What is email marketing? Generally speaking, every single email you send to a prospect or a client can be considered email marketing. These can be either for marketing purposes, branding, transactional, customer retention or even business growth.
The important thing to remember about email marketing is that it falls under the direct marketing genre. Therefore your goal is to deliver the right message to the right people. The main difference being that instead of being an ad, or a post to communicate your commercial intent, you are using electronic mail. In any event, the ultimate goal is the same, either to enhance the relationship, introduce your brand, encourage sales, customer loyalty or increase repeat business.
The benefits are endless. You can reach a global audience. It can drive revenue. It can deliver targeted messages. It can help you engage with your audience. It is super easy to share and measure results. It is also one of the easiest channels to get started. And most importantly it is low cost compared to other digital marketing channels and strategies.
How much does email marketing cost you may ask?
On average, a mid-size business can expect to spend $9 – $1,000 per month on email marketing if they self-manage their campaigns (depending on the platform and number of subscribers) On the other hand, if they work with an agency they can either pay a flat monthly fee (again depending on the number of subscribers), use CPM email marketing or a combination of both. This is the cost per mille (CPM) and is the price for sending a thousand email messages. Email service providers commonly use CPM as the variable part of their pricing. … A CPM rate is often combined with other pricing forms like license fees or hourly rates for creative services and consultancy.
Why is email marketing important in business?
There are many reasons why email marketing is an absolute must for any business of any size. For starters, it is cost effective. It also helps you build brand loyalty and trust. This is because you can “speak” to a prospect or customer directly, in their inbox, when it is convenient for them. Without a shadow of a doubt, no other marketing channel out there allows you to build a relationship with prospects, customers, or even past customers like email marketing does.
Many business owners and even marketing people use email marketing because it is simple. Unfortunately, sometimes if not implemented properly, it can be ineffective and a waste of time. This is why it is important to build a relationship with your target market because instead of them seeing your emails as an annoyance or “spam”, they will actually seek out to receive your emails and be glad to hear from you.
Take the time to develop your email marketing goals and be strategic about it. Make sure you understand the “why” behind your campaigns first. Ask yourself, why are you running this email marketing campaign? To build your brand? Increase credibility? Generate leads? Engage with your audience? Build a relationship with your customers and prospects? Improve your communication? Generate sales? All of these questions should be asked way before you decide to run a campaign!
What are the types of email marketing?
Email marketing can be divided into three types:
- Engagement emails
- Transactional emails
- Emails to build customer loyalty.
Engagement emails are welcome emails, tutorials, and tips emails, customer stories, brand stories, and re-engagement emails. On the other hand, transactional emails are emails such as cart abandonment reminders, time-sensitive promotions, receipts emails, sales follow-ups, and review requests. Finally, weekly, or monthly broadcast emails can be used to build customer loyalty for a long-term relationship.
What are the better-known email marketing platforms?
Some of the best and most popular email marketing services for your business are Drip, ConvertKit, AWeber, MailChimp, GetResponse, ActiveCampaign, and Infusionsoft. Just remember to be strategic with your email marketing campaigns regardless of which service you use.
Be mindful of things such as the best time of the day to send a mass email. According to MailerMailer, sending emails in the late morning (around 10 a.m.) during work hours gets the best percentage of opens. On the other hand, according to GetResponse, 6 a.m. is a peak time to send emails, followed by late in the evening from 8 p.m.–midnight. Do your own homework. Don’t take this advice at face value. Run different email marketing campaigns and see which time slots perform best.