It’s no secret that email marketing has been around for decades, but while many want to discount its effectiveness, email marketing is still one of the best-performing channels for businesses. It also gives you a lot of flexibility when it comes to segmentation and targeting, making it easy to reach your audience where they are and offer them what they want.
Does email marketing have the highest ROI (return on investment)?
Email marketing is more cost-effective than other forms of digital advertising. Now, every vertical is different and every company is unique, yet for years statistics on email marketing show that for every dollar spent on email, you can expect to get a return of $38-$40. That’s huge compared to other forms of digital advertising that have a much lower return on investment (ROI).
Email also has an extremely high conversion rate: up to 14 times higher than Facebook or Twitter. And when it comes to customer retention rates, email wins again—with some brands seeing up to 80% higher customer retention rates via email compared with other channels like direct mail or social media!
An email marketing campaign can be a great source of new business
Unlike other tools in the digital marketing toolbox, when it comes to email, you actually own this “tool”. Namely, your subscriber’s email address. Think about it, email marketing is one of the most direct ways to reach your customers, and it can be measured more accurately than other channels.
When email marketing is used correctly and with the appropriate goals in mind, it can help you achieve company-wide goals.
No other channel offers the same kind of data or opportunities for experimentation
Email is a direct line to your customers, and it allows you and your customers to have a closer relationship, so they’re more likely to engage with your brand when they receive an email from you. You can split test everything — from subject lines and calls to action (CTAs) to email design — on your email list before you make any major changes elsewhere.
Email also gives you access to customer feedback like no other channel does. Even with MPP issues affecting open rates, you still get excellent insights – especially when you are asking customers to simply reply to an email (as opposed to sending them to a survey; yet, that also gets good results). All in all, customer feedback via email marketing leaves other digital marketing mediums in the dust!
Email marketing is a great way to test different ideas
Try out new products or services with email marketing. If there’s something new in your pipeline, send an email to your list letting them know about it before anyone else does. Then watch as they flood in with orders, requests for more information, questions — pretty much anything that’ll help you gauge interest and demand for this product or service.
You can also use email marketing as an opportunity to test messaging that might eventually appear on other channels, such as social media and paid ads. For instance: “Shop now!” vs. “Click here!” vs. “Buy now!” Which one gets more clicks? Which one converts better? The answer could mean the difference between success and failure when it comes time to launch those ads later down the line.
In an omnichannel world, email marketing can’t be sidelined
You may have noticed that we’ve been talking about email marketing nonstop since the beginning of this article. That’s because it’s important for your business to understand what makes a good email and how you can use it most effectively. Email is the most measurable channel, allowing you to track metrics like open rates, click-throughs, and unsubscribes in order to improve them over time. It also tends to be one of the best sources of new business that any organization has access to — with conversion rates as high as 17% (and even higher when you’re using retargeting).
When all is said and done, email marketing remains a key piece to your digital marketing efforts and must get the attention it rightfully deserves. It is a powerful force in an omnichannel marketing strategy. It’s measurable, it can drive new business, and it allows you to test different ideas with ease. Ready to take your segmentation and ROI to the next level? Get in touch with us today and let us show you how to take your email marketing program from zero to hero! Schedule a free 15-minute consultation.
