There used to be a time when email marketing was the primary channel for internet marketing. Then social media was introduced, and it evolved to be a pretty good online marketing medium. But was it really the death of email marketing?
Email marketing is still an extremely potent online marketing channel. And if you do it effectively, you can still generate high-quality leads and sales through emails.
Here are a few statistics:
- For a start, we send 102.6 trillion emails every year. And the numbers are expected to be at 126.7 trillion by 2022.
- The CTR and open rate of emails are much higher compared to social media
- 81% of online shoppers who receive emails based on previous shopping habits were at least somewhat likely to make a purchase as a result of targeted email. -eMarketer
- A message is 5x more likely to be seen in email than via Facebook. – Radicati
- Last, but not the least, email marketing offers the best return on investment (ROI). In fact, every $1 spent on email marketing brings a revenue of over $40. This is, by far, the best ROI when compared to any other online marketing method.
Email Marketing or Social Media?
When we talk about the decline of email marketing as a profitable online marketing medium, we usually compare it with social media. So, is social media really a better online medium to acquire new customers and generate leads than email marketing?
It is true that social media websites offer many opportunities to connect with your target audience and existing customers. Social media is also an excellent way to generate new leads. But when we compare it with email marketing, there is no competition at all. Email marketing always wins hands down.
For instance, consumers in the US interact with about 11 brands through email on a daily basis. In comparison, they connect with only 9 brands via Facebook and just 8 brands via Twitter. We wrongly assume that Facebook is a better way to connect with our customers. Why? Perhaps it’s because Facebook has so many pages for businesses. But even though Facebook accommodates online businesses and bolsters their online presence, email marketing still performs better.
When it comes to acquiring new customers, email marketing is at least 40 times better than Facebook or Twitter.
But … Does Your Audience Want More Emails?
An average business user already receives too many emails on a daily basis — 121 emails per day, to be precise. It is not a pretty sight, is it? Cluttered inboxes are becoming too common. And this is one of the reasons why you have to be very careful with email marketing. If you spam your target audience with useless junk, bam! Email marketing won’t work for you.
Email marketing is a very personal medium of communication. It is much more personal and involved than Facebook, Twitter, Pinterest, or any other social media website. If you use it effectively, you can inform, educate, and persuade your email subscribers. And regarding if your audience really wants emails or not, here is the answer:
90% consumers prefer receiving updates via email newsletters. In comparison, only 10% preferred Facebook.
In short, if you are offering something valuable to your subscribers, they would love to receive your emails. But if you are only going to spam them with useless junk and rehashed information, it is not going to work for you.
The Most Important Asset Of Your Online Business
A well-targeted list of interested email subscribers is one of the most important assets of your online business. In today’s competitive digital marketing environment, you cannot do much without it.
Michael Hyatt says:
I have literally built a million dollar business on the strength of my email list. Ninety percent of my income comes from it. Even today, my email list is still my #1 business priority and asset.
Social media marketing, PPC, and SEO are all valuable for your online business. But your email list remains its single most important asset.
An Email List Worth $200,000/year
Paul Jarvis is a blogger who teaches freelancers and other creatives to be more successful. His primary goal has always been to generate more email leads. As of this writing, he has 16,000+ email subscribers. And in the past year, he generated $200,000 from that list.
One of his strategies is to minimize the number of marketing emails he sends to his subscribers. For 50 weeks out of a total 52 weeks in a year, he sends genuinely useful and valuable free content. It means that there are only 2 marketing emails or email offers per year.
This strategy ensures that your email subscribers do not get bombarded and frustrated by constant marketing offers.
Email marketing is now all about doing it effectively and strategically. Those who don’t do it believe that email marketing is dead, while others are enjoying amazing ROI from this medium. And we believe that it will continue to perform well for online businesses who use it strategically.
What do you think about it? Do you believe that email marketing is dead? Or are you with us believing that email marketing is still relevant, kicking, and alive?