How To Make $198.40 For Every $1 You Spend
If you could put $1 / £1 into a machine and predict (to a reasonable degree) a return of £198.40 out of that same machine – how much money would you put in?
As much as you could right?
Yea, that’s the usual answer we hear. A “Machine” like this is not quite a fantasy but it takes a while to build and fine tune.
The most integral part of this machine is;
Automated Email Campaigns – Coupled with Website Tracking
These automated email campaigns can trigger to send to subscribers when they visit certain pages on your website.
Whether your subscriber was just browsing a particular category, pricing and services page, if they abandon their cart with items in it or if they don’t complete a form that would move them closer to a sale.
Pricing and Services:
If a subscriber has been tracked on your site as looking at your pricing page, this is a pretty good signal that they’re interested in at least knowing what you charge.
If they don’t call you based on what they read, how would you ever know how close they were to a sale? You wouldn’t even know they had visited the page.
Trigger a campaign to follow up with them automatically and keep your business top of mind in real time.
This topic deserves a whole article on it’s own however, 70% of people abandon their shopping carts while online meaning there is a lot of money being left out in the interwebs with nobody collecting it.
If a subscriber doesn’t complete their purchase, recapture lost revenue with an automated cart abandonment email recovery series.
If your subscribers need to complete a form in order to move to the next step in the sales process, trigger a follow up campaign if they don’t reach the thank you page.
A follow up email series reminding your subscriber to complete their form could see over 40% of abandoned forms being completed and a bucket full of lost hot leads showing up in your inbox.
The Money Machine Case Study.
A UK insurance company – LV shows this money machine method in action.
Your business may not be anything like an insurance company, but look at the methods they’ve used and brainstorm how you can duplicate the same system in your business for similar results.
Now with this campaign, LV set out to do the following;
- Improve their ROI from email marketing
- Increase the customer purchasing insurance
- Affirm their branding and build automated rapport
To start out, their email list was segmented by the type of insurance (or product) that the subscriber was interested in purchasing.
Your Version: Segment your list based on categories or pages viewed by your subscribers and tagging them accordingly. This creates little buckets of interest based segments that you can organise and market to later.
LV’s email marketing software allowed them to target specific subscribers and send dynamically filled emails based on interest.
As an example, they sent a follow up email to subscribers within 24 hours after they abandoned their quote form completion.
If the user didn’t return to their site and complete their purchase, a series of 3 reminder emails were sent telling the subscriber the “Retrieve their quote”.
Your Version: If one of your subscribers are filling out a quote form / request a consultation but don’t hit the thank you page, you can send a follow up campaign to remind them and reengage.
Remind subscribers that they failed to complete their form and you’re looking forward to hearing from them, alternatively they can call you on +440XXXX etc.
If you own an eCommerce store, your subscribers may be part way through their checkout but abandon it. A follow up series to remind them that there’s products in their cart is a great way to recover lost revenue.
Subscribers may browse a particular category of products on your site or a certain product. If they don’t return in 3 days to purchase from you, an email with similar products can be triggered to tempt them back in.
LV sent out a post purchase “Thank You” email that doubled as a cross selling device with other dynamically generated content and relevant offers based on the subscriber’s interest.
Their results were pretty impressive. Their cart abandonment series generated the following numbers;
- Average monthly open rate: 51.1%
- Average monthly clickthrough rate: 41.83%
- Average conversion rate direct from email: 10.77%
- Average monthly total customer conversion:18.82%
Overall LV= made £198.40 for every £1 spent on the new email strategy
– eConsultancy Case Study
Their automation features coupled with site tracking makes it a crazy cost effective piece automation software.
Each one of your subscribers gets a little profile in ActiveCampaign that displays what they’ve been looking at on your site, campaigns they’ve been opening etc.
You can then go and tag people specifically based on what their interests are and categories or pages they’ve been looking at on your site. This is useful for automatically creating segments in your list.
You can then set up automations to automatically send out campaigns based on tags / interests and much more
Wrapping It Up
How many different ways can you track and follow up with your subscribers without lifting a finger.
Well we say without “lifting a finger” but once the work is done, it’s running on autopilot. With a little bit of detailed thought up front, your profits can be automatically recovered.
Abandoned pages / carts / forms, there are plenty more ways to follow up with people but these are great starting points.
Map out the entire buying journey that a customer would need to travel down to make a purchase.
Mark all the points at which they could fall off the path and implement a follow up campaign to get them back on track.
You’ll thank us later.
If you don’t hire a marketing team like us to do this kind of automation set up for you, you can most definitely have a crack yourself. Set aside a few hours to get accustomed to your particular email marketing softwares automation features.