won’t be a chore. All you need are a few lines of codes in the right places and each of your customers will get a personalized message on their days.
Is there a recent news story that could be used to your advantage? You can let them know about it all with a twist that is to your advantage. Was there an issue with a number of customers? You can easily send your apologies, offer refunds or take quick steps to placate them. A happy customer may NOT tell anyone. However, an angry customer will.
With email marketing, you can use the good, bad and ugly to your advantage. This helps with customer retention.
5. Track, Measure, Improve
Email marketing gives you a unique advantage: You can track your customers’ actions or inactions to great details. Find out how many people opened a particular message. Find out which links they clicked on. Find out which pages they prefer. Find out what they respond to the most. Just a few codes in the right places and you are all set.
You can learn a great deal about your customers. And if you can get those details, you can measure your performance. You can then work on improving your performance using the details that are already available to you.
Don’t forget: Whatever you can measure, you can improve.
6. Build An Asset That Has Equity
How much is your business worth? Yes, you can calculate the value of your facility and equipment. But anyone with money can get those easily. Your biggest asset is your customer base.
While it is true that every thriving business has a good customer base, it’s only those who have a good email marketing set up that can actually give very detailed data on that customer base.
So which business do you think will command a higher price on the market — One that has intimate knowledge of its customers or one that speculates?