How to increase your conversion rate by using fast email technology
Email marketing is a business practice of marketing a commercial message to a selection or group of people using email. We all know this right? Do you also know that the primary intent (other than to establish loyalty, trust and brand awareness) is secretly having hopes and dreams of selling them a product or service? Of course you do! But sometimes we do need a reminder that the conversion rate is a very important metric used in email marketing. Without this metric it is difficult to gauge how we can turn engagement into revenue and are we making the most of our time to improve this conversion rate.
The Email Marketing Speed Imperative Study
We look at how to increase your conversion rate by using fast email technology and according to the Email Marketing Speed Imperative study (published by Econsultancy), did you know that 57% of marketers using fast email technology report higher conversion rates? (of course not, that’s why you’re here!)
Conversion rate and speed/ease of use
We look into how an email system, which is faster and is easier to use, beneficial to any company. Can you justify spending more for a faster email system? Here is a small look into how marketers’ conversion rates and ROI relate to their sector averages.
Marketers with a faster, easier to use email system have a clear advantage over those who are still using slow and medium paced email systems. 11% of the fast group reported “significantly higher” conversion rates and 33% reported “somewhat higher”. This still is good for us to see why we should invest in a faster email system, especially if companies out there are reporting a conversion higher than average by “somewhat higher” or “significantly higher”.
So, how does the speed of email technology relate to ROI I hear you ask?
The companies that took part in this study and calculate their email ROI were identified and then queried on their ratio of cost to revenue.
From this we can see the differences in ROI across the speed of the email system groups. Those with fast systems report an average ROI of $38, which is nearly 33% higher than the $26 reported by slower system. So is this really worth the investment? I’m sure by now you can conclude this yourself!
Now I hear you ask, how can you possibly increase your ROI through a faster system?
The speed of the system is not the only factor here that will allow you to get more bang for buck. Instead we are looking at a cascade effect from having a faster system. Not only are things easier to use and produce in fast email systems, this effectively frees time up for the email marketer to do other tasks.
The study goes further into how marketers are using their time (with tasks based on an average) with 55% of their time going towards creative, campaign management/deployment and basic segmentation.
However by splitting this information into two groups (average and fast systems) we have a more clear indicator of where time should be spent in the daily life of a email marketer.
From this we see that the same activities (mentioned earlier) were executed by the fast group who tend to spend 35% of their time completing those tasks.
The more successful email marketers (faster systems with higher ROI) tend to spend more time thinking, planning, tasting and creating strategies. The less successful tend to spend their time deploying and managing campaigns, thus, the cascade effect of having a faster email system.
Managing your time in a work environment is difficult but by minimising the time spent on each task this will allow us to have more free time. More free time equates to more time for higher level tasks (i.e strategy and advanced segmentation), thus, a route to increasing your conversion rate by using fast email technology.