I wanted to take the time today, July 3rd, to explain some revelations I’ve been having about email marketing.
In general, ecom folks have an extreme affinity for Facebook ads (for good reason!).
Let’s face it: Facebook ads is sexy. It also is the fastest way to bring purchase-intent traffic to your ecom store.
“I spent $2194.69 today for 5.2x ROAS”
“I sent an email campaign today and it got $0.72 per recipient”
It’s obvious which one sounds more Chad-like.
However… after learning about email marketing from one of my friends Michael (@small_hustles on IG), and reading the book Overdeliver, I’ve come to learn and appreciate a few things about email marketing.
Here are the 3 most important discoveries:
Learning #1: Email has no advertising costs
I was looking at the Klaviyo back-end of Ezra Firestone’s company called Boom! earlier today. His Klaviyo campaign dashboard view showed that for every email campaign he sent out, he earned on average around $20k in revenue. And he was sending out an email campaign every couple of days! Not only that, but out of $18M revenue Boom did in one year, over 30% of it came from emails.
The reason I tell you about these statistics is to show you how powerful email is relative to the cost. The only cost of this marketing channel is the monthly Klaviyo fee (which is fully covered by Ezra sending out one campaign).
Learning #2: Email is a relationship-builder.
Email is fantastic for building relationships with your customers. And guess what – creating long-lasting relationships with your customers = creating long-lasting revenue streams!
There is a list that exists of people who have forked over their hard-earned cash to purchase from your online store. Only recently did I realize that marketing to these people is very profitable.
However.. you can’t just sell, sell, sell. You need to educate these people. You need to give them valuable information – information both interesting and valuable enough to cause your customers to open with a swiftness only rivaling Sonic the Hedgehog.
And THEN…you can finally hit them with an offer.
It takes a while to build this relationship over time, at least a few emails with great content. But it will pay in dividends when they talk about how great of company you are to their friends and rebuy your products later down the line.
Learning #3: Email can massively improve your product offerings:
What if I told you that there is a method of finding exactly what product people in your niche want to buy. You’d hop on it ASAP right? Because this information basically implies that if you sell that product, people in that niche would quickly become happy customers.
What if I told you that this product research method already exists… and better yet, you’ve already got the ability and tools to access it?
A strategy that I’ve picked up and implemented recently was to literally email and ask my customers what products they’d like to see us offer.
Your target audience and proven customers have the ability to straight-up tell you what they would want to buy if you offered it. Take advantage of this!
Not only does email allow you to expand into new products, but it also gives feedback about your current selection as well.
I sent out an email yesterday asking my prior customers this question: “What do you think about our products? Give us the good, the bad, and the ugly.”
This was an eye-opener for us because after reading the dozens of responses, we realized several ways we could improve upon our current offerings in order to better satisfy customers in the future. And a highly satisfied customer based = a highly satisfied Shopify dashboard.
TL;DR: do email, it’s sick and let’s you dig deeper into the customer’s mind as well as control their opinion about your brand.