The Money Is In The List! This saying is true so if you have an online business then you need to build a list of subscribers. Email marketing is definitely a powerful tool to grow your business as well as your profits. A good email marketing campaign may improve your profits by eight times more. With email marketing there are some points you need to learn to be successful, such as understanding the typical buying cycle, using follow up emails and using backend sales.
Understanding the Buying Cycle
There are about 99% of visitors in a website that don?t buy the first time of visit. Although they may still be interested in the product and just considering other options.
When a visitor comes to your website and leaves then you?re losing a potential sale. If the customers are nt yet ready to buy you can still profit from them through capturing their details and just follow up with them later on.
Using Follow Up Emails
You?re only getting a 1% sales conversion when 99% of the visitors leave your site without buying. Wouldn?t you like to change that 1% conversion rate to maybe around 8% conversion? Capturing these potential customers details and making use of follow up emails could increase that conversion rate up to 800% to an 8% conversion.
A lot of people will not buy a product because they don?t know who you are or if they can trust you, after all this is the first time they?ve visited your site. By capturing their email address you may follow up with emails over time and build trust with those people. When a person starts to know and trust you from your emails they can then decide to purchase your product.
Using Backend Sales
In addition to purchasing the original product you?re selling, your subscribers may also buy other products from you in the future, which will increase your profits even more. Promoting other products or services following the original sale is known as your backend sales. Backend selling is how the real money is made in online business and many Internet Marketers miss out on a lot of profits by ignoring to sell backend products and only focusing on one product.
For instance, let?s say the main product you promote sells for $50 and you make 50 sales monthly for a total monthly profit of $2500. To grow profits many companies would concentrate on raising the number of sales they make each month.
But what if you took the backend sales approach instead. What if you attempted to sell another product or service to those existing 50 customers, let?s say a $200 product. If 20% of those customers purchased the second $200 product you?d have an extra profit of $2,000.
That extra $2,000 profit will come without too much additional work as you already have the details from those customers who have paid for the original product and they already know and trust you.
An alternative choice could be to sell a membership product to those initial 50 buyers. What if you offered a program that cost another $50 monthly membership, if 50% of those 50 people became a member of that membership program you would make $1,250 extra profit, not just for that month but every month until they left the program. If even just 10 of those people continued to be members for 12 months that is $6,000 profit for a year. If you have 10 extra people joining your membership program every month, that profit will grow higher and higher.
So you can see that a backend product or membership program can be extremely profitable for your business and it?s also often simpler to sell to your existing customers as compared to trying to look for new customers.
Email marketing is indeed a necessity for any online business if you want to build your business and get high profits.
Developing a relationship with your customers is the ideal way to sell more products and build a good, solid customer base. Understanding when and how customers buy, how to use follow up emails and implement backend sales will take your business to a totally new level.
Social Media Marketing is indeed a great approach to improve brand awareness, opportunities and product sales of your business via social media channels as well as by doing visual demonstrations such as Video Marketing, which induces attention about the organization and its services and products.
Source: http://terryladouceur.com/how-to-best-use-email-marketing/
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