How often did you check your email today? Twice? Three times? 34% of Americans say they check their email constantly throughout the day. So it makes perfect sense to build your brand within your audience's inbox.
You've already chosen the perfect email marketing service provider to help grow your marketplace platform. Now it's time to create a strategy to drive value to your audience and begin nurturing leads through the buyer's journey.
Here are the three steps to creating a winning email marketing strategy for your marketplace platform.
1. HOW TO CAPTURE EMAILS: BUILDING YOUR LIST
While there are a few different ways to get people to opt in to your mailing list, offering a lead magnet is definitely the most effective. A lead magnet is a free gift that you offer your audience in exchange for their email.
Try developing a e-book or white paper that's relevant to your industry. A "best practices" or "how-to guide" can offer value to your target audience. Great freebies help people better understand your space while positioning your brand as an industry expert.
Here is an example of a Near Me lead magnet:
When someone clicks "Download Now," they're directed to a landing page that captures their contact info:
The landing page explains the value of the offering. When the visitor enters their information and clicks "Submit," they are emailed the e-book and entered into your mailing list.
Also, be sure to include an email subscription as part of the registration and/or purchase process of your marketplace platform. Customers make the best mailing list candidates!
2. HOW TO CHOOSE THE RIGHT FREQUENCY
When to send...
It is important to be clear about when people can expect your emails. Providing a clear call to action and consistent follow-up is a great way to promote success. Inconsistent emails and not delivering on set expectations is a great way to get unsubscribes... the nail in the coffin for email marketers.
If you promise to send your newsletter once a week, make sure to deliver. If you promise to only email your list once a month, don't ever exceed it.
If email frequency is not clearly stated in your lead magnet, the initial follow-up email should set the expectation. Sending a follow-up email immediately can help you introduce yourself and tell your new subscriber exactly what you plan to do with their email address. Feel free to be as lengthy as necessary.
When to pitch...
Think about your user when you're pitching. It's all about adding value to them and less about making money for you. Even though your pitch might now be asking your audience to buy, it's still asking them to do SOMETHING.
Make sure that something will be of value to them, like a piece of content similar to something they've showed interest in before. Maybe your offer is a discount on a product or service a customer purchases frequently.
The more you can segment your email list, the more targeted your ask can be. Try segmenting lists by web action, purchase history, or clicks on previous email campaigns. Knowing your audience's interests can help you deliver more value to the right people. Which leads to step three...
3. HOW TO ANALYZE YOUR EMAIL METRICS
Regardless of which email marketing service provider you use, you'll have access to analytics that will help you adjust your strategy. Three key metrics you should focus on are open rate, click through rate (CTR), and unsubscribes.
Open rate shows what kind of relationship you have with your audience. High open rates mean people find value in your emails, like your subject lines and are generally interested in your content. Low open rates could mean your emails are ending up in the spam folder or being deleted upon receipt.
A low CTR points to inadequate targeting or poor copy. People are opening your email but not clicking on your call to action.
Watching your unsubscriptions is key. If more people are unsubscribing than subscribing, you're all but doomed. Examine when people are leaving and evaluate what you can change to keep it from happening in the future.
Analyzing your email campaign metrics is critical. If you're watching closely, the data will give you solid clues as to why people are opting out and what you should focus on changing.