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If you’re into digital marketing, you might have dismissed email marketing based on its supposed extinction. In reality, that couldn’t be farther from the truth. While we once had to choose between traditional and digital marketing, now there are so many online advertising platforms that businesses are always spoiled for choice. However, drafting an effective digital marketing strategy is at the heart of a successful business, so this one choice could make or break you.
What is Email Marketing?
Email marketing sends out a commercial message to people using email. The recipients are either existing or potential customers of a product or service. There are various types of emails you can send out to elicit the reaction you were hoping for. You could use your message to attract a new customer base, create product awareness or retain existing clients. If you’re completely new to email marketing – here’s our beginner’s guide. Whatever your purpose, email marketing has significant scope in today’s day and age. Here’s how.
Benefits of Email Marketing in 2022
1. Access a Large Customer Base
In light of the increasing popularity of social media platforms and chatting apps like WhatsApp, there is a predicted death of emails. But every year, the number of active email users fails to adhere to this assertion, rendering these claims baseless. The popularity of emails can be cited to their perceived permanence. It stays in a user’s inbox, unlike Facebook or Instagram ads that are fleeting.
As of 2022, there are approximately 4,258 million email users, and this number is expected to rise in the coming years. People of all demographics use emails, which is why it is a lucrative opportunity for marketers. When a significant chunk of your target market is available via email, you can easily access a more extensive customer by leveraging the power of email marketing.
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2. It’s Cost-Effective
Large corporate companies have extensive marketing budgets. They can create solid marketing strategies that use several platforms to appeal to their audience. If you’re a small business, breaking into a new industry is nearly impossible when major players are already dominating the market. You cannot create awareness for your new business, let alone garner a customer base with a limited marketing budget.
An average-sized firm could expect to spend between $9 and $1000 in 2022 on email marketing monthly. You can spend the minimum amount of $0.50 and $0.95 per solo ad, an email-based advertisement. Compared to this, social media marketing will cost you between $200 and $350 per day! While email marketing is still manageable, you cannot afford to spend this sum on social media marketing to mint its benefits. If you’re not seeing the revenue you expect from your list, here’s our guide to increasing email revenue.
3. Reach Your Target Audience
Email marketing is arguably the most effective marketing channel. While people rave about the benefits of social media marketing, it is important to note that a whopping 65% of people skip online video ads. This is a big question mark on the efficacy of Facebook and YouTube ads. Even if they see an ad that would normally interest them, they might not stop to notice it at that time amidst their scrolling. This way, your hard-earned effort will go down the drain.
Email marketing is much more targeted, and you can directly drop a message into your recipient’s inbox. This message stays there, so the recipient can come back any time to check out the details. It ensures that you reach an interested party, someone who has willingly signed up to receive email updates about your business, product or service.
4. High Conversion Rate
Businesses and marketers spend millions of dollars on advertising campaigns to see results. While businesses have marketing strategies for customers in different phases of the sales funnel, the ultimate aim is to generate revenue. If a customer doesn’t convert, it reeks of an unsuccessful digital marketing strategy. The higher the conversion rate a marketing channel has, the more time you should spend exploring it. Fortunately, email marketing boasts a reasonably high conversion rate compared to other channels as emails target warm traffic, i.e., people who already know about business, so they are more likely to make a purchase.
In simple terms, the conversion rate is the percentage of visitors that complete the desired action, for example, make a sale, out of the total number of people who visit your website. Around 60% to 65% of email users purchased a product through an email they received, compared to just 12.5% of users who made a sale through social media marketing. Email marketing is easily the winner, especially with the right know-how.
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5. High ROI
Business owners invest in digital marketing campaigns to get high returns. The higher the return on investment (ROI) of a marketing channel, the better your marketing strategy will be. Research shows that emails produce the best ROI out of several other marketing channels like Facebook. Whether you want to attract new customers or create brand awareness, emails are four times more successful in getting new clients than Twitter or Facebook.
On average, an email marketing campaign gets an ROI of $38 for every $1 you spend. This makes up for the money spent, producing mind-blowing results. Other channels like social media are costly and do not generate enough income compared to what you spend. Paid search ad affiliate channels are close but still less effective than email marketing. ROI is even higher when you employ the right opt-in strategy.
6. Room for Personalization
In today’s cutthroat competition, businesses must stand out. Gone are the days when the customer was only concerned with your product. The new age customer values the investment a business makes in fostering healthy client relations. This is why email marketing is so popular in 2022. It allows businesses to personalize their ads, thereby appealing to a potential or existing customer even more.
Use AI and automation to enhance the user experience, which will naturally increase the efficacy of your digital marketing campaign. When a user drops their email address after making a purchase, you can reach out to them to ask for their valuable feedback. This makes the customer feel ‘seen’ and ‘heard.’ You can enhance the personalized touch by addressing the recipient by their name, which will even boost the chances of brand loyalty and client retention.
7. Quick Response Time
Most digital marketing campaigns take a long time to produce results. In this new age, marketers want to see results quickly to deduce whether this strategy works. If not, they can move on to the next marketing channel without wasting any more time or money. Email marketing has the fastest response time, mainly due to the frequency with which emails are used.
34% of people reported checking their emails throughout the day, which means you won’t have to wait a long time for your email marketing campaign to produce results. It also mitigates the chances of your message getting lost amidst the sea of other emails. Moreover, emails target warm traffic, i.e., customers who are already interested in your product. This naturally increases the speed with which they take the desired action, such as liking your page or making a purchase.
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8. Serve Several Functions
Email marketing is available in many forms, which allows them to be effective at every stage of the business, whether you’re just starting out or well-established. Similarly, emails are flexible enough to target any purpose you want, whether to launch a product, acquire new customers or retain existing ones. You will just have to create a different email based on your strategy.
- Welcome emails have a high click-through rate and are an important stepping stone into a new business-client relationship. These emails are especially important in 2022, as the new age consumer values the effort a business makes to build a relationship before introducing its product or service.
- Email newsletters ensure a customer does not forget about your business. They are also highly beneficial for equipping the customer with the relevant knowledge they need about your business, an event or an approaching product launch. They would usually be sent twice a month or year.
- Lead nurturing emails follow the customer’s journey throughout the sales funnel. They are crucial to ensuring a customer does not drop out in between. You would tailor lead nurturing emails to the customer’s stage in the marketing funnel.
- Re-engagement emails are imperative to sparking a client’s lost interest in your business, product or service. You could send out a re-engagement email to tell the customer you miss them, inform them of an approaching sale, or just say hi. Even the customer responds, great! Even if they don’t, you lose nothing.
- Dedicated emails talk about just one offer, due to which they are more targeted. They could talk about a product launch, a whitepaper release, or an event. These email messages have a clear CTA so they are more effective in driving results.
Emails – The Undisputed Marketing Channel of 2022
Email marketing has several benefits in 2022, which is why it should be central to your digital marketing strategy. No matter your business’s stage, you’ll easily find a way emails can serve your purpose. Work alone or hire a digital marketing strategist to create customized emails to target your goals. The best part is that you won’t have to wait too long to see accurate, measurable results!
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