The importance of email marketing can be gauged by the fact that it is still surviving strong amongst various new emerging digital marketing techniques. If we compare the ROI of other marketing techniques with the ROI of email marketing, then email marketing would win this race.
According to the given statistics, you can receive 4000% results with your email marketing efforts. This means that for every USD 1 you spend, you can receive USD 40. Great, right?
Now, can you already imagine how your email marketing campaigns can offer you improved and better ROI?
If you are also interested in improving the ROI of your marketing efforts, read on to know how you can use email marketing tools for the purpose. Dive in and start exploring.
Before we start exploring how email marketing can improve your ROI, let's see what ROI of email marketing actually means.
The return on investment measure of your email marketing is mostly dependent on the product or services you sell. For instance, if you are an e-commerce provider, your ROI would be getting the user to purchase the items left in the cart.
Similarly, ROI for another company in a different industry can be different. So, explore the definition of ROI for your business and then explore the following reasons why email marketing can improve your ROI.
We can't ignore the fact that email is still the preferred method for your audience. Almost every professional user checks his or her email at least a few times in one day, whether at work or at home.
While this can vary from one generation to another, still, a large number of users are more attentive towards their email notifications than digital media notifications. This means that if you frequently reach out to your users, you can consistently move them towards your expected ROI.
Personalization is the basis of multiple marketing campaigns today. There's no doubt about that. It is believed by many experts that people who utilize personalized styles in their email marketing are more likely to receive success than people who don't.
Think about it, we have all received emails, which contain our name and something we like. For instance, a recommended list of shirts from a website we were exploring earlier. This one email is enough to trigger our shopping instinct and help us find the shirt we like.
However, how can you personalize emails?
Many email marketing tools allow you to import your list of subscribers along with their details. This helps in the automatic personalization of the email.
Another method that is widely utilized to improve the efficiency of email marketing is segregating email subscribers in lists and groups. After this, every group receives the email of their interests.
For instance, if you are a makeup e-commerce provider offering multiple brands, you can make groups of people whose preference lies with a particular brand. This can help you personalize your email marketing rather easily.
When compared, it is not easy to personalize other marketing efforts. How would you send out a tweet that is relevant to a large number of people? You can just check analysis reports, send a tweet, and hope for the right audience to check it and click it.
In email marketing, personalization is simpler and achievable to a great extent.
Email marketing is both time and cost-effective. When compared to print media and direct mailing, you can save a lot with an email marketing tool. There's an initial investment that can help you start your email marketing efforts. However, after that, the management of an email marketing tool and the overall campaign is quite cost-effective.
A lot of people believe in the Rule of 7. This indicates that you need 7 average interactions with a user to convert them or impact them; to improve your ROI.
Now, here's a trick question: how can you impact the same user at least 5-7 times on other digital media? If you use Google Adwords, then the chances of the ad hitting the same person approximately 7 times are slim.
On email, you definitely can. It is just a click away; quite literally.
The situation is different in email marketing. You can plan a campaign and track the users who have a high click-through rate or users who are slightly responsive. Then, you can target these users over and over again to encourage them to convert or purchase.
Anything that you do to improve the ROI of your business should be tracked. We can't doubt that at any time. If you fail to measure your efforts and conversion achieved via these efforts, you fail to achieve success. In that case, you are only leaving your marketing content in the air and waiting for your audience to grab it.
Email marketing is highly measurable. You can easily check your click-through rate, read rate, conversions, etc. You can understand what type of emails are attracting more users and which group of users is most active.
Knowing all these measurements and insights help in developing the future strategy of the business. Simply put, you can create a data-driven strategy using these statistics and lead to improved ROI.
Apart from personalizing and tracking your email campaign, you can automate most part of your email. This can help you reduce the amount of time put in this strategy. That leaves time for other important tasks of your business.
There are efficient email marketing tools that can help in automating email of the week or month. You can ideally survive well with 2-6 emails per month, and automating these at the starting of the month helps you track your results through the month.
How can you achieve that?
You can utilize pre-made templates, place your branding correctly, add content, and schedule the email for the desired time and user list. Of course, here, you are solely responsible for checking reports and finding the optimum time for sending an email. You can utilize the AB tests to see if you have scheduled your emails at the right time for the right people. This improves the profitability of success and chances of higher ROI.
The most difficult part of your marketing is generating traffic on the website of the company. While there are multiple digital marketing tricks that help you increase traffic, such as SEO, these take a considerable amount of time. You need to put in a lot of resources to achieve it.
For instance, SEO can take up to 4-8 months to show results. It is relevant but slow.
Email marketing offers both: it increases traffic and also ensures that it is relevant. So, every person interacting with your brand or who is in your marketing funnel also has an interest in your brand, product, or service.
As a result, you get high-quality traffic for your website, which improves your conversion and ROI.
Note: It is not unlikely for users to unsubscribe from your email list. It is totally justified because if someone is not interested in your product, why should they receive emails? Hence, take this as an inspiration to make more dedicated and specific lists.
One of the important activities of marketing is fostering strong user relationships, and the most important aspect after building this relationship is creating brand awareness.
When you are able to build strong connections by offering users valuable content, you can create impactful leads and loyal customers. This engagement helps in amplifying your brand awareness efforts across various audience groups.
However, the only way to create a potential value from your outcome (brand awareness) and also link it to your email marketing ROI is by understanding what brand awareness is for your business.
Once you have a definition of brand awareness in your mind, you can track metrics and measure the ROI of the campaign.
It a lot easier to expand your email list. All you need to do is create a form on your website, post it on Facebook or other social media channels to register leads. This email list can be used to make dedicated user groups and their personalized campaign.
The good news is that this list grows on its own. You don't have to constantly sit with your team to ideate about increasing your email list. This function is automatic. Your existing users would sign in and your other marketing efforts would enable other potential audiences to sign in.
The best way to instantly gain more leads is by creating a form with an offer. Make email a necessary field in this form.
Once you have created the list, you can go back to all of the above pointers, take tips, and start utilizing an email marketing tool.
Now that we have explored every way in which email marketing improves return on investment, it is time to start using an email marketing tool for enhanced marketing strategy. Explore multiple facets of email marketing efficiency and understand how small, medium, and large organizations can gain value from this strategy.
However, moving forward, your biggest task is to offer what your users want. Without offering valuable content to users, it is not possible to receive the required results. Hence, after making your mind on email marketing, start exploring possible ways to execute it in an efficient manner.