Long before “behavioral economics” was used as a term, marketers were already practicing it. If you had to explain what behavioral economics was to your granny, you’d just as her to remember how she was influenced to buy a “bundled product” at a low cost or even those ”buy three for the price of two” offers. Behavioral economics is all about influencing buying behavior (trade) with proper positioning, pricing, and marketing your products or services.
According to McKinsey Insights, however, few companies really use behavioral economics to their advantage. When it comes to email marketing, it’s forgotten even more thanks to the rush of the job that email marketing can be. If you are a marketer or business owner, you can use behavioral economics to your advantage. Here’s how:
Take away the pain of purchase
There’s a reason why digital marketing simply works: the pain of transaction isn’t immediate with digital marketing. Take content marketing, email marketing, or social media and you’ll instantly recognize the importance of long-term marketing that includes nurturing leads and building relationships by providing value. Before your emails start working as e-missives that rope in direct cash, there are multiple years worth of relationship building at work. The easiest way to make customers buy from you is also the hardest way since it takes commitment and continuous effort to inform, educate, and keep those relationships going with your subscribers.
Email marketing, hence, shouldn’t be so much about number of emails sent vis-à-vis dollar value earned. In fact, it should just be about number of subscribers who are happily opening your emails each time you send out your campaigns or even conversational emails.
Give default options
As you send out emails (through Gmail or through any other email service), don’t forget to give options for your customers. Our brains are designed to operate on a “if, else” mode. If all that you are presented with is a single option, you’d either choose it or you won’t. In business, it’s more profitable if you don’t take no for an answer. That’s why it makes sense to give options to your customers for as long as they don’t pick up your most profitable offer.
Here’s an example:
We are super excited now that you have chosen to signup for our [your web-based app]. We hope you managed to sign into your dashboard and check out our platform. We urge you to play around and see how it can help your business.
If you are raring to go, upgrade to our premium plan to get a solid set of benefits.
However, you are also free to check out what some of our super creative clients have already accomplished. See our gallery for inspiration [link to gallery/inspiration page]
Be sure to dig through our Knowledge base, resources, and download our guides
Did you know that we also have a forever-free plan? Yeah, you can thank us later but pick this one up if you’d like to play along for a little while longer.
To your success,
Team [your company name]
Did you notice what we did in the body of the email? We first made the offer that we wanted to make (the premium plan). We then gave some food for thought with the gallery or inspiration link. Customers also get to download and read as much as they’d like. They are also made aware of a free plan that they can use.
Options are beautiful. Life just gets better when you have options. Just remember not to overwhelm your subscribers with too much choice.
Find the optimum. For everything
How many emails should you send out to your subscribers? Would one email per month suffice? How about 4 or 8 per month? Each business is different and every set of subscribers reacts differently to frequencies. Whether you are following up with customers or sending out email campaigns, find out the optimum frequency. Finding the optimum also applies to copy, design, offers, etc.
Go find it. Using RightInbox, you can schedule and automate your email workflow but the real magic is in finding the optimum.
What strategy do you follow before sending out emails? Share your experiences with us.