When it comes to e-commerce marketing it is a jungle out there. As a marketing manager or business owner where do you put your limited marketing dollars? Facebook, Instagram, Snapchat, or the next social media platform yet to be invented? While a multifaceted approach is important for diversifying your marketing portfolio your email list is should be at the highest priority. Even today, no other medium will help you maintain your brand and continued sustainable sales with your active customer base.
Knowing that your email list is extremely important then you should also know that the size and quality of your list is crucial. We will be covering list hygiene in a separate post. Knowing you have a clean list then you can use this list to timely market to your customers by using a well timed email cadence and strategy. Once the entire package is put in place, what is the value of your list (i.e. how much revenue can you expect from your list)? Here is some benchmark math:
- Open rate of 15%
- Click Through Rate (CTR) of 13%
- Conversion Rate (CR) 3.5%
If your average order value (AOV) on your website is $100 and you have 30,000 people on your email list then the math is: 30,000 * 15% Open Rate * 13% CTR * 3.5% CR = 20 buying customers * $100 = $2,000 in sales every time you send an email. If you have a cadence of one email per week you can therefore expect $124,800 in annual revenue from your email list.