Taking a small business to the next level sounds easy but it takes a lot more than you think. Of course as John Heywood once said, “Rome wasn’t built in a day, but they were laying bricks every hour.”
To establish a business or company, you need to make every financial investment into your business count. Successful people in business have to combine due diligence, a deep understanding of business processes, and keen foresight to turn a small business into a profitable one.
When you launch your new business, the main aim is to establish your brand and its growth. Sad to say, growth doesn't happen overnight; it’s an ongoing process! It requires hard work, a lot of patience, devotion, and a handful of business approaches to surpass success. There's no reliable formula for instant success, but you can boost your business's growth if you choose the right path. That brings us to the center of our discussion- increasing ROI, (Return on investment.) This is one of the critical principles that all business owners must understand.
ROI is a return on investment; a performance measure used to estimate the efficiency or profitability of an investment. Whether it is time or finances, there will be a financial profit, loss, or BEP (break-even point); ROI compares the efficiency of several investments with any investment. We can say it is the financial performance computation in this tremendous business world.
Suppose you purchase $100 in stocks today. If you were to sell those stocks tomorrow for $100, you would retain a loss, but if you sell the same stocks tomorrow for $1,000, it's a gain, aka a positive return on your investment.
Here's the formula:
To calculate the ROI or return (benefit or loss) of an investment you divide the total sales, the cost of goods, and the advertising cost, by the advertising cost. The result is expressed as a percentage or ratio. The Current Value of Investment here is the returns obtained from the sale of the Investment of interest. As ROI is calculated as a percentage, it can be easily compared with returns from other investments.
Here are a few upshots:
Email marketing ROI is the equivalent to a pot of gold of marketing communication. When it comes to customer interaction; email marketing plays a significant role in the campaign. Email marketing has always been the nucleus of digital marketing techniques. Email marketing produces phenomenal results in the market mix. According to research findings, the average ROI via email marketing is $36 for each $1 spent. In layman's terms, you invest a dollar and receive 36 times that dollar in return. Reports also depict that targeted emails & segmented list emails bring 36% of email marketing ROI out of all the email campaigns being sent.
Below are the ways that email marketing helps:
Email still has a place in marketing
It might be old school, but email still holds its place as the most effective form of marketing. Even though social media and smartphone apps take away much attention, some still believe in email marketing. Email marketing remains effective and widely used for (CRM) Customer relationship management. It also allows companies to employ and build targeted and highly personalized customer messages.
Email marketing: more likely to propel sales than social media marketing
Social media marketing is essential for a business's growth, but it doesn't touch the area that email marketing covers to drive sales.
Sixty percent of consumers say they've made purchases because of a marketing email they received.
Email is the most formal way to communicate
Matter of fact, email is used worldwide; many statistical research findings claim that email is used by over 4 billion individuals, over half of the world's population globally. And that number is only going up with time. In fact, according to sources, another half a billion people will be using email by 2025. Thence, it's clear that your customers actively use email, so make sure you are also using it as well.
Below are the top email marketing strategies to ensure that your email is favorably tempting and yields maximum conversion.
1. Microsegmentation: Give it a thought!
Customer segmentation in email marketing is one of the advantageous methods to foster conversion rates. Basically, microsegmentation takes that a step further- it's a process of diving deep into a client's behavioral data before putting them into a specific email list category. Data includes the client's preferences, age, personality, and location. Many research findings depict that the audience's behavior is inconstant and keeps changing with time. Hence, it becomes crucial to stay updated on their recent behavioral patterns. A survey in your email list is a way to keep yourself updated on your audiences' mutating needs and preferences with time.
2. User-generated content is key!
User-generated content simply means any content created by your customers- i.e. reviews about a specific product. This includes; their honest ratings, photos with the product, or a visual using the products.
Obviously, it will help create an excellent impression if users regularly see the positive feedback from a diverse crowd of customers. The technique, in turn, increases the probabilities of more conversions! Gather user-generated content by asking your patrons to submit photographs of them using the product. Moreover, you can also include a CTA (call to action) on a ballot or survey in order to collect the data ASAP. Later on, you can include the data in your email copy.
3. Personalization always helps!
Analyses have revealed that customers are conscious of the data gathered from them. Your customers agree to give you their personal information because they assume that you'll use it to better benefit them with customization. Here's a golden clue; being in this massive marketing game for quite a long time, you might have collected a lot of customer information; use it!
Believe it, personalizing your marketing emails will enable you to improve their persuasiveness. In fact, you can give a thought to the new emerging trend, i.e., AI (Artificial Intelligence), to create custom and tailored marketing emails for specific clients.
4. Fresh designs enhance interactivity!
Gone are the days of filling your newsletter with unnecessary content. In 2022, there will be a shift in email marketing towards crisp, clean designs for newsletters. Your email is just one among the numerous emails filling your reader's inboxes daily, so it needs to be visually appealing!
Several elements come into play to ensure that your email is visually pleasant. Relevancy, reflective elements, optimized images, and graphics are among the elements you should focus on! You have to make your email campaigns more captivating and engaging to users. Try CTAs, lively GIFs, game-ification features, hover-over imagery, or even and interactive sounds; it all counts!
2021 made marketers equally eager and perplexed at the growth in sales they could achieve through email marketing. However, now 2022 is at our doors, and it's time for you as a marketer to put more effort into remedying email marketing campaigns. You don't want to miss the marketing strategies and the positive effects they may yield for ROI mentioned above. Time to test them out!
About the author: I am a passionate content writer with proven expertise and 9+ years of experience in technical and non-technical writing & started my career at a leading Digital Marketing Company i.e Geek Informatic & Technologies Private Limited. I also have an extensive experience in Search Engine Optimization and I help clients to improve organic traffic online.
Get the Most Out of Your Marketing with Stefanini’s Digital Solutions!
If you want your business to experience success and growth, you have to establish your brand, and get your name out there. Email marketing is an excellent way to do this but, like with all things, it’s essential that you remain aware of the newest trends and best methods to do so.
Our team of experts will help you tailor your marketing with our digital solutions, so you can reach your audience, and grow your business.
Get the Most Out of Your Marketing with Stefanini’s Digital Solutions!