Email marketing is still remains a relevant marketing channel. More than 2.5 billion people worldwide access emails and are potential customers for businesses. Nearly 196 billion emails are sent globally every day of which 109 billion are promotional emails. Email marketing is thus a very powerful and cost-effective channel to promote your products and services. The major benefits of using email marketing for your business are as follows.
Effective Conversion Rate
Email marketing has an excellent conversion rate. It is also known for providing effective customer acquisition rates and fares even better than social media marketing. A recent study has highlighted the fact that email marketing has increased in size to four times since the year 2013. It has accounted for nearly 7% of all the new customer acquisitions online. Email marketing is thus the preferred medium for marketers for creating new customers and converting potential customers to increase the revenue and profitability of the business.
Email marketing is one of the most cost-effective mediums of advertisement. You can reach out to a large number of potential customers at negligible cost. The cost-effectiveness of email marketing is ideal for small businesses who can plan their marketing campaigns at a much lower cost compared to the traditional marketing channels like print and digital media which is very costly for them. A study has emphasized that 85% of the US retailers prefer email marketing for acquiring new customers. The response rates for email marketing is better and this leads to greater positive responses.
Email marketing is highly customizable. It can be tailored instantly to meet your business needs. You can send customized emails to each potential or existing customer which are addressed to their names. This provides a more intimate experience to the customers and they feel valued. Studies have established that emails which contain the recipient’s name in the subject line have 26% more chances of being opened by them. You can automate the entire process of sending emails to your subscriber list by using email marketing applications like MailWizz, AWeber, GetResponse, FreshMail, etc.
Email marketing has one of the highest returns on investment (ROI) among all marketing channels. A survey by the Direct Marketing Association and Demand Metrics of marketers in the United States reveal that the average ROI provided by email marketing was 122%. Social media marketing provided ROI of 28%, direct marketing 27%, and paid search provided a ROI of 25% which are much lower than the email marketing ROI. In 2016, every $1 spent on email marketing gave a return of $44 which indicates its relevance. You can make use of good email marketing tools like MailWizz, AWeber, etc. to get an even higher ROI.
Easy to Track and Measure
Using email marketing allows you the flexibility to measure the results accurately. You can track key metrics like number of recipients opening the email, the links which were clicked, number of people who unsubscribed. These metrics help you to understand the effectiveness of your email marketing campaign. You can analyze the data and take corrective actions to strengthen your email marketing campaigns.