You want your marketing dollars to generate new leads and engage current customers, but you also need that strategy to be cost-effective.
Email marketing is the answer. And it’s metal AF.
Don’t believe me? Just check out these email marketing stats that’ll melt your face off faster than Tool’s Lateralus album:
- Email is the third most influential source of information for B2B audiences, behind only colleague recommendations and industry-specific thought leaders. So basically, it’s only behind word-of-mouth.
- Click-through rates (CTRs) are 47% higher for B2B email campaigns than B2C email campaigns. Say whaaat!
- Consumers who purchase products through email spend 138% more than those that don’t receive email offers.
- 73% of millennials identify email as their preferred means of business communication. According to Pew Research Center, there are about 71 million millennials. 73% of 71 million is over 51 million. That is a lot of people who prefer email.
Are you interested now?
With so many digital marketing channels available to the modern marketer, you might be thinking “is email marketing still a valuable part of my digital marketing strategy?”
Listen to Batman.
Email marketing is still one of the best ways to reach and engage with your audience. Email marketing provides attractive ROIs for businesses of all sizes. So, small businesses can do email marketing as well – it’s not just a big budget project!
But what is the ROI for email marketing?
It obviously depends on the business, what you’re offering, how big your list is, if you have good content to share, etc. but according to an eMarketer study, the median email marketing ROI is 122%.
That is not a typo.
And that is four times higher than any other digital marketing channel.
Benefits of Email Marketing
Even though email seems quaint compared to the sophisticated ways we interact on the internet nowadays, the number of email users around the world is still growing. By the end of 2019, the number of email users worldwide will increase to 2.9 billion. That is over one-third of the planet’s population.
So, email isn’t going anywhere and here’s why:
Your customers check their email every day.
How many times have you checked your email today? At least once, right? Maybe a few times if you’re at work.
It probably varies from generation to generation, but let’s say that the average person is checking their email at least twice a day. That means you can get in front of your audience’s eyes on a regular basis.
Email marketing often leads to higher conversion rates than other marketing tactics.
By creating a well-written email that ends with a clear call-to-action, your brand can encourage readers to take that next step in their buyer’s journey – moving them ever closer to conversion.
If a subscriber has already bought something from you, they’re more likely to be receptive to your emails, and then more likely to convert again.
It’s more cost-effective than traditional marketing tactics.
It’s inexpensive compared to direct mail and print media. With social media becoming more pay-to-play for businesses, it just isn’t the best way to get in front of your audience. Email marketing only requires a small investment of time and resources to develop compelling content.
According to one report from DBS Data, you can expect an average return of $38 for every $1 you spend on email marketing. That’s amazing!
You’ll increase traffic to your website.
One of the most significant marketing challenges is generating website traffic. There are a variety of digital marketing tactics that help you improve your traffic, like SEO and social media management, but those take a lot of time and resources to develop.
SEO takes at least six months to a year to really get going, and social media requires daily upkeep if you want to stay relevant.
Speaking of relevance, email marketing not only increases the traffic going back to your site, but it helps make sure that traffic is relevant. The people interacting with your emails are already in your marketing funnel, so they’ve already shown interest in your company.
The more high-quality leads going to your website, the more opportunities you have to influence more conversions.
It’s easy to track and measure
You can see exactly how many people are opening, reading, and clicking on your email content. It’s so easy to see whether the campaign was successful and see how much of an ROI these campaigns are offering your business almost instantly.
As you make adjustments to subject lines, messaging, and types of offers, you can continue to track success to see which strategies are bringing you the best results.
You can target your email marketing campaigns for better results.
List segmentation! Segment or separate your list into different groups with relevant characteristics or interests. Once you’ve done this, you can deliver more targeted content to your readers.
It’ll increase the relevancy and value, which can encourage more conversions.
For example, a bra company called ThirdLove makes a note of your bra size after you make a purchase and then sends you emails with bras of just that size.
Customers are definitely more willing to open that email and convert because they know that everything offered is for them.
Or if you’re a larger retailer like Kohl’s or Target, you can segment your list by gender, age, past purchases, etc., and target your list with content they might actually want to see.
You aren’t going to have a high click-through-rate (CTR) if you’re sending information about suits to someone who has only ever purchased dresses from you. Or if someone bought a book from your store, don’t send them an email about shoes.
Optimize content by testing it in emails
Maximize open rates and conversions by testing your content and figuring out which types of messaging and offerings work best for each audience. You’ll really get to know what your audience loves and hates by running A/B tests on subject lines, content, emojis, size of images, what kind of images, CTAs – the list literally goes on and on. The A/B split possibilities are endless.
Email integrates easily into your other marketing channels
Take content from your emails that has performed well and develop several social media posts from it without having to start from scratch. You can also use email marketing to promote a social media contest. Once again, the possibilities are endless.
The benefits of email marketing definitely outweigh the drawbacks, but if you want to calculate your potential ROI before starting your email campaigns, you can! Check out this email marketing ROI calculator.
Let’s say per campaign, you send 1,000 emails. Only 40% are opened. Then only 20% clicked, and 20% converted. Your ROI is still 60% if you only spent $150 on the campaign. Once you have content and an email template set up, making the actual email doesn’t take a lot of time.
Email marketing requires a lot of set up, but in the long term, it can pay off in droves.