In today’s modern world, many contemporary marketing mediums such as Facebook, Instagram, etc, are introduced, yet the value of email marketing cannot be denied. It remains the most productive and widely used marketing channel, especially in business internet marketing.
Email is the primary marketing network for all brands and products of nearly every industry. It has the most potent revenue outcome as for every 1$ spent; it makes $38. According to Statista, in 2020, 3.9 billion people used Email, and 293 billion Emails were sent daily in 2019. It is expected that in 2023 half of the world’s population, i.e., 4.3 billion people, will be utilizing Email, and the daily sent Email amount will reach 347.3 billion in 2022.
Talking about Email’s importance in business, around 81% of small and medium enterprises (SMBs) rely on Email as their focal client acquisition medium and 80% for retention, according to Emarsys, 2018. However, our common observation is that rarely do we meet a person without an Email address.
In case you are ignoring email marketing for your company’s promotion, below are five reasons that will help you understand the value of email marketing and start utilizing this vital marketing channel.
1. More effective than social media
Social media is an essential element in any organization's marketing campaign. Social media is a seamless channel to connect with and improve your interpersonal relationships with your target audience. And because of that, the conversion is the essential first step towards achieving the ultimate goal.
But when it comes to changing an individual into a supporter, member, or client, the value of email marketing cannot be overlooked. It is the best approach to take.
The research proposes that customer acquisition via email marketing was then already responsible for about 7% of all online user acquisitions.
In a March 2016 report conducted by a marketer, the growth has only continued to grow.
"81% and 80% of respondents, respectively, said email marketing powers the acquisition and retention of clients. The utility of email was accompanied by other digital strategies such as organic search at 62% for acquisition and social media at 44% for retention. Both ranked productive by far fewer respondents than email picked."
2. Economic and Cost-Effective
Email marketing is simple, effective, and low-priced. Through email marketing techniques, many customers can reach business owners at the cost of almost nothing per post.
This makes it a better option for small business owners on a budget than conventional marketing outlets like direct mail, TV, and radio. For that, you don't have to take our word. A combined study undertaken by shop.org and Forrester's research showed that 85% were American retailers.
Even with all technology evolution, the marketer keeps choosing email marketing strategies to lead their businesses.
Email marketing value is exact: it is the medium producing the highest ROI for marketers for ten years in a row.
According to VentureBeat and the Direct Marketing Association (DMA) research, email marketing produces $40 in ROI for every $1 spent.
Printing, postage, etc., will take up many costs for your direct mail campaigns compared to conventional marketing efforts. An added advantage of making follow-up information immediately accessible with one click on your website can also generate the same imagery for emails.
Perhaps just as essentially, the cost advantages expand with the correct preservation of an email list, as does the ROI through the closer relationship formed with the recipients. Consequently, you receive more positive responses, rapidly and at a lower unit cost, along with the higher response rates than email marketing attracts! There is a win-win outcome!
3. Personal and Customizable
Email marketing is highly targeted, personal, and customizable. It helps you segment your audience into lists and share information and deals that resonates with their interests. DMA highlights that segmented and targeted emails generate 58% of the total revenue, and a 760% revenue increase has been noted by the marketers that use such kinds of emails (Campaign Monitor).
Modern marketing channels such as social media channels usually address the general public, i.e., “To all our fans, we would like to introduce.” In contrast, marketing through email typically addresses the particular customer by name and offer them deals as per their interests.
Stats reveal that emails that address the customer’s name are 26% more likely to be opened than those without words.
Email is used to build trust among the buyer and seller; therefore, it should never be SPAM. It should be friendly, reasonable, and personable. A wisely chosen message and the recipient will never portray the idea that you are invading their space.
4. Action Oriented
Email is purely action-oriented. It has something for everyone: sign-up, reply, forward, click-through, or even direct buying.
Email is transactional and helps in leading traffic to your website and ultimately driving sales. Once you have set up your small business and started promoting it via Email, you will instantly start seeing the results.
It does not merely transmit newsletters but also uses email automation based on your clients’ triggers.
In this regard, transactional emails are the most productive ones as they have 8x more opens and clicks. According to Experian, such type of Emails raises 6x more revenues as compared to other Email types.
The next most important reason why email marketing is quite useful is that it is entirely measurable. For example, with the help of email marketing software, you can track the stats such as who checked your email, how many and which links were clicked, and lastly, who unsubscribed you.
Besides, email campaign performance can also be monitored, adjusted, and improved to make it more effective and profitable. Additionally, you can also compare your campaign with other businesses' campaigns working within your industry with the help of email service providers (ESPs) such as GetResponse and MailChimp, etc.
A variety of email marketing software can be utilized to split email testing. For example, A/B tests come from direct mail; testing A/B is crucial in your email marketing campaigns. A/B testing can reveal an abundance of information regarding your subscribers. Are they usually more responsive to tenting subject lines like "Free," "20% off", or "Now on sale"? Or, they are more open to a softer introduction, perhaps to tell them what to expect in your email. These are everything that can be tested, measured, learned, and improved.
Give a thought to the reasons mentioned above, and you might be convinced that Email marketing is a fundamental approach for your small business internet marketing. Chart out the list of your targeted customers, utilize a workable email service, formulate an impressive and relatable email, and you are just a SEND button away from selling your products and generating revenues.