LOCAL MARKET MONOPOLY EPISODE 63
The Power of Email Marketing: How to Turn $1 into $36
Podcast by Clarence Fisher
power of email marketing

About This Episode

When it comes to digital marketing, email may be the secret ingredient for small businesses looking to grow their market share and boost sales. With each dollar invested generating a return of up to $42, deploying an effective email strategy is a guaranteed way for local small businesses to increase profits while ensuring they reach their goals. It's time you start tapping into this powerful tool!

Today, we'll dive into topics like building an email list, creating engaging content, and optimizing emails for conversions. Plus, you'll get tips on some of the best practices when it comes to designing effective emails that stand out in a crowded inbox.

Check it out now!

author avatar
Clarence Fisher

Disclaimer: The transcription below is provided for your convenience. Please excuse any mistakes that the automated service made in translation.

Intro: Have you subscribed to the Local Market Monopoly newsletter yet? Each week you get one actionable digital marketing tip delivered straight to your inbox. Designed specifically for small businesses like you who want to increase their market share and grow their online presence. Each tip focuses on strategies for growing your online reputation, increasing your company's reach, and improving sales and referrals without wasting money on ineffective tactics. Sign up now at localmarketmonopoly.com and start receiving our best of the best strategies immediately. Filing for the employee retention credit? ERC is a no brainer. It's an incredible way to give your business a cash injection of up to $26,000 per employee as part of the Cares Act Covid relief package. If you were able to retain your employees during this challenging time, chances are you may qualify for ERC even if you've already received PPP and even if your revenue didn't take a hit. How cool is that? ERC is a grant. Not alone. No need to pay it back, no credit check, no risk. Get in touch with our partner bottom line now at www.employeecreditclaim.com and make filing easy. Just five minutes can help secure some serious funding. Go to employeecreditclaim.com. Whoa.

Intro: You're listening to Local Market Monopoly with Clarence Fisher, uncovering the tools, tactics, and strategies, the most successful small businesses used to dominate their local market and own the block.

Clarence Fisher: Hey, welcome back to Local Market Monopoly. It's Clarence Fisher, and here we are, episode 63. Moving right ahead. I hope you checked out episode 62 about AI powered marketing because it's kind of the way that everything is going. Use it for your emails and your blog posts and all that stuff. What we're talking about today is email marketing and a question that I continue to get and probably will always get as long as I'm living and doing this. Number one is email dead. No, email is not dead. Email is not dying. I doubt that. I don't, I mean, I don't know what is what. I just can't imagine a world without email. Yeah, even amongst millennials and the generation after millennials, still email marketing just works. So let's talk about the ROI and whether you should be doing it. Okay, so number one, should you be using email marketing?
Yes. Okay. You should be doing that. Now, here's the thing. There is a kind of, I don't know, the head, the scientific hedge. The marketers can't agree on the exact number of ROI, but I will tell you the range that I have seen for the last 13 years, and it's been this way even before I started marketing, is $36 to $42, somewhere in that range. So I always stick with $40 for every dollar you spend, you can expect to get from your email marketing investment. So imagine this, whatever you're spending on your email marketing software. And then you can also add in the time that is taking you to create those emails. The average ROI is $40, anywhere from 36 to $42 per $1 spent. You can't beat that. So how often should you send an email? Exactly. How often do you want to get Chich ching?
Seriously? Oh, okay. So here's the deal. When you are thinking about your email marketing, you have to think about your goals. Just like anything else, what are, know your email marketing goals? Is it just for a brand awareness? Is it lead nurturing? Are you trying to increase sales revenue, trying to get traffic to any one of your websites or all of the above? Which I would really recommend all of the above. Brand awareness is going to happen just by staying in front of them, but definitely need lead nurturing. I mean, this is something that a lot of people, a lot of businesses are still missing, and it's nurturing your leads. You should at least have one email going out a month, which is like an email newsletter. But I urge you to move towards once a week, and I'm not going to cover this today.
We'll cover this in another episode as far as frequency and why you should be moving to once a week, even beyond the ROI, because I get it, many, many, many clients say, Hey, I think that that is just once a week is just too much. I'll tell you, right? Okay, look, let's address this right now. Emailing once a week is not a problem at all. If you are emailing, if you're sending value, okay, once a week is a lot. If you're selling a sale or promotion every single week, and even that has a caveat because when we sent emails for the Salvation Army, guess what we sent every single week was a sale. We sent the catalog, we sent the sales that were going to happen that next week because every single day was a different color code or different sales. So people look forward to getting that email every single week.
My wife subscribes to Ulta and all of these places that they send email all the time, and yes, it's sale based, but they're also sending education as well. For most small businesses like us who you're marketing to people within your city, you have or you're a service professional or you are a doctor or something like that, you can send, still send email every single week, but it needs to be based in education. 80% of your email communication should be some form of value that you're giving your people, and so that's how you would, I would say a rough, we used to in the information marketing when industry, the rough measurement is a dollar per person on your email list per month that you should be making. But when you move from selling eBooks and stuff like that, and you start talking about selling actual services, it's so much higher.
So I mean, just think about it. If one customer, client patient comes back in and buys something else from you, that's what we're looking for. As far as that lead nurture, you have to have it. Well, I mean, I guess you don't have to. You're going to be in business without it, but I promise you there's so much more money to be made by increasing your repeat sales, and you do that through email marketing. You let your current customers know about other things that you offer through email marketing, but you always base it upon value. That's the one. That's the thing. There's several things that I agree with Gary Vader about, and that the main thing is this jab, jab, jab, right hook, which is like give, give, give, and then you can ask for something, and that's what you use email for. So $40 anywhere from $36 to $42 ROI per every dollar that you invest in email.
So here's the action step for this week, okay? If you are not sending email at all, get your team together and say, how can we at least put together a monthly newsletter? I don't think you should not be arguing with me about a monthly newsletter. Someone can put together a monthly newsletter. Go to localmarketmonopoly.com/newsletter, and we can put together a newsletter for you, or you can do it yourself if you have Active Campaign or even if you're doing MailChimp. Those are really the only two that I would recommend other than the system that we have. If you're not using our system, use active campaign or use MailChimp, and then we talked about Jasper. You can use Jasper to help you write emails, local market monopoly.com/jasper. You can go to that episode that we talked about that I think it was episode 62, it was the last episode.
Or if you have a writer on staff, which most people don't, you can go to rider access localmarketmonopoly.com/writer. They'll do it for you as well. Write your emails, write your newsletter. But for whate, however you do it, at least have a monthly newsletter going out. And then measure this for me, measure the ROI and then let me know if this is true, if this true for you. Because the thing that I see is most people aren't measuring the email or the the ROI of email. They're just like, Hey, it doesn't work, but are you emailing? But dude, are you mailing, right? So at least do it for six months and then let me know how that works out for you. Okay? I'm looking forward to hearing about it next week. What do we have coming up? I got to, I'll let you know Yext and local directory listings. That's coming up next on episode 64, so make sure you stay tuned. If there's anything that you want us to cover, just go to localmarketmonopoly.com/ask and you can let us know there. Say, Hey, Clarence, I'd really like to know if you would cover this, or I'm having this issue or this problem. Let me know how to handle that and we will handle that. Well, that's it for this week. Until next week, go do what you have to do in order to own the block.

Outro: We appreciate you listening to Local Market Monopoly. Be sure to rate, review and subscribe to the show and visit localmarketmonopoly.com for more resources that will help you dominate your local market and own the block.

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Episode 64: Why Business Directories are Essential for Local SEO and How to Maximize Their Impact