Is E-mail marketing still effective?
The proverb, ‘Change is the only Constant’ is true in almost every aspect of life. ‘Almost’ because there can be exceptions too. If we take the example of marketing on the Internet, for about 10-15 years ago, there was no good alternative to the ever reliable electronic mail.
But in the last few years, the dynamics have changed. Because of the entry and subsequent boom of Social Media, the number of people marketing on this new and happening platform is gradually increasing. But that doesn’t make e-mail marketing obsolete. On the contrary, hear a clear fact for e-mails: YES, it is still effective and alive!
Statista, a German database company, has concluded that about 2.5 billion people in the world are on social media every month. So it will be natural for some to prefer marketing on social media than e-mail, as most of such thinkers would be youth/millennials and new to digital marketing. But another stat from Statista says that active e-mail users on the planet amount to a whopping 3.7 billion!
For those who doubt the good old e-mail, one thing to note is that having an e-mail account is, in a way, must for everyone. Because, an e-mail ID is required to create an account on any social media; it is also required to make a user account on any other website, especially on e-commerce websites for shopping. Besides Statista, many other studies also show the effectiveness of e-mail marketing.
Some e-mail facts:
The Consumer Email Benchmark Report of 2017 found that 74 trillion emails are sent every year, with the number increasing.
Even the Radicati Group Email Statistics Report backs this by concluding that people sent and received about 281 billion emails every day in 2018. This will increase to 333 billion emails per day in the next 5 years.
A study by Adestra found that 78% of teenagers too, use email!
The number of people checking their emails on their mobiles is increasing as evident from this study by Litmus.
Adestra has also concluded that 83.8% of people use their mobiles to check their emails. Those who have Gmail, 75% of them check it on their mobiles.
There are obvious reasons which make E-mail marketing powerful, effective and compelling even in this age of popular social media and other new avenues of digital marketing:
E-mails can be targeted and hyper-personalized
There is no control over who will see your advertisements on other marketing platforms like newspapers, social media, TV, etc. But on e-mails, marketing can be highly targeted down to an individual level. The email list can be segmented based on various parameters like demographics, location, lead status, etc. Knowing this much information of the consumers also allows you to send extra personalized emails; something that can give a higher conversion rate.
It is inexpensive
There are no costs involved in printing, ad space, postages, etc. and this makes email marketing inexpensive as compared to other marketing channels (probably excluding social media). Various studies have estimated that the ROI on email marketing is around 40$ for every 1$ spent in it! A marketing automation software greatly helps achieve this.
Everyone check their e-mail
Multiple studies have backed this fact. If not every day, still, everyone will check their mail once every few days. People in the working age group and those with a regular income have purchasing power, and such people do check their emails every day. It is the first task of some people as their day begins. The reason is, many things happen only via emails; official work communications, purchase confirmation and bills, user account verification, etc. are to name a few.
E-mails are action-oriented
People instinctively respond to emails via clicking through, forwarding, replying etc. This can be taken advantage of by marketers by including one or multiple Calls-to-Action (CTA) with clear cut benefits in the promotional emails. Hence, email campaigns have a good ROI and conversion rate.
E-mail marketing can be tested and measured
Objective metrics is a big advantage of email marketing over other forms of marketing. It shows data of Delivery rate, Open rate, Click-through rate, Bounce rate, etc. revealing the interests and behaviors of people and helping you evaluate the email campaigns, make data-driven decisions, and optimize the future campaigns in correct ways and places.
Email marketing can be done smoothly in A/B testing. Several different parts of an email can be tested before finalizing, for e.g. mail length, subject line, CTAs, etc. and make a perfect, attractive mail copy for campaigns.
The power of an email list should not be underestimated. It can generate revenue with a few clicks. Sending a promotional mail will make at least a certain percentage of people from the list buy your product/service, adding to the overall revenue. Bigger the email list, better it will be for your business as it will bring in more revenue.
This can’t happen on social media as comparatively less amount of people may see your promotional content on their news feeds because of multiple filters. Email marketing hence gives a higher conversion rate for click-through than social media.
Good for Brand retention
Because of visibility filters on social media, your business brand won’t be seen regularly by the potential customers on their news feeds. But since people check their emails regularly, you will constantly be on their radar. Sending targeted emails at frequent intervals will help you stay on top of their inbox. Even if they didn’t open your mail, at least the subject line will ensure your brand retention in their mind. So when they need a product/service offering like yours, they will more likely prefer you.
Social Media and e-mail marketing together becomes more powerful
The popularity of social media is obvious, but it doesn’t mean that email marketing may not work in tandem with social media marketing. Both platforms have the potential to truly enhance your marketing goals when considered together. Email lists and social media feed off one another.
You can give some of your social media promotional content links to your email list and on the other hand, you can use social media effectively to build a bigger and stronger email list and to generate new leads for it. This constant cross-promotion can greatly benefit your business and take you to a position of strength in the market.