If you are a marketer, the chances of you hearing the above statement are high. Over the past couple of years, neophyte marketers have populated the idea of email marketing losing its credibility or effectiveness in the sales industry; however, it couldn’t be further from the truth. At least 59% of B2B marketers consider email marketing as their most effective sales channel. Marketers agree that email marketing isn’t the same as it used to be, and it’s continuously evolving.
- An average open rate of 14% to 23%: Business emails garner the right kind of attention from customers, provided they are not spam. Research from ConstantContact and MailChimp indicates that business emails enjoy an open rate of 14% to 23%, which is much higher than other sales channels.
- 44x ROI with emails: The ROI for email marketing stands at staggering 44x or 4400%. A 2016 annual email report identified that for every $1 spent on email marketing, email marketers generated $44 in sales, higher than $38 in 2015. In fact, open rates for emails on mobile reached 68% in 2016.
- Email marketing dwarfs social media marketing: Email marketing generates 174% more conversions than social media marketing. If you made the mistake of prioritizing social media, here is your chance to redeem yourself.
It’s no secret that email marketing has the maximum impact on sales in comparison to any other sales channels. However, several companies struggle to leverage the outreach of emails for driving sales. We decided to compile a list of best practices for email marketing.
- Set a budget for email marketing: One of the first steps is to allocate a budget to your email marketing campaign. While it may come across as a no brainer, but research has shown that as many as 82% of email marketers spend between 0% to 20% of their marketing budget on emails. You might want to allocate anywhere between $700-$1,000 for email marketing if you plan to self-manage it, or $300 to $500 if you intend to hire an agency for the same. Your goal should be to choose a budget that works for your company.
- Create your own email subscriber list or choose a reputed provider only: There are over 6.7 billion active email accounts in the world. You’re likely to achieve little success with the wrong subscriber list. The best approach is to build your own email list, and it’ll take time as well as resources to do it, but the results are worth your efforts. You can offer discounts, informative content, ebooks, or trial services to grow your email list. Creating your own email list will ensure that your marketing dollars are spent on the right customers only. If you intend to kickstart your email marketing campaign immediately, make sure to choose a reputed partner for data acquisition.
- Email segmentation is critical: Brute force is unlikely to offer results in email marketing. The key is to understand what works best for the different segments of your subscriber list. Start with a segmentation of your audience, and make emails relevant based on the interests, need, and location of your customer. A study indicates that at least 70% of organizations employ a basic, intermediate, or advanced segmentation approach while testing emails for customers. A/B testing has a significant impact on your open rate, and market trends indicate that it could boost your open rates by 49%.
- Quality of content you share with your list: A planned content strategy is an essential part of every campaign. If you are doing it for the first time, make sure to implement different content strategies for individual customer segments. The use of dynamic content is another option to deliver custom content to the recipient. Consider every inch of the email screen as expensive real estate and make sure to optimize content for mobile devices.
- Personalization is your ticket to success: In terms of factors that affect the success of your email marketing campaign the most, personalization ranks at the top. Simply including the name of the recipient in the subject line could boost your open rate by 22%. Personalized email messages can improve the click-through-rate by 14% and boost your conversions by 10%. Make sure to acquire personalized data about your customers, and if the cost of data acquisition is a problem, understand that it is an investment towards better sales in the future.
The world of marketing is ever changing. Instead of running after every hot trend, focus on establishing a multichannel approach. Identify the channels that deliver the highest ROI, but keep alternate mediums in your marketing campaign as well. An ideal marketing strategy should have email, social media, content marketing, advertising, and other lead generation techniques in its arsenal.
Let us know which email marketing tips work for you and any new tips you plan to implement.