Increasing revenue and profitability is an important objective for any company, so when you’ve got the opportunity to do both while spending minimal resources, why pass it up?
Email marketing is a great tool for increasing revenue and profitability. In fact, email marketing is known for generating high returns on investment because it costs very little compared to the amount of revenue it earns.
If your company hasn’t incorporated email into your marketing and sales activities, we highly recommend you try it out.
Here are five ways you can leverage email marketing to create more revenue for your company.
Follow-Up with Potential Customers
Your company can increase your close rate when incorporating email marketing into your potential customers’ buyer journeys.
It’s customary in service industries to give potential customers a follow-up call if the sale didn’t close on the initial call with them.
Though this is a healthy practice, it’s not sufficient – especially if the potential customer is weighing their options.
If your sales team is only relying on follow-up calls to close the sale, your company is missing a critical opportunity to build trust and rapport between the scheduled follow-up calls.
Your company can use automated email sequences to send potential customers information that they might find helpful while deciding whether they want to do business with your company.
These email sequences can include:
Photos of your work
An outline of your service process
Information about your team
Reasons why your company is the best option
You can also use email marketing to establish your company as a credible expert. This is helpful if your industry has multi-month sales cycles or if your company is getting potential customers that are extremely early in their buying stage.
If you have to choose one way to implement email marketing, we recommend you start with this one because it will prevent sales from falling through the cracks and ultimately increase your customer win rate.
Automate Follow-Up with New Customers
Creating an automated system for following-up with new customers can help your company secure good reviews and build customer loyalty.
If your company offers residential or B2C services, automating a follow-up email or sequence is a great way to get reviews and testimonials.
It also gives your company the opportunity to identify minor customer concerns before they snowball into serious problems.
We don’t recommend automating new customer follow-up for companies providing commercial or B2B services since they work with smaller numbers of clients and can spend more time to personalize the follow-up correspondence.
Follow-Up with Former Customers
If your company offers “one-and-done” services or services that are needed every several years, following up with former customers periodically is a great way to build referral business.
To save face and to maintain rapport, it’s important that you either provide value by sharing information or by checking-in on them before asking for referrals.
Yes, it’s possible to grow your company through organic word of mouth, but it helps to give your former customers a gentle nudge!
Upsell to New Customers
It’s a classic and effective tactic to upsell additional products or services while the wallet is open. That’s why grocery stores place all the eye-catching snacks and gadgets by the checkout line!
Automated emails can be sent at the time of the sale or within the days following the transaction.
Even if a customer wasn’t interested in the upsell before the transaction, they might be interested in the upsell after they’ve had time to think about it.
Your team can use email to show the value of the upsell and to address any questions or concerns about it.
Upsell to Existing Customers
If you’re in a business that can offer additional services or products, you’ve got an opportunity to increase the amount of revenue you earn from each of your customers (customer lifetime value) through upselling.
You can use email campaigns to educate your current and former customers about the benefits of your other services or products – and ultimately encourage them to make additional purchases.
Because you’re marketing to an audience who already trusts your company, your customer conversion rate for the upsells is often higher than you would expect.
Depending on how many happy customers you have in your CRM and what services you’re upselling, your company can expect to get a handful of sales (or leads if it’s a significant upsell) per email sent.