If you aren’t emailing your customers, you’re missing out. If you’ve been pushing off setting up an email list, don’t delay any further. This article will go over just eight ways email marketing has the power to transform your business.
1. Increase Your ROI
Did you know that email marketing has the power to bring back $42 in profits for every $1 spent? That’s a 4,200% ROI!
You may not see this type of return on investment right away, but the longer you wait to get started, the more money you’re leaving on the table.
In order to ensure your business receives a positive ROI off your email marketing efforts, make sure you do your research and follow email marketing best practices.
2. Increase Customer Retention
Eighty percent of business professionals rely on email marketing to increase customer retention rates.
This is important because increasing your customer retention rate by just five percent can lead to an increase in profit by up to 95%!
Again, this is a process that takes time. The average customer spends 67% more in months 31-36 than they do in the first six months of getting to know you.
The longer customers stick around, the more they spend.
3. Boost Credibility and Build Relationships
Email marketing allows you to build relationships with your customers and increase your credibility.
Not all emails should be promotional. Instead, mix up promotional emails with newsletters that feature advice, tips, and even free ebooks or whitepapers.
You can also send emails with special discount codes.
All of this helps build long-term relationships, improve loyalty, and increase sales in the long run.
4. Get Sales Daily
You probably weren’t aware that 99% of consumers check their emails every single day.
With email marketing, you can get repeat sales day after day. It’s the perfect way to build consistent revenue and consistent cash flow.
5. Reduce Cart Abandonment
Abandoned carts cause a lot of frustration for online sellers, but they can be reduced with email marketing.
People sometimes abandon carts because they get distracted, in which case a friendly reminder can help bring them back.
Other times, they abandon carts because they are still unsure of whether they want to complete the purchase.
In those cases, an email with an added discount can help change their minds.
Abandoned cart emails helped one race car company recover more than $425,000 in sales in just eight months.
It can help you recover 15%, and sometimes up to 50%, of lost revenue.
Another thing to note is that sending three abandoned cart emails results in 69% more orders than sending one email.
6. It’s Better Than Social Media
Perhaps you have been focusing on social media in an effort to reach younger people because you heard or read somewhere that email marketing is “dead.”
That couldn’t be more wrong!
Emails have an average open rate of around 23% and a click-through rate of 3.71%.
Social media, however, has an average engagement rate of only 0.58% (on Facebook, Twitter, and Instagram and not including paid ads).
In addition, 58% of people open their emails the first thing in the morning, compared to only 14% of people who check social media first.
If you want to reach people and get free engagement, build an email list.
7. Influence Purchasing Decisions
Email marketing is more effective at influencing millennials’ purchasing decisions than text messages or social media.
In fact, 68% of millennials said that promotional emails helped them make purchasing decisions.
8. Customers Want to Hear From You
Almost half of all consumers said they want to get emails from their favourite brands at least once a week.
Be consistent and keep sending emails on a regular basis.
Personalize your emails to build better relationships; personalization brings in 6x better results.
Conclusion: The True Power of Email Marketing
After reading this article we hope you have an idea of how powerful email marketing can be for your business.
Remember that when first starting with email marketing, things can seem slow and it may feel like you aren’t gaining much from the efforts you put in.
However, those who are consistent in building their email list will see the true benefits it can bring their business.
let’s work together!
Interested in increasing your customer’s lifetime value with engaging email campaigns and automation that provide great value to you and your customers? Check out our email marketing services.