Why You Need to be Emailing Your Customers
Email marketing is the most effective form of marketing any business can use, especially to existing customers. For one simple reason - It works. Every successful company uses email marketing. From Apple to Ford, and this is why:
It's all about the profit
In every business, whether you measure it or not, there is a CPA (Cost per acquisition). It's how much it costs you in advertising, sales representatives etc to make a sale, on average.
So if your product costs you $50 to make, and your CPA is $25. If you are selling your product for $100 then you are making just $25, before tax. That's a 25% profit margin.
However, if you get that same customer to buy another product, you don't have a CPA anymore, They are already acquired. Therefore your profit is more like $50, or a 50% profit margin.
Why would you focus on getting more customers rather than maximizing sales from existing customers, that make you more profit for less work?
Selling to existing customers is easier
Whenever anyone ever buys from you, the moment they make the payment, what they are actually saying is "I am going to trust you."
Trust plays a huge role in sales. Testimonials or positive reviews are Trust signals for others. "As seen on CNN" is plastered on websites because it's a trust signal. "organisations you trust also trust us, so you can too".
Your existing customers have already made that leap of faith and decided to trust you. If you've delivered on your product, and given great customer service, that trust has been proven right. Which makes it easier for them to buy from you again.
Businesses focus on new customers rather than existing customers when they should be doing both. Your email list is full of customers who trust you and when they buy from you, it will offer great profits. That's why email marketing is essential to your business.