Marketers are continuously faced with the challenge of increasing revenue and it’s no surprise they continue to turn to email. Email has been a long time favorite channel of choice that, when implemented correctly, can easily drive site visits and conversions. While some may believe that sending lots of emails will help drive revenue in the short term, unfortunately it will also lead to higher unsubscribe rates and spam complaints which will of course affect mailing reputation and deliverability rates within an email campaign.Implementing a strategic email marketing campaign approach that offers the right balance and blend of frequency, segmentation, relevance, creative and continued testing, plus a keen eye for the overall subscriber experience, will not only increase revenue but drive stronger customer engagement in the long run.
Ready to beef up your email marketing programs? Read on to see the 5 key strategies that will help you start increasing revenue today:
1. Clearly Define Your KPI's
When defining your KPIs select the key metrics that will impact your overall business goal/goals. Then, ask these 2 questions:
- What is the main objective of this particular campaign?
- What success metrics will highlight that all outcomes have been met?
Be sure to also highlight the unsubscribe rates and spam complaint rates and calculate accordingly. Look beyond revenue per email, but rather look at the ratio of revenue to mailed volume. KPIs are crucial for providing focus in a business.
The most important factors to take into account when setting up email marketing KPIs are to:
- Align them with the brands overall business goals
- Make them SMART: Specific, Measurable, Achievable, Realistic and Time-bound
- Don’t only look at quantity, but also at quality
2. Monitor and Asses Performance From All Marketing Channels
Strive to break down silos and reduce territoriality. Marketers whose performance is only assessed based on a single channel may have an inherent incentive to not focus about the bigger picture. Implementing an omni-channel approach will allow marketers to choose the best channel for each message. For example, one brand's customers may prefer a transactional email in their inbox as well as a mobile push notification. Be sure to offer preferred channel messaging with every engagement to improve success rates.
3. Execute Frequent Testing
Develop and deploy frequency testing plans by segment, especially for calendar-based emails. Once frequency timing strategies have been set a marketer should:
- Create base models based on factors such as engagement, tenure and acquisition source
- Test timing for at least 3-6 months to minimize the effects of seasonality
- Create different key segments, such as one with lower frequency but the same content approach (for example, still using a calendar-focused plan), and one with less frequency but a higher percentage of triggered messaging
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4. Acquire High Quality Subscribers
Subscribers who are highly engaged will naturally lead to better channel performance, so conducting acquisition source analysis to understand where to focus acquisition efforts is key.
5. Context Aware Engagements
Consumers are opening their emails from all over the place, which of course means that marketers need to accommodate and tailor their messaging to the recipient's device of choice (if known based on profiling or preference center choices).
Reaping The Results
It takes a long-term view, discipline, dedication, great data, lots of analysis and a heaping dose of strategy combined with powerful technology to reach the promised land of increasing revenue via email marketing programs. Want to dive into more top tips and strategies for increasing revenue? Download our guidebook!
Free guidebook: How to increase revenue while decreasing email sends