Email Marketing - Why Is It Important?
There are currently 4.3 billion email users worldwide - set to grow to 4.48 billion by 2024 - making it a great way to promote your products or services.
Last year (2020) saw 306.4 billion emails sent and received each day a figure which is set to only increase hence why email marketing should be a big part of your marketing strategy.
What is Email Marketing?
Do you receive emails from brands you've interacted with telling you about their latest new products or offering loyalty discounts? That is email marketing!
Put simply email marketing is a form of direct marketing in digital media to promote your business's products or services. It can play a crucial role in your digital marketing strategy with lead generation, brand awareness, building relationships and keeping customers engaged between purchases through different types of marketing emails.
Benefits to Email Marketing
One of the obvious benefits to email marketing is the cost. The cost of email marketing is much lower than that of other marketing channels. Imagine how much it would cost to design, print, and mail a flyer to 10,000 people, or the price of a billboard for thousands of commuters to see. Now compare that to sending 10,000 emails and you can see why it is an affordable marketing solution for many small businesses.
Results matter! Which is why so many companies invest in email marketing due to the excellent return on investment ROI. With 2020 being a year like no other statistics show that ROI declined for many which is understandable as retail struggled to engage subscribers through email, a large amount of emails had a low open rate, which affected the entire average. However, that doesn’t mean email was a failure this past year. Retail emails averaged a 0.0% unsubscribe rate even though subscribers didn’t engage as often as we would like. There is no definite reason for this; your subscribers would have to share that, but we do know that 2020 contained a lot of unknowns. In an economic downturn, people tend to hold onto discretionary income. That means spending less, and it can also mean fewer people reading marketing emails. Prior to this in 2019 the average ROI per £1 spent on email marketing was £42.24.
Email marketing is one of the few channels that consumers request. Almost all businesses who use the platform send messages only to those who sign up for them. The business only targets people who are already interested in the brand, which can lead to much higher conversion rates. Another way to increase conversion and impress your audience is to use personalised emails. We all like to see our name in an email and feel like we have are getting a personal offer!
Email marketing is a very low cost way to start marketing with an excellent return on investment. Building your subscriber list organically may take time but you will have a pool of customers that are already engaged in your brand that you can talk to directly through your email marketing.
If you do not know where to start with your email marketing campaign then get in touch with us at Build at Brand - Digital Marketing Experts. We can help you get set up and even run your email campaigns for you!
Visit our website www.buildabrand.org.uk
Are you running a successful email marketing campaign? What would you recommend?
If not - what is stopping you? We would love to hear your stories! Leave us a comment :)