If your business sells products online, there’s a good chance that you are underutilizing a very powerful tool, email marketing.
Unfortunately, I’m not about to unveil the next best piece of software. I’m talking about something that’s been around since the 70s… email. And no, I’m not talking about your weekly or monthly newsletter or the ‘Thanks for joining our email list’ autoresponder. Email, when used properly, can be your hidden marketing weapon.
In some very antiquated business models that are still using salesmen for generating all revenue; the salesman will meet someone, that someone has interest, they have to call on that someone to continually peak interest about products. But, the salesman doesn’t get to know every time that someone picked up a brochure to browse products or check prices.
When a business has an eCommerce platform, they can track a user’s interest in products or categories by placing cookies on the website via direct emails or display marketing. They can continue to follow-up with very targeted emails based on what was placed in the cart, but not purchased. Here are some other behaviors that you might not think to remarket to a consumer for in an email:
- Cart Abandonment
- Product Abandoment
- Search Abandonment
- Post Price
- New Merchandise
- Price Decrease
- Low Inventory
- Back in Stock
See the below stats from eMarketer. Click to enlarge metrics.
Open rate: total number of individuals who have opened a given triggered email as a percentage of total sends
Revenue per email: total revenue through triggered emails divided by total emails sent
Conversion rate: total number of purchases made as a result of a given triggered email as a percentage of total emails sent
Click-to-conversion rate: total number of purchases made as a result of clicking through a given triggered email as a percentage
Let’s take a look at the Cart Abandonment metric. Not only do consumers open cart abandonment emails the most, but they are also the highest revenue generator from email remarketing. While a single email generally costs anywhere from $0.02 to a mere fraction of a penny to send, with a click-to-conversion rate of over 21%, I don’t know what business wouldn’t be willing to invest in that all day long.
Obviously, these metrics will vary from industry to industry; however, the mindset for eCommerce email marketing still remains the same. Let email be your secret, powerful weapon to assist in generating revenue behind the scenes; let it continue to engage your potential customers while you’re busy growing your brand.