EMAIL MARKETING FOR SMALL BUSINESSES: HOW EFFECTIVE?
- April 2, 2018
- Posted by: Dami Sonde
- Category: Uncategorized
Email Marketing is a combination of two key terms – email + marketing. Email is merely a medium of communication between the sender and the receiver. Marketing, on the other hand, is a comprehensive term which can be explained as a process that aids commerce – exchange of goods and services for money. Email marketing is merely the use of email for commercial purposes.
At WayMaker Learning, for instance, email marketing is an essential element in our marketing strategy to keep up with our clients and prospects with valuable content, updates, industry news, free courses, and discounts.
Now, how useful is email marketing for small businesses? The goal of most small business owners is to attract new customers while retaining existing customers. Email marketing provides the best avenue to keep in touch with your existing customers while keeping a tab on opportunities in the pipeline.
What are the benefits of email marketing for small businesses? And how useful is email marketing in delivering value for small businesses?
Let’s take a quick look into some of the benefits and effectiveness of email marketing for your small business.
- Email Marketing Works: Without a doubt, social media seems to be the hot channel for small business marketing at the moment, but email still works wonders. There are about 3.7billion email users in 2017. This figure is projected to grow to 4.1billion active users by 2021 (Statitia). Gmail accounts for over a billion active email users as at February 2016 (TechCrunch). Open rates and click-through rates are increasing due to improved personalization of emails.
- It helps reinforce business’ brand: Small companies have the opportunity to register their brand in the mind of their customers through compelling, personalized and relevant email marketing.
- Conversion is high: The total number of email users (3.7billion) exceeds the total number of social media users (2.46billion) as at 2017. Likewise, 66% of email users made a purchasing decision after receiving a marketing message compared to 20% that purchased after receiving a marketing message on social media.
- Flexibility and Relevance: With email marketing, small businesses enjoy flexibility and freedom. Unlike social media where you are limited based on your provider’s platform and algorithm. Your accounts are even at risk of being terminated. Email marketing allows you to do user segmentation, automation using Rules and Workflows, campaigns based on user activity, cart abandonment and even product retargeting. (Source: OptinMonster)
- It is cheap: Email marketing is an inexpensive medium for reaching out to your customers and prospects. It provides a higher click-through rate (average of 3.7%) compared to social media (average of 0.07%).
Email Marketing is an indispensable tool for any business, be it e-commerce or service based. There are so many email marketing service providers like ActiveCampaign, Aweber, Constant Contact, ConvertKit, Drip, MailChimp, etc.
Email Marketing gives businesses the ability to stay in touch with their customers at every point on their buying journey. There are tools to help you maximize value from your subscribers which include Automation Workflows and Rules, Product Retargeting, Cart Abandonment Recovery, Lead Tagging, Lead Scoring, User Behaviour-Targeted Campaigns, Lead Nurturing and many more.
As a small business owner, it is expedient to note that Email Marketing is not enough on its own. While formulating your business marketing strategy, ensure to prioritize email marketing in your marketing mix along with other marketing channels like Social Media Marketing, Search Marketing, Video Marketing, etc.
If you have any questions on how to start leveraging email marketing for your business, please drop a note in the comments section.