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Email marketing - outdated or not?
Digital marketing has boomed in the past few years, leaving modern digital marketers wondering which channel to use. With a plethora of options to choose from, one might be wondering if choosing email has benefits. With a resounding YES, we’re set to dive deep into understanding the world of email marketing and what it entails.
Here are some key benefits that emails bring you:
It’s a part of everyday life:
When was the last time you checked your email? Almost every day, right? Between your phone, laptop and tablet - emails become a part and parcel of every device.
Has higher conversion rates:
Compared to other online marketing strategies, email has steadily shown a higher conversion rate because there is a lot of potentials to drive users towards a buying decision.
Cost-effectiveness:
Compared to traditional print and media, email is way cheaper and also provides better returns. Developing stellar content and designs for emails and newsletters doesn’t involve a lot of big costs.
Tracking capabilities:
Email open rates, CTRs, and conversion rates are all extremely easily measurable, which makes it super easy to plan campaigns and understand the exact impact they have.
Segmentation possibilities:
Persona differentiation and geographical segmentation give businesses the chance to personalize communication to the tee, keeping communication super crisp and relevant to the end user. This could increase not only sales but also customer retention.
Automations:
Email marketing allows for a lot of automation, which frees up your time to focus on other email tactics like detailed newsletters etc. Starting from a welcome email, to mapping your user’s journey on your website and sending them targeted messaging that’s based on their behaviour can help deliver a very positive experience for the user without unnecessary clutter and spam.
Emails are the fulcrum of your communication seesaw.
From user journeys to product updates, and transactional messages, to full-fledged campaigns, festivals and so much more - email lies at the centre of being the main communication vehicle.
Another major advantage of sending emails is that they stay in the inbox until deleted, and can be found again. Unlike other notifications or social media updates, which might not be retrievable again.
There are three fundamental rules that you help you quickly improve your email marketing strategy.
1. A really creative subject line
2. Lower bounce rates with good-quality content
3. Powerful CTAs that add value to the end user
Email marketing ROI
Email marketing ROI typically refers to the money spent on an email campaign and what the returns are like. Investments in the email include collating high-quality content, collecting an email list, creating targeted email campaigns and the like.
Amount gained - Amount spent
ROI = ———————————————— X 100
Amount spent
So, for example, if your campaign earned $1000 after spending $100 on development, then you would have an ROI of $9. Essentially, this means that for every dollar you spent on the campaign, you’ve earned a return of $9.
However, there is no “good ROI” that would fit as a template for any business. It depends on the metrics you wish to track for the campaign. A big business might have a lower ROI than a small business, purely owing to scale.
Email is a common and useful tool for businesses to operate on and keep their users engaged. Which is why it’s a big part of Fyno as well, to empower PMs to leverage the power of email marketing to optimize the best possible results.
See you in the next,
Team Fyno
