What Is Email Marketing?
Email marketing is a marketing medium where businesses send emails with commercial content to a list of people who have signed up to one or more of their email marketing campaigns. The point behind Email marketing is to make people visit some website of the company or to lead them to buy something from someone. In recent years, email marketing has been rapidly improved allowing us to customize content contained in emails and to highly build segmented audiences.
Email marketing remains one of today's most cost-effective and conversion-rich forms of online marketing. It's true that social media, SEO, and PPC have all come along and have certainly inspired marketers but don't get fooled! Email marketing is powerful, convincing and delivers great results to eCommerce stores and businesses.
How Does Email Marketing Work?
Email marketing, being a form of direct marketing, incorporates the use of electronic mail as a way of communication between your business and your community to enhance relationship over time. Email marketing is aimed at increasing conversion rate on your site and boosting customer loyalty, both for new and existing consumers.
Email marketing can have many procedures, but the very important first step is to create a list and grow subscribers who would want to get information about your business. This could be done by deploying a subscriber box on your site or by collecting email addresses throughout the process of selling. For businesses that target customers within the EU, there are some regulations to adhere to before you start sending them your emails.
After you have grown your list of subscribers to send emails to. You need to set up your process for sharing information with those customers. Whether you choose to share a coupon code, a new product or some information about your business, you will need an email marketing strategy to be sure you don't email people the same thing twice.
When preparing an email to deliver to your recipient list, you may want to make sure you include a call to action (CTA) within the message, using a button that is noticeable, and try also to make this newsletter ready to be forwarded and shared between friends. Additionally, if some of your audience is based in the European Union, make sure you comply with GDPR regulations.
Why Email Marketing is Important?
Let's take a look at some statistics that illustrates the importance of email marketing. According to the Direct Marketing Association, for every $1 spent on email marketing you get $32 back! That is unbelievable. There is no other type of digital marketing with such high ROI (return on investment). Thus when you next question yourself, "What is E-mail marketing?" Remember that it is an inexpensive way that gets you a really nice ROI when promoting your online business.
Email Marketing Quick Metrics:
To get reports about the performance of a campaign, people take into consideration many different metrics related to email marketing:
Open Rate: Is the number of subscribers who opened your email compared to total number of your sent out emails.
Click-Through Rate (CTR): Is the number of subscribers who clicked on a link inside your email compared to all those who opened the email.
Conversion Rate: Is the percentage of subscribers who purchased something from you by clicking through links inside your email.
Bounce Rate: Is the number of subscribers who do not interact with the content of your email and click outside of your email.
Subscribe Rate: Is the increase/decrease percentage of subscribers added to your email list during a certain period of time.
Unsubscribe Rate: Is the percentage of people who unsubscribe from one of your campaigns or during a period of time.
What could be a good Email Marketing Open Rate?
A good open rate could range between 14% and 27% based on your business sector. If you noticed that your open rate is somehow lagging behind, try testing different formats for your subject lines so to get more people opening your emails and to make sure your emails do not land in the spam folders of your subscribers.
There are several ways available for you to increase your open rate but the fact of asking yourself whether you are providing your subscribers with valuable information is the most important first step. If your answer is a no, then you probably have to review your strategy If your answer is a yes, you should start looking at various elements of your email and slowly change how you do it to see what affects your open rate.
The Advantages of Email Marketing
Email marketing, as we have mentioned earlier has incredible ROI if done right. You can figure out what exactly the ROI is on your campaigns by taking time to analyze their performance and decide whether you need to increase the outcome or just enjoy your impressive wins.
Ability to Track:
By using free tools such as Google Analytics, you actually can track the subscribers who click through to your links from your sent out email campaigns. This can be realized by creating tracked links, such as Google URL Builder, or using some third-party email tool that will generate special URLs so you have not to worry about creating yours.
Whenever you send an email, all the traffic that comes from this email to your link will be saved as the source ' Email ' in Google Analytics. Thus you can know the number of visitors that convert or realize a goal if you have set up that in your Google analytics account.
Ability to Automate:
Email marketing dedicated softwares such as GetResponse or Aweber make it possible for you to run email campaigns on autopilot so you don't have to press the send button for a campaign to be sent. Alternatively, you may schedule a campaign to be sent at a predefined time & date and it will get sent no matter whether you are logged in or not.
The best part of email service providers like these is that you could set campaign pathways for new subscribers to go through which can be programmed; so that whenever a new user is subscribed to an email list he/she will receive your preset emails without you having to click 'send now'.
The 5 Tips to do Email Marketing well:
It is very important for you to grow a subscribers list that will engage with the content you created. When no new subscribers are being recruited, your existing ones will start unsubscribing or will stop engaging with your content and eventually your campaigns will easily go down.
Alternatively, include a subscriber box on your site, insert a subscribe button throughout the order process, and invite your followers on social media to subscribe to your email list. By acting this way you'll get a persistent flow of subscribers to continuously engage with.
Studies have shown that customizing the message to the user boosts conversions when addressing an email campaign to any community and helps build credibility with the audience. An 80 per cent of customers are more likely to buy from you if you give them a personalized experience, according to Epsilon.
Personalization comprises a variety of options such as including the name of the recipient in the greeting of the email, or customizing the content in an email based on former purchases made by the customer.
To segment an audience means to assign subscribers to highly curated lists. Such lists may be centered around certain factors like demographics, psychographics, subscription status or else purchased items. If you decide to do this with your email lists, you then may be confident that you are giving your subscribers personalized content that will definitely lead to higher conversion rates.
According to Campaign Monitor, email marketers who used segmented campaigns noticed an increase in their revenue by up to 760 per cent. This could be a big hack to apply when your mailing list begins to grow big.
With the ability to track the success of a campaign, It is very essential for you to make use of this information so as to improve your campaigns in the future. For example, if you see that your CTR is below your industry average, you might need to try A/B testing of different subject lines till you find the right format that could increase CTR amongst your audience.
However, if you notice that subscribers do click through your links but never purchase from you, this means that your campaign content might not be appealing enough for recipients to buy from you. To fix this, You might test including a coupon code or a limited time deal or trying different CTA to see if that will improve conversion rate for you.
Once your email list grows big to the extent where you can't recall the entire list, then it's time for you to set up an email schedule so that you can programme email campaigns to be sent, identify who they should be sent to, and what content is inside them.
Thus, you may create content in advance and schedule the emails so you can spend more time improving the platform and concentrating on boosting sales. Furthermore, you should set up prompt emails for users when they first subscribe to your email list, or when they make a purchase, this is so to let them get emails from you though you might decide to take some days off.
Neil Patel states that:
"trigger emails have a 152% higher open rate compared with traditional emails. They are a valuable communication tool and convert window shoppers into lifelong customers”.
With this being the case and as part of email marketing approach, who would't want to install trigger emails?
Email Marketing in short:
To sum up, Email marketing is really a complex digital marketing channel which has several areas to be considered, from personalization to CTR to trigger emails. Yet in terms of being a profit-generating channel, this marketing form has surpassed its digital marketing predecessors over and over again.
Let us know in the comments below if there Is anything else you wish was included in this article!
Email Marketing and Affiliate Marketing overlap, check out this Newbie Affiliate Marketing Guide too!