Email marketing is not a new idea, nor is it a secret. It is however, often overlooked or even ignored. It shouldn’t be.
Here are 6 benefits of email marketing plus some FAQs on getting started.
56% of consumers are more likely to buy from retailers that recognise them by name in emails
In Australia, email marketing unsubscribe rates remain low at around 0.2%
Emails sent on Tuesdays have the highest open rates
Gmail addresses have the highest open rate at 42%
Some successful email marketing campaigns report as much as a 4400% ROI - $44 return on every $1 spent!
What is email marketing?
Email marketing is a form of direct digital marketing whereby a business promotes its products and services to their database. It can also be used to inform and educate, such as sharing news, insights and trends.
How much does it cost?
Starting from $0.00 - It’s true. There are numerous online email marketing marketing platforms that, depending on the number of contacts you have and how often you plan to send emails, offer a free service. Naturally, there are paid options that allow more features for more emails and contacts.
How do I get started?
Often, all it takes is looking at examples from emails you’ve received, and getting some ideas together. Online platforms offer step-by-step instructions and guides to get the ball rolling quickly.
Tip: make sure your client database is clean with minimal (or no) incorrect addresses.
Some free online email marketing options:
Mailchimp - Up to 2,000 contacts, with 10,000 sends per month
Sender - Up to 2 500 subscribers and up to 15 000 emails/month
Omnisend - Up to 2 500 subscribers and up to 15 000 emails/month
Keeping on top of your clients wants, needs and general experience is crucial. Make sure your service is what your clients are looking for by asking for feedback.
Email marketing allows you to do this. You can send out customer satisfaction surveys to get an idea of their feedback.
Furthermore, email marketing platforms offer in-depth analytics which show open rates and link clicks. This allows you to tailor and test material to find what resonates with your clients. For example, do your clients respond better to general information or success stories?
Email marketing allows you to add call to action (CTA) buttons within emails. These can direct users to download content, access blog posts and of course, pages on your website.
Another example is an ‘Apply Now’ button that can take users to your finance application page.
Within your emails, add short, interesting descriptions of your content to attract people to click your CTA buttons.
Email marketing can increase leads by using specific content to target specific audiences. For example, if you find a number of clients looking at investment type content, segment (or tag) that audience as investors - then, target that audience with investment related finance options.
Another example might be that you’re able to offer solutions for commercial clients looking for truck finance with minimal trading history. Include a brief ‘how to’ in your email with a [Find Out More] CTA button.
Additionally, email marketing allows you to target the right people at the right time. Leisure vehicles for people aged 30 - 40 at the beginning of summer for example or specific clients at the end of the financial year.
A large hurdle for any small business is building trust within a community. Email marketing helps by allowing you to keep constant contact with your network, ensuring they’re exposed to your brand.
Delivering email content provides the opportunity to engage with your database by way of sharing relevant news, promotions and business/industry updates.
The more people learn about a business, the more trust they have for it
Depending on the size of your database, email marketing can be free or come at a very low cost. Compared to traditional marketing, there’s no printing or advertising costs, and, if you’re using free stock images, there are no photographers required either.
Just like money, time is an important factor too - emails can be created in a few hours (or less). When you learn the processes of an email marketing platform, expect things to be easy and fast.
Most platforms allow users to check and test emails prior to sending them. This allows you to make sure they appear as they should, and contain all correct information.
A good goal is to be the first thing people think of when they want finance. Email marketing helps.
If you can regularly (weekly or even fortnightly) produce quality content, your contact list will have regular reminders consisting of your brand and services.
Remember, even if someone doesn’t open an email, they’ll still see the sender, subject and preheader in their inbox. For example:
[The Nodifi Team] - [The Instant Asset Write-Off Scheme… Nodifi simplifies the new policies…]
The process may seem a little overwhelming at first, especially if the concept is new. Here’s a quick rundown:
1: Create an email address database
This means adding the email addresses of your clients, leads and potential leads onto a spreadsheet. This can usually be exported via your CRM.
2: Upload the database to your desired email marketing platform
To add the database, follow the email platform’s prompts. As the data grows, you may look to segregate your contacts into age groups or locations too.
3: Create a marketing email draft
Email platforms allow users to create multiple email drafts. Create a few to see what looks and fits best with your business image. For example, a simple recap on the previous week followed by a CTA button to a blog post or webpage.
Although optional, testing emails is a great way to make sure your content resonates with your clients. Create two (or more) different emails and send them to different audiences. Which one gets more open clicks? Which one had the better subject and preheader? Email marketing platforms allow you to see results and statistics.
5: Be consistent
There’s no point in creating a few quality emails then letting months go by before the next one. Make sure to engage with your clients on a regular basis, by sending email content regularly. Email marketing platforms allow you to schedule emails for specific times and days.
Make your business’ news, insights and achievements part of your clients lives too. Email marketing is a simple addition to any business routine that can achieve quick, low-cost results.