Is Email Marketing Still An Effective Business Growth Strategy?
Email Marketing is effective as long as the content that is contained within the campaign is relevant and meets the interests of the recipients.
Email Marketing still works as an effective strategy to increase customer loyalty and sales retention, if you manage your email marketing properly. 51% of marketers say that the success of email marketing is limited by the lack of relevant information that has been captured about their contacts. 78% of subscribers will cancel their email subscription if you send too many campaigns.
So, the answer to such popular questions like “Does email marketing work?” and “Is email marketing effective?” is a yes when you take the right steps in your email marketing journey.
How effective is e-marketing as a strategy?
Email marketing has been around for decades and is still one of the most effective marketing strategies today. It is an excellent way to stay connected with your customers and prospects and drive sales. There are more than 4 billion email users worldwide. That’s a lot of potential customers you can reach out to!
Studies have also shown that email marketing has a higher ROI (Return on Investment) than any other digital marketing channel. Email Marketing has an average ROI of $39 for every dollar spent. So, we can say that email marketing campaigns are considered to be more cost-effective than other forms of marketing like SEO and PPC Campaigns on Search Engines.
How Do You Measure Email Marketing Success?
Measuring email marketing’s effectiveness is important to ensure that your campaigns are effective and are reaching the right people. There are several metrics that can be used to measure the effectiveness of your campaigns.
The first metric you should look at is the open rate, which measures how many people are opening your emails. You should aim for a high open rate as this indicates that your emails are being read by your target audience.
Another important metric you should look at is the click-through rate (CTR). It measures how many people are clicking on the links in your emails. You should aim for a high CTR as this indicates that your emails are engaging and that people are taking action after reading them.
It is also important to consider the conversion rate, which measures how many people take action after reading your emails. You should aim for a high conversion rate as this indicates that your emails are successful in driving sales.
How Can Your Business Benefit From Email Marketing As Part Of Your Marketing Strategy?
Email marketing offers many advantages. When used properly, it can leverage sales, generate new customers and help in their retention. Through email marketing you can opt for various communication strategies:
Commercial: These strategies are considered to be the most traditional and are intended to increase impulsive behavior when announcing promotions or a new product.
Loyalty: In order to retain customers, this type of campaign aims to promote their relationship with the brand or company, in order to generate more sales.
Informational: These campaigns are intended mainly to inform clients, for example about future events or to get feedback on a particular service or product.
Location: This is a strategy used to inform people about the location of the physical store so that they can go into it and become customers.
These strategies associated with relevant content can achieve good results for companies. Unlike what happens in social media, in email marketing, there is a base of subscribers who are already interested in the subjects sent by companies. They can choose whether or not to open and read the emails.
91% of people access their email at least once a day. Moreover, it is also said that they prefer to receive business information via email. 92% of internet users have at least one email account. That is, practically everyone has email unlike what happens with social media, not everyone has an account, which can difficult and minimise the reach and coverage of the desired segment. These statistical indicators leave no room for doubt about the potential of this tool, which should be included in the digital strategy of a company.
Conclusion
Despite the rise of social media, email marketing remains a highly effective strategy for businesses to connect with their customers and prospects. To achieve success with email marketing, it is crucial to create relevant content and limit the number of emails sent. Measuring the effectiveness of email marketing through metrics such as open rates, click-through rates, and conversion rates is essential for ensuring that campaigns are reaching the right people. The potential of email marketing is further highlighted by its high ROI and cost-effectiveness, with studies suggesting that email marketing can be up to 40 times more effective than social media.
But, how can you develop a successful email marketing campaign with high ROI? Working with one of the best digital marketing agencies should be the first step to take to growing your business with email marketing.
If you need help with your Email Marketing (eDM) Services, simply reach out to us at Axis Global and our digital team will walk you through how we can help you reach your potential.
