8 Ways Email Marketing Will Grow Your Small Business – The Motley Fool

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by Rose Wheeler | Published on May 18, 2022
Image source: Getty Images
You’ve probably heard the myth that email marketing is dying, or maybe even dead. Don’t buy into it. While some email marketing strategies are outdated, the channel itself continues to thrive.
Consider the following statistics:
Not only is email marketing alive and well, but it also offers significant benefits for your small business.
Marketing campaigns can get expensive. Costs like postage, printing, and ad space quickly add up. One of the most apparent advantages of using email is that you don’t have to worry about these traditional expenses.
Email marketing campaigns typically require fewer personnel, and they often take only a few days to put together. You may choose to invest in software for email marketing, but you’ll still save money compared to other marketing channels.
In addition to affordability, email marketing offers an excellent return on investment (ROI) of 42:1. The channel’s affordability and ROI make email marketing a superb choice for small businesses.
You don’t need extensive technical knowledge or a huge team to build a successful email marketing campaign. Sure, you can choose to get fancy with your emails, but the quality of your email marketing content matters the most.
Many types of email marketing software offer templates that make it easy to create beautiful campaigns. You’ll find that most of this software is simple and intuitive, even for beginners.
You can also easily automate emails like product recommendations, abandoned cart reminders, welcome emails, surveys and requests for reviews, and more.
Measurability is one of the most important email marketing benefits. Software allows you to track open, click-through, and conversation rates. This information gives you a wealth of insight into what does and doesn’t resonate with your audience.
You may also choose to run A/B testing. For instance, you could test out two different subject lines or varied content to see which performs best. Use the results to inform future marketing campaigns and develop stronger relationships with your customers.
With targeted email marketing, you can customize emails to meet the specific needs of consumers. You can segment your email lists according to geographic location, engagement levels, products purchased, browsing activity, and much more.
Create email funnels to send automated emails based on a lead’s stage in the buyer’s journey. Customers receive different emails depending on how much they know about your products and how much they’ve already interacted with your brand.
You might send one campaign to first-time customers and send a separate campaign specific to returning customers.
Marketers who used segmented campaigns report up to a 760% increase in revenue. Targeting customers based on their needs, level of interest and engagement, and other demographics certainly pay off. No other marketing channel allows for the level of customization you can achieve with email.
Email marketing is one of the only types of promotional content that consumers ask to receive. In most cases, businesses only send opt-in email marketing. Naturally, conversion rates are higher when you target an already engaged audience.
For example, you may ask customers to opt-in to an email newsletter. Most effective newsletters blend educational and promotional information, with a heavier emphasis on education. They do lead to sales, but the intent is to nurture relationships with your customers and leads.
Email newsletter ideas include sharing blog posts, new products or upcoming events, media mentions of your business, and exclusive deals for subscribers. Email marketing allows you to send this type of information directly to people who want to receive it.
Thanks to customization and permission-based marketing, it’s no surprise that if you include links in your emails, people will click them. Feature links to your website in marketing emails and email newsletters to generate website traffic.
For example, mention a new video or blog you’ve posted, and include a link to watch or read more. Highlight a free resource you’ve added, with a link to download it from your website. Or give a concise, intriguing description of an upcoming product or event, and direct subscribers to your site to learn more.
Customer retention is crucial to the growth and success of any business. Acquiring a new customer is five to 25 times more expensive than retaining an existing customer.
In addition, retained customers are more likely to become loyal customers who buy more often, spend more money, and recommend you to others. Increasing customer retention by just 5% can increase company revenue by 25% to 95%.
Fortunately, email marketing shines in the area of customer retention. Email marketing allows you to stay in touch and build relationships.
The communication you send aligns with your customer’s needs and interests, which builds trust and keeps them coming back for more. You can also send thank-you emails and exclusive offers to existing customers via email.
Social media platforms come and go with changing trends. Think Myspace, Vine, Google+, or the uncertain future of TikTok. Email, on the other hand, is here to stay.
Plus, you own your email contact list. If an email provider were to shut down, you could simply bring your contact list to a new provider. On the other hand, losing a social media platform would mean losing contact with many of your followers and customers.
Email also allows you to reach out to your subscribers directly. When you post something on social media, you don’t know how many of your followers will actually see it. The longevity, ownership, and direct communication allowed by email makes it a powerful form of marketing for any business.
The ultimate purpose of email marketing is to target your audience and customers with relevant news, information, and offers. It helps you strengthen relationships and boost website traffic, conversions, and revenue. You also gain valuable insight into the best ways to communicate and connect with your customers.
These deeply important benefits are both low cost and low effort in comparison to traditional marketing channels. If you aren’t already using email to market your small business, now is the perfect time to start.
Rose Wheeler is a content management expert writing for The Ascent and The Motley Fool.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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