Shop Talk: Best Practices for Growing Your Email List

A fruitful opportunity to grow your subscriber base is right under your nose — your current customers. Referral marketing is one of the most cost-effective ways to win new, loyal customers. It's estimated that referred customers are four times more likely to buy, have a 25 percent higher profit margin than nonreferred customers, spend 33 percent more per purchase than other new customers and are 18 percent less likely than nonreferred customers to abandon a brand within the first two years of the relationship. Start by targeting your "best" customers and incentivize them to refer a friend.