Email Marketing Strategy for 2020
March 20, 2020
Email marketing is the forerunner that has paved the way for marketers to reach customers. Marketers are giving huge priority to social media, chatbots and every other new digital channel that proves promising to drive customers to the business. But they shouldn’t side-track the contemporary yet the most beneficial marketing platform: Emails. It has proved to be the best channel to attract customers in 2020.
HubSpot mentions it in a post:
Email is the oldest digital marketing channel to market and sell to customers. Many marketers think that emailing is obsolete and it isn’t that attractive and popular anymore. But the truth is quite different. Email still reigns the marketing domain and contributes the most customers as well as sales from its service.
An optimized email strategy is strongly capable of driving customers to your business and helps to make them buy. Forget the myth that Email is old and has become ineffective. The email has always been powerful and it has grown into a ‘marketing channel that can drive the best ROI in 2020’.
Consumers love and trust emails. The below-mentioned facts prove it and also inform about a few of the many benefits of email marketing.
5 Stats proving email marketing… still the best approach:
1. More than half of the world’s population uses emails:
2.Marketing Emails ‘influence’ the purchase decisions:
3. Hundreds of Billions of Emails sent and received ‘everyday’:
4. Customers spend more on email campaigns than they usually do:
Customers like to receive promotional emails (never a bulk, though):
5 Stats validating Benefits of Email Marketing:
Consumers always like useful and personalized emails because they offer something that benefits the user. Other than users, emails benefit businesses manifolds. Businesses sent informative as well as campaign emails to drive something from the customers: response, attention or sales.
Email Marketing can alone draw huge profits if it is executed efficiently. Email marketing strategy is the best approach to reach customers and has tremendous benefits to serve.
Read these 5 email stats that validate the numerous benefits and growth opportunities that email marketing can deliver.
1. An ever-increasing ROI for each dollar spent on email marketing:
2. Email Marketing is the key to Customer acquisition or Customer Retention:
3. An Email Marketing Plan can drive the best ROI:
4. Email Marketing leads all other marketing channels:
5. Email marketing plan covers each business aspect:
This is how beneficial email marketing is. It tends to remain the best channel for businesses, whether to drive customer engagement or sales. Whether it is businesses or consumers, everyone has trust and reliance over emails. But how can a business determine to drive better revenue & profits in all situations? Well, this is what you are about to know.
How to determine better revenue & profits from email campaigns:
Email campaigns can drive better revenue and profits. But how? Does sending any email results into better outputs? Never! An unoptimized email not only ends up contributing nothing but also affects the brand image. This leads to unsubscribing of emails and users can start disliking your brand, store or business.
However, business professionals and marketers have figured various touchpoints, working on which customer engagement and sales can be enhanced without negatively affecting the brand image. There are many aspects, which if taken care of, can turn the customer interest towards your brand or store. Additionally, two factors can hugely impact your email campaigns by getting a high response of customers plus better revenue and profits.
Few of such aspects to uplift email performance, backed with real statistics are as follows:
1. Personalized Email Campaigns:
2. Segmented Email Campaigns:
3. Personalized Subject Lines:
4. Relevant Offers:
5. Optimal Email Send Frequency:
These are the various aspects of email marketing, if considered well, can return the best results from email campaigns. If you are a retailer, then keeping these stats in mind will help to induce these in your Email Marketing Strategy. As we talked about 2 more factors that can uplift email performance, it’s time that we pull the curtain off them.
The two primary factors that should be considered for each email marketing plan are:
- An ideal time of delivery
- Optimal Discounting
Let’s get ahead and understand what these factors can result in.
Email Delivery Time: Identify the ideal time of delivery for email campaigns
Email Marketing isn’t about bombarding your prospects with a lot of emails at any time of the day. It is important to optimize both the frequency and timing of the email campaigns. Just imagine, if you are a customer, would you like to receive loads of emails even if it is from your favorite brand? Or would you like to get disturbed by the offer emails from your favorite store when you don’t want them? It will push you to do the same thing that most of the customers do: Unsubscribe.
To get a better response to your marketing emails, it is extremely important to send relevant offers at the right time to get noticed and earn a click. Most of the emails stay unnoticed because of the time they are sent at. It is crucially important to know the time when your customers respond to an email.
Many marketers go after the general timing stats that suggest the right time for the emails to get clicked. The stats are correct but the results vary for the business industry and customer type. If you are an eCommerce retailer, then your store must have different types of customers with varying behavior and response towards emails. In such a case, Email Analytics should be brought into the picture to dig deeper into customer insights and figure out the ideal timing to send email campaigns.
A powerful email analytics tool should be in place to tell each customer’s ideal timing to respond to an offer made by the business. At least the business must adopt proper segmentation to figure out groups of similarly behaving customers to send them emails when they respond the best.
Optimize Discounting to drive sales with profitability:
Apart from the delivery timing, frequency, and relevancy of the email campaigns, Discounts impact revenue, as well as profits. Discounts attract customers and drive huge sales. Thus optimal discounting must be a part of your email marketing strategy. The inclusion of discount creates a lot of confusion. It is because if a store offers discounts to get desired sales, then it would take away a chunk of profit. But it is also possible that if discounts are not offered, then desired sales won’t be achieved. Quite problematic, right?
The solution to achieve the desired sales with enough profits is optimal discounting. It helps to figure out the exact discount at which the sales can be achieved without any loss. In an ideal scenario, optimal discounting can work two ways. If you are an eCommerce retailer, you need to figure out the optimal discounts for both customers as well as products. It is the discount % at which the probability of selling a particular product is higher without any loss. In the customer sense, it is the discount % at which the probability of a customer buying a product gets higher without any loss incurred.
An ideal email marketing plan is the combination of relevancy, personalization, frequency and how well you optimize your discounts. To get the best results, it is crucial to use all the necessary measures to achieve success in email marketing.
However, to implement all these features, it is extremely necessary to have analytical help. As we are talking about the digital world, Analytics is required to have complete insights to serve relevant and personalized offers. Data like “at what time the customers like to receive emails, how frequently they want emails and at what discount they would like to make a purchase” is known only from analytics.