Email Marketing Strategy: Setting Up Your Goal for Maximum Conversion
Email Marketing Strategy: Just a major warning, this post is going to be a bit nerdy. We are going to do formulas, use metrics, go through conversion goals, and analyze our goals. Just know that you have been warned. But here is the thing, I am going to break everything down to you in step by step and hopefully will help you define your email marketing goal by end of this post. So, never fear, setting up your goal for maximum conversion is here.
Now, let’s discuss what you will need to follow along on this post?
#1. Your undivided attention. Ok, you can have multiple tabs open but please promise me you won’t get to them until you are done with my post.
#2. A #2 pencil. Ok other ones will work to but we will be doing a lot of writing so pencil is preferred.
I will give you 2 minutes to find everything…..if you have a toddler like mine who is a stationary hoarder, and will claim your Uniball like a long lost treasures, then yes, by all means take 2 extra minutes…
And we begin!
Ok now that you have your supplies, let’s get started. First of all, we are going to setup your goal. No this isn’t about your hopes and dreams, although those are nice too. This is more about your email marketing goals and what you want to accomplish as part of your campaign.
Yes, I did say campaign and your email marketing efforts are mini campaigns. But before we get that I would like you to think about two different goals that will be vital to your campaigns success. The two different goals will be Macro Goals and Micro Goals.
The macro goal is your high level goal something that you want as part of your overall campaign. It can be something such as landing a client or selling a product.
Your micro goal will be something that is within your reach, something that you can easily create right now. For example having someone signup for your freebie offer.
Now before we proceed, I would like you to also come up with answers for the following as well:
What is your business objective? Another words who do you serve and what is your goal with your business.
Content goals – What are the actions your audience will take as part of the campaign (this can also be your micro goals).
Data – What data will help us answer the questions that will meet our goals, another words what type of data will you look for to make sure you have achieved your goal?
Success metrics – What relevant metrics can be used to measure your content goals over time?
Campaign: How are you driving traffic to your lead magnet or freebie offer?
Now that you have some idea about why you need to setup the specific email campaign let’s delve further into your goal.
We will start by defining your lead value. This process will help us define how much your lead is worth in your business.
Establishing a lead value:
Lead Value = Average Revenue X Percentage of Visitor Who Turn to Paying Customers
Now let’s say your average product sale is $500 per month. The percentage of your website visitors who turn into paying customer is 1%. So the math would be $500*.01 = $5. This means whenever you have a lead, they are worth $5 each to your business. If you don’t have accurate estimate of your product sale or if your product is new just estimate your product sale.
You might wonder, why is this relevant to your email marketing strategy? Well the answer is EVERYTHING. You may decide to create ad campaigns to drive traffic, knowing what your lead is worth will likely tell you if you are overspending or not and when to stop increasing your price.
Now that we have everything defined, let’s get started. Click here to download the worksheet to follow along on setting up your email goals. If you have followed this post closely, your should have answers to most of your
Step 1: Define your macro goal.
Step 2: Define your immediate micro goal.
Step 3: Data you will gather.
Step 4: Success metrics.
Step 5: Result
Download the worksheet, save it where it is easily accessible during your email marketing and then use it to assess the health of your campaign. You can create multiple campaigns by having different freebie offers to see which one converts better, this will also allow you to go back and modify your micro goal and help you become better equipped with making decisions for your email marketing strategy.
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