5 Reasons Why We Need Email Marketing
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With 333.2 billion emails sent and received daily worldwide, email marketing is more than just alive and well – it’s growing at an incredible pace. Crafty marketers extract ever-growing revenues – around 13% per year on average – from email campaigns while customers take advantage of new email opportunities like on-the-spot purchases and actions.
Undoubtedly, email marketing is at its peak. MailCon’s marketing conferences in 2022 have gathered more people than ever in the wake of the pandemic, and the best is yet to come. As more people are willing to tap into a classic yet unbelievably profitable avenue of email marketing – the ROI reaching up to 3,600% – upcoming marketing events look more than promising.
Let’s go into detail to understand why email marketing is King.
1. Unlimited Reach With Deep Segmentation
Four and a quarter billion email users make email the second most popular medium after social media, with 4.70 billion. But if social media has 450 million more users, wouldn’t it be reasonable to promote there first? And why would 80% of marketers give up social media before email marketing?
The answer is segmentation. With all the potential of social media, you cannot segment your audience there, having to reach heterogeneous groups of people with the same message. Conversely, email allows you to categorize your subscribers by dozens of criteria – demographics, history of purchases, etc. – so you can hit everyone with a tailor-made message.
A unique message crafted for an individual category of recipients can double, triple, or quadruple your marketing metrics across the board, yielding up to a 760% increase in revenue.
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2. Low Costs
It’s not that you shouldn’t sell through direct mail or seek exposure at niche email conferences like that MailCon – it’s just that email is by far the cheapest marketing channel, not to mention its incredible ROI potential.
The average monthly email marketing budget of around $1,000 — including the costs of purchasing an email service provider (ESP) and designing and running your campaigns — will allow you to keep in touch with your target audience and even broaden your horizons.
3. High-Intent Leads and Customers
Although it’s possible to send unsolicited emails, most email marketers opt for customers who have chosen (signed up) to receive updates. Not only does this increase conversion, but it also allows for a special strategy aimed at the most motivated leads and loyal customers.
For example, you can use interactive emails to pull the information a particular recipient is most interested in, be it the available seats, the special offer countdown, or the purchase button built in your email letter.
4. Allows for Perfect Timing
Imagine sending a menu at a random time vs. sending a discount on the recipient’s favorite dish on the eve of their birthday. No expertise is needed to figure out which email will convert more. Timing is paramount, and emails can be automated to reach any number of customers at any time.
Emails are most effective when sent around 10 a.m. and 4 p.m. while avoiding the most congested first 10 minutes of an hour. Likewise, Sundays and Saturdays may work for some specific businesses.
Besides, you can hit your leads with a relevant email using geotargeting. It’s much easier to agree to visit a nearby store than when you’re far away and need to change your plans to fit the shopping into the day.
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5. Easy to Track
Email marketing is easy to measure. Using the good old metrics – open rate, click-through rate, conversion rate, bounce rate, and unsubscribe rate – you can understand which campaigns need a tweak, which underperform (and maybe should be phased out), and which are worth doubling down on.
Here are the average values for the most popular email marketing metrics across all industries:
- Open rate – 19.8%
- Click-through rate – 11.3%
- Conversion rate – 2% to 5%
- Bounce rate – 9.4%
- Unsubscribe rate – 0.1%
Even these ballpark figures can help you understand where you’re doing well and where there is room for improvement.
Email marketing is the lifeblood of many businesses today, regardless of the industries those businesses operate in. Utilizing email marketing provides an unrivaled return on investment, connects you to the widest audience, and allows for a personal approach to every lead and customer while not consuming many resources. Without a shadow of a doubt, those utilizing email marketing have all the chances to outrun those thinking of it as an outdated relic of the past.