Kids believe in Santa Claus even in the 21st century, don’t they? Of course, parents do their bit to keep the magic alive. Not everything that is old is past its shelf life. Take the good old email for instance. It was the first electronic communication channel on the internet, and is still alive and kicking if you know how to use it well.
According to McKinsey, email is 40-times better at getting new customers compared to Facebook or Twitter. Hubspot’s State of Marketing 2020 report states that 35% of marketers send their customers three to five emails per week, and over 78% of marketers have found an increase in email engagement. The worldwide market for email marketing is expected to cross $22.16 billion by 2025. There are over four billion email users worldwide and the number is only growing. As of 2020, the average click-through rate for emails was 2.6%; the average unsubscribe rate was 0.1%; and the average spam rate in 2019 was 0.02%.
Power of the inbox
How do you retain existing customers? By staying in touch, of course. Doing so via email helps keep them in the loop. You can use a newsletter to update them about industry trivia, the latest offerings or anything else that may interest your target audience. Keep your newsletters crisp, inviting, and visually appealing with a call-to-action (CTA) based on the aim of your newsletter. Don’t forget to keep them mobile-friendly — mobile devices are used to open 46% of emails.
Email marketing has the ability to strike the right chord with the audience, and make the perfect pitch. You can grab their attention with exciting offers, incentives, and free giveaways. You can convert prospects into customers by using simple follow-up emails without being preachy or annoying. You can ask them if they need more information about your product, and push them into purchase mode again. Always keep the pressure gentle. Any aggression could push you precariously close to the spam folder. Once you have their attention, you can engage them further by using a targeted email campaign.
Email marketing allows you to adopt a personalised approach to build a rapport. You can make them feel special by addressing them by their first name. You can create a segmented email list, and based on their interest and acquaintance with the brand, you can design your communication accordingly.
There are various business examples of great email marketing campaigns, from Uber to Starbucks to Nike. These campaigns are successful because of their simplicity, consistency and creativity in touching the hearts of the readers. Nike has effectively used email marketing to sell its shoes. According to reports, the leading shoe brand sends 3.7 emails per week to its customers — from its welcome series to purchaser and cart abandonment notifications. Every email strives to make it a personalised experience for the reader, from collecting their birth dates, promoting the mobile app, and leading them to new arrivals with simple CTA (call-to-action) inviting them to click and purchase. Once they get your birth dates, they send you special offers on the big day.
According to Constant Contact, email marketing generates an average ROI of $42 for every $1 spent, which is proof enough that the beast is not only alive, but thriving. Email marketing is far from dead. Brands are still figuring out novel ways to use this marketing engine warhorse that is keeping up with the times and still packing a powerful punch.
The author is founder & CEO of upGrowth