Many advertisers and marketers underestimate the power of email marketing. Most often, they opine that in this day and age of search and social platforms, email marketing is on the lowest funnel of advertising. If they are given a choice to opt-out of advertising between Social media/Google and email marketing, axe usually falls on the latter. But the recent statistics tell a different story.
According to a Statista report, there were 3.9 billion email users globally in 2019. In 2023, the numbers are predicted to reach 4.3 billion users. In short, half of the world’s population will be using emails. Incredible isn’t it? Another fascinating study from McKinsey found that email is 40 times more effective than Facebook and Twitter combined for customer acquisition. The data suggest that not only you should leverage the power of email marketing but make it the centrepiece.
How does email marketing serve the purpose of advertising and promotion?
Firstly it is one of the most cost-effective forms of advertisement and it brings you greater ROI when compared to other digital channels. Because technically, it is email marketing which can still give you direct conversions. With the advanced tools and technology, email platforms now enable you to understand the audience’s behavior and how they interact with the email sent by you. One can easily determine if your email is forwarded and can analyse open rate, click-through rate and other miscellaneous interactions very easily.
Secondly, the email database is a treasure that big and small companies should cherish. If an advertiser wants to go for a performance-based campaign, they should opt-in for email marketing because of the following reasons:
- It’s your database & you don’t have to pay anyone to reach this set of audience anytime
- It constitutes your core audience who tends to buy because in the past they have either bought your product or service or have shown interest in it
Also, the email database gives you the opportunity to create a custom or lookalike audience which can be then used on Facebook, Instagram, or YouTube for targeting audience. This too can lead to better conversion rates and ultimately profits.
Thirdly, email marketing is the only channel that can help you push marketing materials, promotional advertisements of other platforms to the customer. For example, if you are launching a new social media contest to increase customers, an email can be used to educate your existing audience about it. Similarly, you can promote blogs, new product launches and webinars all through email marketing. Most often, the volume of leads is less as compared with Google & Facebook, but as mentioned before the conversion rate is high.
Future of Email marketing
Google has announced that it will remove the cookie in the next two years. Banning third party cookies to access the user’s browser’s history will have major repercussions. This will make life difficult for marketers in terms of tracking the audience, targeting, serving ads, and retargeting. It may trigger an increase in digital costs as well. In such a scenario, first-party data will play a very critical role in helping you to target your audience in the digital world through various platforms and email marketing.
Without a doubt, the world is going mobile. Smartphones have become a necessity and everyone owns it today. Most of the corporate professionals prefer to check emails on a regular basis even today because major chunk of communication happens over it. Therefore, optimizing emails for mobile will be the key to greater email consumption. Email designs which are exciting, interactive and engaging is the way forward. Brands can explore different facets of email marketing to build lasting relationships with the audience and lead them to purchase your product or service.
In conclusion, it is worthy to point out that close to 293 billion emails were sent and received each day in 2019 with the prediction of approximately 347 billion daily emails in 2022. Email marketing is one of the best channels for marketing, which every advertiser should consider. Whether you are a renowned company or a start-up brand, know that email marketing is powerful and relevant even in 2020.