If you use marketing email to foster your relationship, you’ve got your work cut out for you. The average worker receives 121 emails a day, and consumers get nearly as many. When you’ve got to fight to get subscribers to open your emails, let alone look at them, you need every tool in your arsenal you can get.
- Give People a Reason to Open
Your email subject line is by far the biggest motivator to get someone to open (or not) your emails. Make sure your headline tells people there’s a benefit to opening the email (Save 40% with your first purchase). Make it timely (Limited offer! Get yours while you can). Create intrigue (What do rubber ducks have to do with your bank account?).
- Only Email People Who Expect Your Emails
I get probably five marketing emails a week from brands and people I’ve never heard of, and I absolutely never signed up for. Guess what I do? Yep. Unsubscribe. People are sensitive about getting emails they don’t want, so never spam people or add them to your list without permission. In the checkout process on your site, give people the option to click if they don’t want your emails so they have the choice.
- Don’t Send Them Too Frequently
You’ll find the cadence that gets best results, but I’d recommend sending one newsletter a month. Any more than that, and you annoy people. And they unsubscribe.
- Create Value in Each One
Don’t send out emails just to send them. Only send them when you really have something to share. The same goes for offers and promotions. No one is going to even bother to yawn if you offer a whopping 5% off a purchase, but 25% or more will get them to sit up and take notice.
- Pay Attention to Your Open Rate
Knowing what percent of the people you email are actually opening your emails can help you strategize for the future. Pay attention to which emails were the most popular and assess why. Were you announcing a big promotion? New product? Use that data to craft future campaigns. And see what average open rates are in your industry.
- Then Look at Clickthrough Rate
The other important information with your marketing email is clickthrough, or the rate of people who opened it who clicked links within your email back to your site. Again, this information will help guide your future email efforts. If people are clicking like mad on your promotions but not on links to your press releases, you know what they want more of.
- Keep Your List Updated
People change email addresses. That means some of your list might not even be getting your emails. Your email marketing software should identify “hard bounces,” or those emails that couldn’t be delivered. Pay attention to these and clean your list every month or at least every quarter or so to ensure that your list is up to date. Add it to the list of metrics you should be tracking.
- Use Appealing Images
Just like in a blog post or ad, visual imagery can really enhance results in email. If you use stock photos, use vivid, simple images. If you use product photos, make sure they look professional.
Putting a little effort in your marketing email can net better results each time.
- Give People a Reason to Open
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Cashflow management tips
Cashflow management is something of a delicate balancing act for small businesses. It requires careful management of time, clear terms and a concerted attempt to keep things as simple as possible. If you’re finding it hard to stay on top of your business finances, worry not – we’ve got a few top tips that will help you keep it all in check.
Clarity is essential when it comes to cashflow. Stating your payment terms both up front and in the contract ensures you’re covered should payment end up being difficult to get hold of. Many businesses will pay on time or after a follow-up reminder, but if things get tricky, you’ll need proof the terms were agreed to – i.e. a signed document.
Be clear with your accounts department too about which payments are due and when. A standard 30-day invoicing structure is fairly standard and keeps things simple for all involved.
Depending on the size and nature of your business, you may want to take deposits for projects to ensure some financial stability. No only does this mean you gain a commitment from the client to the project, it also means if their balance payment is late or they suddenly pull the plug, you haven’t lost out so dramatically.
Timeliness on your part can make a big difference to your cashflow circumstances. Not only is it important to deliver a project on the given deadline (of course, many jobs overrun for all sorts of reasons, and communication with the client here is key) but also with invoicing. Ensure your invoicing is done within a day or two of the completion of the task, rather than invoicing everything at the end of the month. This will help to fill gaps where funds may be running low.
Make paying easy
Making payment of invoices easy for clients will help to ensure they’re settled promptly. With so many online accounting systems, digital payment options and such available now, there’s little excuse for insisting on cash or cheques. Provide your bank or PayPal details on every invoice so that transfers can be made quickly and easily.
Put cashflow before profit
When you’re implementing a finance strategy it can be easy to focus on making a profit. But placing profits above cashflow will only set you back farther. Inflating margins or taking risks on larger, less reliable clients in the pursuit of profits can end in disaster. Instead, ensure you can cover your bills, salaries and insurances comfortably by working with reliable clients and keeping prices competitive. In the long term, it’ll give you a more solid foundation for growth.
Following these tips should set you on the right path to better cashflow management, but if you’re running a small business in the capital and need extra advice, contact one of the specialist business accountants in London. They’ll be able to help you with further techniques and strategies to ensure stability from month to month.