How much money is your business losing in its Email Marketing approach?

Many companies and sales professionals do not understand the power of effective Email Marketing. Many do not have any concept of Email marketing outside of typing a simple email and pressing send once it is free of typos. I will be honest and will say that for many years, I thought the same way too. However, I would always gravitate to emails from Fashion Nova, Sprout Social, etc. that I would never unsubscribe from and always try to read at some point. This inspired a two-part article series to explain what Email Marketing is and how to use it effectively to close more sales.

"293.6?billion emails?were sent each day" in 2019, according to Templafy (2020). Yet, Email Marketing is an underrated yet very powerful tool in business because people still read them and are still affected by them (if you are able to stand out from the clutter of their inboxes that is). Email marketing, if done effectively can drive sales, and nurture relationships by forming an opportunity to deliver personalized and bulk messages to customers at least 30 - 40 times for the year. Most importantly, it is a vehicle for sending detailed content that if packaged well, people will find the content valuable, let it influence their decision-making, and share your information with others.

According to West (2022), "Email marketing is a marketing strategy surrounding sending emails to current and potential customers with the goal of increasing brand awareness, driving engagement, nurturing leads, or making a sale."

Moreover, Email Marketing is a powerful tool that can be used for creating a positive Customer Experience. "Customer experience?is your customers’ perception of how your company treats them. These perceptions affect their behaviors and build memories and feelings?to drive their loyalty." (Stattin, 2023).

This is very valuable because, as Stattin (2023) further explains that "The Temkin Group found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience. For SaaS companies in particular, they can expect to increase revenue by $1 billion." However, what is troubling is that the source highlights that "the average response time for customer service emails is 12 hours."?This is particularly troubling because fast response time is the #1 most important attribute in Customer Experience according to Stattin (2023).

Do you see where delays and haphazard approaches to Email marketing can adversely affect your brand? It can literally mean that you are missing out on earning revenue for your business with every delay or misstep. For instance, West (2022) highlights that "there are over 4 billion email users worldwide—that’s more than half of the world’s population! In 2022, the average ROI of email marketing was $36 for every $1 spent."

Plus, if your business is based on offering Business to Business Services, Email Marketing is the preferred way to reach businesses. Emails in business are seen as a more official means of communication. With so much information coming in on a daily business and being replaced and updated just as frequently, emails act as a means of documenting things in a more static way. This way, information can be better assessed and decisions can be made and then revisited. Consequently, ?"86% of professionals naming email as their preferred means of business communication and email ranked as the third most influential source of information for B2B audiences - topped only by colleague recommendations and industry-specific influencers," (Templafy, 2020).

Some other statistics to note, according to McCormick (2022), are that "61% of consumers prefer to be contacted by email and 99% of email users check their email every day."

Other Benefits of Email Marketing

According to West (2022) some benefits of Email Marketing are:

1. Increase your brand awareness
2. Generate Website Traffic
3. Drive Sales and Revenue
4. Boost other Marketing Channels
5. Keeps customers engaged
6. Gain valuable business insights

However, these are not the only benefits. Email Marketing is a big part of building a strong Customer Experience because it nurtures relationships that customers have between a brand and themselves through its additional benefits. McCormick (2022), highlights that some of these additional benefits of email marketing are:

7. You can use it to build trust,

8. Get important feedback,

9. Announce new features,

10. Keep customers coming back,

11. Prevent churn (i.e. losing customers)

So with all that being said, how can a business implement Email Marketing successfully?

In the next article, I will be discussing how you can actually use Email Marketing to make more sales, strengthen your relationships with your customers, and create content that will help to keep your brand top of mind. Email Marketing, if done right, can lead to a positive return on investment. Let us review it together.

Has this article helped? Please like the article and share it with a friend or comment down below. Also, tell me what you would add. You can reach out to me if you would like to start implementing Email Marketing in your business.

References:

Campaign Monitor by Marigold (July 2019). Infographics - 11 Pro Email Marketing Tips. Campaign Monitor by Marigold. Retrieved from: https://www.campaignmonitor.com/resources/infographics/11-pro-email-marketing-tips/

McCormick, K. (Dec. 12, 2022). 13 Email Marketing Tips Your Readers Want You To Be Following…Now!. Wordstream by Localiq. Retrieved from: https://www.wordstream.com/blog/ws/2021/07/01/email-marketing-tips

Stattin, N (Feb. 24, 2023). Customer Service - 32 Customer Experience Statistics you need to know for 2023. Super Office. Retrieved from: https://www.superoffice.com/blog/customer-experience-statistics/

Templafy (2020). How many emails are sent every day? Top email statistics for businesses. Templafy. Retrieved from: https://www.templafy.com/blog/how-many-emails-are-sent-every-day-top-email-statistics-your-business-needs-to-know/#:~:text=How%20many%20emails%20does%20the,amount%20of%20emails%20organization%2Dwide.

West, C. (Nov. 29, 2022). What is email marketing? Your 101 guide to email campaigns. SproutSocial. Retrieved from: https://sproutsocial.com/insights/email-marketing/