Your search for the perfect email marketing strategy for B2B ends here. That’s bold of us to make this claim. But here is the reason.
A study by DMA on email marketing found that for every $1 you spend, there is an estimated average $38 return on investment (ROI). The study also found out that consumers who purchase products via email spend 138% more due to the numerous email offers. The same study also revealed that 9 in every 10 clients perceive email marketing as a channel of great strategic importance in achieving business goals.
These claims are further reinforced by findings from a Pew Research Center study that about 73% of millennials consider email their preferred business communication means. These findings add weight to the claims that email is the third most influential information source for B2B audiences.
So What Does This Mean for Your Business?
“How can I make the $38 ROI a reality in my business?” Well, settle down because that’s all we will be talking about in this discussion.
Understanding the Hype between Email Marketing and ROI
You probably wonder what the fuss is about between email marketing and ROI. As an entrepreneur, you want to ensure that the limited resources you have are spent prudently. Therefore, it would be in your best interest if you are sure that the business decisions you make have a better financial impact.
For example, you want to ensure that the resource you commit to marketing can guarantee improved sales and revenues. But how do you measure this impact from your marketing efforts?
That is a challenge if you are reliant on other traditional forms of marketing. However, you can track and measure the ROI for email marketing if you are using the right tools. Among the key performance indicators, you can use to determine your ROI on email marketing include.
Email open rates
Click-through rates
Lead conversion rates
New leads generations rates
You now have a clear idea of why we are saying this strategy has the potential of delivering you $38 ROI for every dollar you invest. So, let’s discuss how you make this email marketing strategy for B2B work for you.
Build an Email List
The effectiveness of your email marketing campaign is largely dependent on the quality of your email list. In the case of B2B, building an email list enables you to attract subscribers specific to your business and marketing goals.
You will always know what content is right to send what clients without the possibility of your email ending up in their spam box. You will also have developed a relationship with this client from the early stages.
Therefore, you will better understand what email marketing approach works best for them. Remember, we still don’t want you to spend more resources than you have to on your email marketing campaigns.
Personalize Through Segmenting Your Audience
Personalization is crucial in improving your email marketing performance. You need to segment your email list based on shared traits. Segmentation depends on the customer targeting approach you are using in your email marketing. Here are some of the segmentation approaches you can adopt.
Segmentation by subscriber engagement-who are active? Who needs re-engagement campaigns? Who are inactive?
Segmentation by persona- what personality traits best describe your subscribers?
Segmentation by purchase behavior- what products or services interest your different customers?
Segmentation by where customers shop- do they prefer online or physical stores?
With such a segment email list, it becomes easier to pursue your marketing objectives. You will be able to send better-targeted communication, which will improve your clients’ relationships. It also creates interest among the target clients because the email subject lines will be something that intrigues them to open or respond to your emails.
Leverage on B2B Email Marketing Software
Did you know that you can automate almost the whole email marketing process? Such automation helps you save a lot of costs in your email marketing campaigns. It is one attribute that separates email marketing from other marketing efforts.
Software such as Mailchimp and HubSpot comes with a wide array of features and support you need to automate your email marketing. Such automation features also make it possible to personalize your email campaigns.
On the other hand, this software can be integrated into the rest of your CRM systems. Therefore, it also improves your lead nurturing process. Remember, nurturing these leads will help improve your sales cycle.
Track and Measure Your Performance
How will you determine your progress in achieving the $38 ROI? You need to measure your progress based on the KPI metrics you have established for your email marketing campaign. Examples of such metrics include opens and clicks, website traffic, conversation rates, and e-commerce data.
The great news is that most of the available marketing software has the right tools to help you track your performance. The reports they generate will help inform your decisions on what needs to be improved to achieve the targeted ROI.
How to Make this Email Marketing Strategy for B2B Work for You
Are you already excited about revamping your email marketing strategy? Why wouldn’t you when you got all the tips to make it work? Here is one last secret we may not have shared earlier.
We will actively help you with email marketing that will give you results. We will kick start your email marketing efforts by helping you automate and integrate all your systems. Or in other words, we will do more than half the work for you.