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Find the people ready to spend
If you’re a business with a small marketing budget, chances are that you’ll be looking to generate some quick revenue at some point, and you’ll have little to no money to spend on marketing. I’ve been there.
This week, I’ll discuss a specific tactic I’ve used in these situations that avoids blasting your entire customer database with a sale that will make you look desperate.
Big promotions can be great. But if you do them too often, people will start waiting for your sales rather than paying full price. So, I’ll show you one way I like to avoid constantly using attention-grabbing discounts that you blast out to everyone.
Scroll down to get started…
-Mike
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Generate quick revenue without annoying people
When your brand needs to generate cash quickly, one of the first ideas might be, “Let’s run a big promotion!”
But sending discount offers to your entire customer base every time you need to hit a revenue goal can lead to discount fatigue and damage to your brand’s reputation.
Instead, focus on targeted strategies to drive revenue without overwhelming your audience. Here’s one of my favorites:
Segmentation and Resends for Quick Cashflow
The example I’ll share involves email marketing, but you can do this with traditional mailings, SMS marketing, phone calls, or anything else you can think of. If you have data on your customers, there’s probably a way you can use it to reach different people with different offers.
Once you have your data in front of you, here’s the plan:
1. Identify Target Segments
Data Review: Analyze your customer data and create segments based on criteria like purchase history, engagement levels (e.g., previous email opens or clicks), or specific interests.
Example Segments:
Customers who made a purchase within the last 3 months.
Customers who have added items to their cart but never purchased.
People who signed up for your email list in the past month but who have yet to make a purchase.
People who have opened recent emails, clicked on something, but have not yet bought anything.
2. Send Targeted Offers
Tailored Messaging: Craft a unique email offer for one segment you’d like to target. Use techniques like limited-time offers, personalized product recommendations, or loyalty rewards to create urgency and relevance.
Subject Line Testing: Use A/B testing or look at past emails to see which subject lines performed the best. Leverage this data to increase opens.
3. Analyze and Follow-up (Too many people skip this step)
Too many people send the email in step two and do nothing else. You have to follow a critical third step with this strategy.
Dive Into The Email Stats: Sending that first email is really just a way to get more data so you can analyze it and follow-up, because that’s where the real action happens with a campaign like this.
Look to See Who Showed Interest: Maybe some people opened your first email and bought something. That’s great, and hopefully, it got you closer to your revenue goal, but there’s still money on the table. It’s time to take all the other people and hit them with a follow-up.
Slide and Dice Again:
First, look at everyone who opened the email and clicked on something but didn’t buy—send them a new email about the item they clicked on or something that might move them further toward a purchase.
Next, take everyone who opened the email and didn’t click on anything. Send them a message that might create a sense of urgency (offer ends today), or look for new ways to get them to click. Maybe you send them a short survey. They’re interested enough to open your emails, and a survey might help you learn what they want to buy or what problems you can solve for them.
Finally, go back to everyone who didn’t open the email and try a different subject line or send it from someone else in your company (i.e., maybe they’ll be more likely to open an email from your CEO or another employee whose name they recognize). This email could be more personal and talk about the offer's benefits or share a testimonial from a happy customer.
So, to recap:
Look at your data and find groups to target.
Send one of those groups an offer.
Follow up with segments of that group based on what they did with your offer. This is the most critical step!
Still looking for revenue?
If you’re still looking for revenue, go back to the very first step and pick a completely different group of customers or leads. Then, filter out anyone you sent your first email offer to and send an offer to this completely new group. Follow up with these people, too, after your initial offer, just like you did with the first group.
Something else you can try is continuing to drill down. After you send your follow-up email to a segment from your first email, you can send some people a third email.
For example, maybe you took all the people who didn’t open your first email and who got the new email from the CEO. Now, you can take everyone who opened that email but didn’t act. Think about what your next email to them would be. As you do this, make sure you’re not hitting them with too many emails in a short span of time.
Good luck!
I’m here if you have questions. Just hit reply to this newsletter, and I’ll get it.
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Thanks for reading! Hopefully, this email sparked some new ideas for you.
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