Hopefully, after reading our article about the Importance of Email Marketing in 2023, you will appreciate the value of email marketing, not only in 2023 but also in the years to follow. In email marketing, though, list building comes first. Some ask if there is still a need for email marketing in 2023. The simple answer is yes. Many people think that email is obsolete and nobody reads them anymore, yet nothing could be further from reality. In 2023, email marketing should be central to your plan to expand your business while staying within your budget. The truth is that email’s ability to boost revenue has only improved over the years. By 2023, half of the global population is expected to use email. This trend indicates that email’s popularity has yet to peak!
What does this imply for Businesses and their Email Marketing?
To begin, consider that the average value of an email address is £84.50. It’s not just that more people are signing up for email but also that more emails are being read. The percentage of doors opened in 2019 was 20.8%, up from 17.2% in 2015. In addition, 50% of recipients make at least a monthly purchase after receiving a marketing email. In summary, email usage and open email rates are up, and more than half of email recipients say promotional emails have swayed their purchasing decisions. Email marketing’s significance to businesses becomes apparent when all the facts are considered.
Furthermore, 99.9% of consumers check their email daily, the most favored method for receiving brand information. Targeted segmentation allows you to develop customized content for your clients via email marketing, keeping them informed and up-to-date on the topics that matter most to them. Email marketing is also a great tool to help you generate new leads and expand your email list to increase your client base.
Key Benefits of Using Email Marketing in 2023
It's cheaper than other marketing strategies.
Email marketing accounts for an average of 81% of client acquisition and 80% of customer retention. It is the most successful technique for customer acquisition AND client retention. Compare these figures to paid search, with 59% and 43% acquisition and retention rates, respectively. While these figures are impressive, they must catch up to what email marketing can do. Return on investment estimates for email vary among research, but they are usually absurdly high compared to other marketing strategies. Imagine running a Facebook advertising campaign and receiving $42 in return for every $1 invested. That is how email works. Remember that this doesn’t imply you may ignore other forms of advertising. Your email marketing efforts will only be ineffective if you do not have any subscribers. We’ve spent a lot of time discussing getting people to sign up for your mailing list, but two stages are involved. The first piece of the puzzle consists of traditional popup forms to convert visitors into subscribers. The second piece of the puzzle means driving visitors to your site through organic and paid marketing.
Tools for email marketing are data-driven and provide quantifiable results
Any business that wants to expand must review key analytics. You can only enhance what you’re doing if you know what’s working and what isn’t. Metrics must be tracked so that adjustments to the strategy may be made using hard evidence rather than conjecture. Tracking your stats, even the most fundamental ones, is made easy by email marketing solutions. The most fundamental email marketing tools make monitoring your campaign’s success easy and provide you with critical metrics such as:
- Email open rates
- Click-through rates
- Response rates
- Conversion rates
- Audience engagement
- Cold subscribers
- Number of unsubscribes
- Revenue per email
- Lifetime customer value
A good example to watch out for that is pretty easy to track is the average open rate and click rate, subscriber growth and unsubscribe rate of a campaign. Let’s say you had a massive spike of new subscribers around a specific date. With this information, you can go back and see what you did around that time and make notes of important aspects of that campaign. Other good ways to evaluate your email marketing campaigns include sending emails at various times to help you find the best moment to reach your audience. You can try out several call-to-actions to see which are most effective with your target demographic. If a subscriber has not read one of your emails in three months or more, you could re-engage them. You may quickly prioritize optimization efforts using this data. An above-average open and click-through rate without correspondingly higher sales may indicate that your sales pages need fine-tuning. Conversely, no one will be interested in your offers if you have poor open rates. So, you’ll need to address the opening rates first.
Your Subscribers may be segmented, which allows you to create customized email campaigns to suit each segment
Everyone will see the identical post on their timeline when you publish it on social media. There’s nothing wrong with it, but when your audience is lumped together, you can do only so many things with them. Email allows you to develop more specialized marketing strategies for various target subgroups.
You could divide and categorize your audience based on:
- Who has viewed specific products or services
- Who frequently opens your emails
- People who aren’t engaging with your emails
- Previous customers who haven’t bought something for an extended period
These individuals are in various customer journey stages and should be treated differently. The bottom line is when you send out the appropriate message at the right time, you increase your profits and decrease the likelihood that your subscribers will get irritated and unsubscribe due to receiving irrelevant emails. You can offer personalization in addition to audience segmentation if you like.
Personalizing emails and subject lines could generate an 82% increase in open rates, 56% more revenue growth, and a 38% increase in repeat visitors to the website. Some common personalization items include Name, Date of birth, Current location, Transaction history, Postal address, Mobile phone, IP address, and Online browsing history.
Emails are more likely to be viewed by subscribers than social media updates
We have proven that email marketing is less expensive than social networking. But it’s not only because social media platforms are standardized. Remember those impressive email acquisition and retention rates? In contrast, social media has an acquisition rate of 51% and a retention rate of 44%. Aside from personalization, one of the reasons is that the average email open rate is far greater than the rate at which your followers will see your postings – and seeing is not even reading.
Let's dissect why this works:
People check their email 15 times every day on average, and individuals use social media often throughout the day. People spend an average of 2 hours and 24 minutes daily on social media. But consider this, if you follow thousands of individuals and companies that post daily on social media, you will likely have to filter through thousands of postings. Compare this to email, where individuals get an average of 121 messages daily. You have access to a far greater number of social media posts than that. Even if individuals spend more time on social media, they will view less of the information on their feeds.
As a test, here at the Blueprint Agency, we subscribe to multiple email lists to research email marketing, whereby we receive 20 emails on average per day from such subscriptions. Most of them are of great value, and we could easily read them all if we had the time. Quite the opposite applies to our Instagram, where there is no way to follow all posts. But there’s more. When individuals answer your emails, it is far more personal than when they comment on a social post. It is much more conversational and comparable to social media direct messaging. Plus, email answers are much more straightforward to trace than direct messages. If you haven’t already, we suggest you make email marketing a key component of your marketing strategy for 2023. Please get in touch with us with more questions you might have related to email marketing.
If you are looking for your ideal email marketing tool, check out this comparison by Email Tool Tester. We have worked with several on that list, with our current favorite being Brevo for their high-value monthly plans. We have also worked with Active Campaign, although it is more intense and time-consuming, not ideal for beginners.
