Contacting potential customers through mass mailing lists can be an effective way of targeting specific demographics. This is no doubt one of the simplest forms of advertising. It predates most other forms of online marketing and yet is still widely used by major companies to get their message across to their audience.
It has been shown that email marketing leads to some of the highest rates of interest from consumers. Moreover, email marketing is also the most cost effective form of marketing.
From these things alone, it’s easy to the appeal of email marketing. For the customer, it gives the appearance of a personal touch and can foster brand loyalty. For a business, it offers an economically efficient way to directly reach a large number of potential customers.
But first of all, you’ll need to build a subscriptions list. Without a large quantity of people agreeing to receive and read your emails, your efforts will fall on deaf ears—stuck in spam folders and inactive inboxes.
So how do you boost the number of email subscriptions for your business?
There are a number of ways to boost interest in joining your email subscription list. This article will focus on how a value ladder can be used to do this.
Make It Easy to Subscribe to You
Joining your subscription list should be an easy and user-friendly process. You should minimise the number of clicks required to opt in as well as make entering an email address as straightforward as possible.
Another important option you should consider is in informing your subscriber what to expect when they subscribe to you. Bombarding people with irrelevant information is a sure fire way to be relegated to the spam folder or have your emails left unread. These are all simple tips that anyone can do to improve their subscription process. For the more tech savvy ones, build an interactive “subscribe button” which can respond depending a user’s actions.
All About Value Ladders
The previous tip may be simple and require knowledge or planning but value ladders, on the other hand, require a bit more know-how and familiarity with technology. Firstly what is a value ladder?
But before we delve in deeper, what is exactly a value ladder?
Well, a value ladder is a way to structure your company or business so that it compels your target audience toward you. What you’re trying to do here is to gather your customer base and convert some into paying clients who buy your low ticket offerings as well as the high ticket ones later on.
You can see this concept in place in the following example setting: when someone takes advantage of a free oil change, it’s much easier to pitch a paid service to them to such as getting a new set of tires or a full car service. The customer would never have agreed to the more expensive full car service up front, but as they were lured in by the original offer, it was easier to move them up the value ladder and down the sales funnel. It can also work in reverse. For instance, if someone buys an expensive product, you can develop brand loyalty by offering a lower priced product which will then seem like a better value.
The important part of a value ladder is that your products or services have a range of prices and that there is a defined difference between each. Moreover, even if your business offers high end merchandise, you can create entry level options by bundling your services or products. The entry level item is, of course, the most important as it’s the hardest to create. Once you have a customer, it’ll be easier to sell them more items from your range.
Parts of a Value Ladder
Your value ladder’s bottom rung or lead magnet is the most important part of your ladder as it is what draws the customer in. However, you cannot just have a series of discount items at this level. Your goal is to get as many people to the top end of your ladder as possible so your bottom rung should only draw in people who potentially could buy from your top rung.
It’s okay to offer things for free, but ensure that these are being driven toward qualified customers. Giving free or discounted products to a person who has no plans of ever buying from you in the near or far future is a waste.
After your opening offer gets people into your store or your website, you need an initial product that shows the quality of what your business offers and at a price that your audience is initially willing to shell out. This will help you develop a solid customer base that looks forward to what you’re offering.
The next tier up should be items that are presented as your core value offering. This means that they’re extremely useful while being able to turn in a healthy profit for you. This will be the staple of your business as the majority of your customer base should be here.
Depending on the service range of your product, you could have one or two more tiers in your business model. The next tier should offer expensive services or products and then should be advertised as being for members or premium customers. The exclusivity associated with the offer will attract customers who already spent money on your products and who feel loyal to your brand. This tier should also aim to make more repeat customers for you.
The final tier in any value ladder should be your most pricey item. Even if it seems out of the reach of most of your audience, you should still aim to create a small number of sales from it.
Think of it like the bottle of champagne on a drinks menu, it will attract one or two customers who like the prestige associated with the cost and it will make all your other items seem like good value to other customers. You can, of course, inversely convey the ladder by having your top item be the next tier after the lead magnet. This can then create the illusion of increased value as your products descend in price.
Additionally, it’s an excellent way to identify early on the customers who will purchase your high-end items straight away. These would likely be the same people who would be willing to commit to buying your lower end products most of the time.
Value Ladders and Email Subscribers
So that’s how a value ladder works and what it should look like, but how does that aid you in building email subscribers?
Well, it’s all based on how the ladder is structured. Just like how a customer is more likely to be a subscriber when they find value in your content and advice, they’re also far likely to sign up to your mailing list if they have purchased or received something. The value ladder also creates the idea that there is value to be had or deals and offers will be available and the only way to be aware of them is to be part of the email list.
The value ladder also creates the idea that there is value to be had or deals and offers will be available and the only way to be aware of them is to be part of the email list. Low-end customers will want to subscribe as well so they can get free resources or discounted items in the future. With them, it may be more successful to sell them a mid-tier item every few months.
For high-end customers, you can use your emails to sell the idea of exclusivity with the marketing of high-end products and premium services. Customers at this level can similarly be kept in regular contact with your business by advertising lower end products regularly rather than oftentimes hearing a high-end product.
Even if your business focuses on one high-cost item, such as a mastery program, you can still build on this. You can offer add-ons like insurance or warranty on the products you sell to your email subscribers and thus, create a ladder that way. Even a bar that only sells drink at one price can offer a bundle deal that creates a ladder. In the online world, we can translate this to the idea that you need to be a subscriber to get to know such deals. Thus the ladder, later on, creates a large email subscription list.
Hopefully, this article has clearly shown the value of value ladders to your business and how these can be used to boost your email subscriptions. The very nature and design of a value ladder require up-to-date communication to your audience so they can take advantage of the best offers. By creating this kind of a value ladder, they undergo a selling process that’s gradual and doesn’t alienate customers as much!