Email marketing is an efficient means to increase revenue and engage with a target demographic. Businesses that utilize this platform typically generate higher conversion rates and experience a greater return on investment than those that do not. Experienced Professional Randall Goldman claims that despite small overhead costs, email is a cost-effective solution compared to other mainstream marketing channels. Similarly, email creates a sense of urgency and allows various businesses to reach customers across the globe. He takes the time to outline some of the main advantages of email marketing.
Save Time and Money
One of the primary benefits of email is the lower cost in comparison to other marketing tactics. Many businesses invest in email tracking software to evaluate and track messages to gain a further understanding of their demographic. According to recent reports, when it comes to ROI, the average return is approximately $44 for every dollar spent on email marketing. Although companies may invest in initial costs, an email campaign is an effective means to promote a product or service.
Track Your Metrics
According to Randall Goldman, the key to successful email marketing is tracking your metrics. If your email campaigns are not converting, it can be difficult to amend without the appropriate data. Email marketing software enables you to track several metrics, which include but are not limited to:
- Open rate
- Click-through rate
- Subscriber lifetime
- Net new subscribers
Knowing these metrics will allow you to bring changes to your email marketing techniques in the right places. To supercharge your results, many of these tools also offer AB testing – an effective means to evaluate various marketing and promotional strategies. By implementing AB testing, businesses will quickly learn what works and what does not, enabling them to optimize their campaigns.
Segment Your Audience
Every subscriber is unique, therefore, sending the same email campaigns to your entire list is a costly mistake. Consumers are constantly being bombarded by emails – the last thing they want is irrelevant content in their inbox. By sending the wrong content to your subscribers, you risk them unsubscribing, or worse – marking you as spam.
To avoid this and to better nurture your subscribers, it is essential to segment them based on their behavior. By using metric tracking, tags, and other built-in segmentation tools, you will streamline your email marketing process and ensure your subscribers are only receiving content that is relevant to them, thus making them more likely to purchase from you. Ultimately, taking the time to customize email campaigns to customers, generates a significantly higher conversion rate.
Many email marketing software options are available for your business, including:
The Bottom Line
For any business needing to dip their toes in email marketing, using dedicated software is not just a luxury – it is a must. Randall Goldman suggests investing in one of these tools today to maximize your marketing efforts.