A lot of millennial entrepreneurs overestimate the benefits of social media thinking that it is better than email marketing for their businesses. It’s not the case that social media marketing doesn’t work at all, it’s just that email marketing generates better results.
Here’s why you need to invest your time and money in email marketing because, for every $1 you spend on email marketing, you get $44 in return.
It is Affordable
Anyone can do email marketing, you don’t need to hire a marketer to do your email marketing. As a young entrepreneur running a startup, you have to be economical with costs. Emails can get your old customers to be loyal and engaging, that is to click on your articles, buy your products or services. It can also help you get new clients/customers. The key is to get a good automated email software, some of them are free, but it’s best to get a premium email software that doesn’t cost a lot.
Next, you have to learn about the techniques of crafting an effective email message. You also need to tailor your email messages according to the personality of your customers, so that you will get the best response from them. The key to getting this right is by doing test runs.
It is Effective
You will be surprised by the number of people that check their emails every day and how many times they do. If you’re wondering whether millennials and generation Z check their emails every day, they do. In fact, they believe emails are for more reasonable information, for business purposes, etc., and they tend to take it more seriously than social media. According to an ExactTarget study, 91% of smartphone users use their smartphones to check their emails every day. Not to mention that 44% of people check their emails three times per day and 18% of people check their emails 9 times every day.
They don’t just check their emails, they actually click through. Business emails generate opens and click-throughs 8x more than regular emails, particularly transactional emails for marketing products/services. It doesn’t stop there, business emails can also generate up to 6x more returns.
Email Marketing is Customizable
Unlike social media marketing that is a one-size-fits-all marketing approach, email marketing can be tailored to your customers according to their personality. When using social media, you address all your clients as a whole at once. In many cases, the message won’t resonate with a lot of people because of their unique personalities. However, with email marketing, you can create segmented email lists of your clients and send each list separate messages. According to Campaign Monitor, segmented emails can generate up to 760% increase in return.
The key is to create unique email messages for your target clients. You will also increase your chances of appearing like a friend when you address your customers by their first name in the emails. And with that, your email marketing will be more effective.
Email Marketing is Easy to Monitor
Email marketing makes it extremely easy to monitor the functionality, progress and otherwise results of your email marketing strategy. With a good automated email software, you get to see the number of people who opened the emails, when they opened the emails, the number of the click-throughs each email generate, etc. It makes it generally easy to improve whatever strategy is working and to stop the practices that generate little to no return.
As mentioned above, email marketing requires test running to get the best out of it. Conduct A/B testing to learn about your customers, the time they prefer to check their emails, how often they’d like to get newsletters from you, the kind of promos they like. Some people no matter what prefer free deliveries to coupons or vouchers. For this kind of people, getting emails promising them vouchers won’t impress them.
Email marketing is still very much effective and it is good for entrepreneurs who are low on budget. Even if you’re making a lot of revenue from your business, email marketing should still be part of your marketing strategies.