Ty D. - July 19, 2023
In recent years, active-workforce generations have struggled to agree collectively on different topics, from politics and social reform to who has the best decade of music and fashion, but we mostly agree on two things. Email marketing is one of the biggest revenue generators for any successful business, and the AOL “You’ve got mail!” audio is still living rent-free in our heads (and will most likely remain there for years to come).
Email marketing allows the customers on a company’s email list to be aware of new product launches, discounts, and other services being offered. It ensures that businesses reach their target audience directly in their inbox and provides reassurance that their message is delivered. It also has a higher chance of being seen compared to other marketing campaigns like billboards, TV commercials, or social media posts. A well-written and timely email campaign can shift a company’s bottom line in a day’s time.
Emails allow for a softer sell to educate a company’s audience on the value of the brand in the marketplace, and it keeps them engaged about changes and updates to the business between purchases. If a retail company has decided to sell a sustainable product line or change its return policy, a quick and friendly email sent directly to its top shoppers can entice them to buy again or at least help spread the word about any new initiatives. The same can be true for homebuilders that have upcoming promotions, new neighborhoods, and events like CEU courses and open houses that they want to advertise.
A lucrative effect of email marketing is influencer/social media marketing. Emails can be a gateway for influencers to receive information before the general public. Being one of the first people to continuously report on reliable company updates helps to advertise their channel as one worth watching, subscribing to, and sharing with others. This, in turn, causes them to make more money. New online personalities will often do this marketing for free as they expand their own business, but established accounts with a large following will charge a fee for any updated business news or product-related posting. The relationship between influencers and businesses that seek their services is symbiotic and financially beneficial for both parties.
Email marketing is a cost-effective way for companies to promote their products or services. In general, sending an email is significantly cheaper than many other advertising methods. Compared to traditional marketing practices like print advertising or direct mail, email marketing is relatively inexpensive. It eliminates printing and postage costs and can be easily automated, saving time and resources.
Platforms like Salesforce [Pardot], Mailchimp, Hubspot, and Lasso CRM allow businesses to send targeted email campaigns to a large number of people simultaneously on their subscriber lists without having to spend hours personalizing and tracking each email. This subscriber list has shown an interest in their products or services in the past. With their email signup, they accept targeted emails based on their specific demographics, interests, or past purchases. This allows personalized and relevant communication to influence their interaction with the company. Additionally, unlike regular marketing emails that are sent to a contact list on a fixed schedule or at intervals (like in a drip campaign-a series of automated emails sent to people who take a specific action on your website), automated emails are sent when customer behavior matches the conditions defined in an automated workflow.
Email marketing provides valuable data analytics and measurable results. Companies can track metrics such as open rates, click-through rates, conversion rates, and revenue generated from email campaigns. This data allows businesses to analyze the effectiveness of their email marketing efforts and make informed decisions about changes and continuation. It’s important to remember that this information is only as useful as the team/business optimizing the data for future campaigns and better results.
Email metrics are easy to misinterpret, so a knowledgeable marketing company with years of experience must be on hand to accurately interpret the key performance indicators (KPIs). Other marketing professionals may not have a full understanding of how to analyze raw data. It can be easy to misinterpret because many people don’t consider competing factors at the time the marketing campaign began or during its run. A popular sports game that prevents changing the television channel, unexpected weather delays that cause billboards to go unseen, or an issue with the postal service delivering mailers can all affect a campaign’s performance. In comparison, emails have a less likelihood of being interrupted or mishandled because their delivery works on a digital network, and the UTM parameters (a line of digital code placed on the back end of a URL that sends users to a website) are built into the platform to help the business have a better understanding of traffic flow.
Do you know how many people opened your last sent email?
Email open rate is the percentage of subscribers who open a specific email from a company’s total number of subscribers. On average, a good open rate percentage is between 17-28%; however, researching standard rates for your company’s industry is encouraged so the numbers are not skewed. It’s important to know this number or percentage, so you can ensure your emails are effective and reach the right audience.
How many people read through your last email and clicked on the links?
The percentage of individuals viewing an email or web page who click on a specific link or advertisement that appears on the page is referred to as the click-through rate. Receiving a high CTR is considered slightly more important than the open rate because this measures the performance of the email itself– how thoroughly it was read and if the audience was engaged enough while reading it to perform a secondary action (reading another page of information, watching a video, or completing a survey, etc.) A 2-5% CTR is considered a good average, but companies should always review good rates for their industry for accurate percentages.
What percentage of subscribers took action from your email and bought a product or service?
Well-crafted email campaigns can drive traffic to a company’s website and lead to increased visibility and potential sales. By including links to relevant product pages, blog posts, or special promotions, companies can guide their subscribers to take actions such as making a purchase or signing up for an upcoming course. This is the ultimate measure of email engagement, and a high conversion rate can mean that your subscribers are excited about supporting the business and consider it a good investment in time and/or money. A good email conversion rate varies widely depending on the industry. Nevertheless, “according to MailChimp, the average open rate of all industries is around 21.8%, and 2-5% is a good standard to aim for.
Overall, email marketing is an essential tool for companies because it enables them to establish direct communication with their target audience, build relationships, drive sales, and achieve a high return on investment. If your company wants to improve its email marketing campaigns, Rearview Advertising has the knowledge and experience to make lasting improvements with companies that use our services. Contact us today for more information.
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