Email marketing has been considered one of the most effective types of digital marketing for years now and its future looks bright. If you are planning to launch your email marketing campaign in 2020, there are some things you should consider before planning your strategy.
1. Four Key Metrics To Track
According to the DMA, advertisers identified the four most important email marketing metrics like ROI, CTR, open rate, and conversion rate.
Indeed, these four metrics should be closely monitored once you launch your email campaign. If you are thinking of how to grow your email list, they can also be quite helpful. Here’s what each of them means:
- ROI: Return on investment or ROI is the ratio between net profit and the cost of investment. Email marketing ROI is usually incredibly high (more on it later).
- CTR: Click-through rate or CTR is the ratio of users who click on a specific link to the number of total users who view the email.
- Open Rate: Open rate is the percentage of the total number of your subscribers who opened the email.
- Conversion Rate: Depending on your goal, the conversion rate is either the percentage of subscribers who complete a certain action or the ones who become customers.
2. The Average Opt-In Rate
The average opt-in rate across all verticals is 1.95%.
The opt-in rate is the percentage of your site visitors who subscribed to your email list. If you’ve read any “How To Grow Your Email List” articles, you probably know that this is the most important metrics you should be monitoring at the beginning of (and then during) your email campaign.
A great idea for increasing that tiny 1.95% is to create a squeeze page. A squeeze page is a dedicated landing page specifically for subscribing to your email list. You will need to drive traffic to that landing page and then you may even increase your opt-in rate to as much as 25%.
3. How Much Do You Get Back
According to Campaign Monitor, for every $1 you spend on email marketing you get $44 in return.
As mentioned in the first point, the ROI for email marketing is extremely high. In fact, it is sometimes considered the highest ROI among all the possible channels for digital marketing. However, that doesn’t mean that you will get a big return without doing much.
In order to get those $44 for the $1 you invested, you will need to shape your strategy in a way that will make your emails as effective as they can be. Carefully think through every stage so that you don’t get lost on your way.
4. Sharing Content on Social Media
According to QuickSprout, email subscribers are three times more likely to share content on social media than leads who came through another channel.
Shares on social media platforms are also very important as they get you extra exposure and help your website rank higher. The fact that email subscribers are more likely to share your content will help you structure your email campaign in a way that will benefit your social media campaign.
Make sure that all the content on your website has share buttons. This way, once someone opens your email and then clicks on the link to this content, they will be able to share it if they like it. Of course, don’t forget about the quality of the content though because it is crucial for your audience to get interested enough to share it.
5. Segmenting Emails
Segmented email marketing campaigns have an open rate of 14.32% higher than non-segmented ones.
Indeed, segmenting your email marketing campaigns can be extremely effective. Basically, what you do is divide your subscribers into groups and then send specific emails to each corresponding group. The best factors to use when segmenting your email campaign are:
- Actions: Divide the subscribers based on how they got onto your list. Maybe they made a purchase on your website and had to enter their email or maybe they participated in a giveaway you hosted. There are also those who subscribed to you directly.
- Information: If you have any kind of information about them such as their interests, you could also keep that in mind while segmenting your email list.
6. Promotional Emails
28% of customers would like to receive promotional emails more than once per week.
Promotional emails don’t always work and many people consider them to be spam, but almost a third of your subscribers will definitely love such emails. In fact, they want to receive them more often than just once every week.
To make the most out of promotional emails, don’t think of how to grow your email list with their help but rather how to work with your current list. Promotional emails are the ones that can become your main source of conversions, so make sure that you create some guidelines as to what they should look like and what they must contain.
7. Business Communication
73% of millennials prefer email over any other channel for business communication.
This is statistic is especially useful for those whose target market primarily consist of millennials. These are people in their 20s and 30s. Targeting them with emails will be profitable as they themselves consider email to be their preferred channel for communication.
However, if they are not your target audience, you can still think of this demographic as a possible part of your content strategy. Maybe in the future, it will be useful to you.
8. Customer Retention
80% of retail professionals say that email marketing is their greatest driver of customer retention.
Now that you know what your customers think, it’s also good to hear the opinion of the professionals. And the majority of them agrees that email marketing helps them retain customers.
Returning customers are just as important and sometimes even more important than new customers, so you should remember about this audience too. Structure your email strategy in a way that will make people want to come back for more every time.
9. Email Automation
49% of businesses use some form of email automation.
Automation is a blessing and no serious business should ignore it. After all, it saves you time and money along with reducing the amount of energy you spend on a certain task.
Almost half of all businesses use some form of email automation. If you don’t use it, this will probably mean that you are behind the trends as more and more companies now turn to automation.
10. Using the Wrong Words
Using the word “donate” in the subject line can decrease your open rate by over 50%.
And lastly, it is important to use the right words in your emails or you may end up losing money. Along with some words triggering spam filters, there are some that scare off potential customers from even so much as opening your email.
“Donate” is just one example but there are many others. Sometimes you will not know what causes your open rates to be so low. This is when you will need to experiment and see what is the problem.
To sum up, email marketing statistics definitely indicate that email marketing keeps bringing great results to businesses big and small all around the globe. Keep in mind these stats while planning your strategy and you will be on your way to having a successful email campaign.