How much does it cost to convert and retain customers through an email marketing strategy? Is it worth it?
81% of small businesses rely on email marketing as their primary means of customer acquisition, and 80% rely on their email marketing strategy to retain customers. (Emarsys, 2018)
There might be a buzz about social media, likes, shares, and tweets, but that doesn’t mean that email marketing is dead. Research findings show that email marketing tops the chart in comparison to organic search, paid search, and social media when it comes to customer acquisition and retention. Not to say that social media isn’t important for your business, but if you’re looking for direct impact and reach, there’s no competition with email marketing.
When you have limited resources, you do not want to waste time and money and when it comes to marketing, you should not ignore a tool as valuable as email marketing.
Email marketing is much more than just messages in inboxes.
You can use email marketing to develop and maintain relations with current customers or to reach out to prospective customers. With email marketing, you can keep your customers up to date, and customise their marketing message.
Here are some fascinating email marketing statistics that go to show just how valuable email marketing is.
- In 2022, the number of email users worldwide is forecast at 4.3 billion (Statista, 2021). This figure is set to grow to 4.6 billion in 2025, making up more than half of the expected world population.
- According to recent data, worldwide, the number of emails sent and received per day in 2021 was 319.6 billion – 4.3 percent more than in 2020. This figure is set to further increase by the same margin in 2022, hitting 333.2 billion.
- For every $1 you spend on email marketing, you can expect an average return of $42 (DMA, 2019).
- The latest statistics show that as many as 87 percent of marketers use email marketing to disseminate their content (Content Marketing Institute, 2020). This makes email the second most popular content distribution channel, just behind social media at 89 percent.
- According to the data, 81% of SMBs still rely on email as their primary customer acquisition channel, and 80% for retention (Emarsys, 2018).
- The average open rate for a welcome email is 82% (GetResponse, 2017). You can use this to your advantage when you’re building your email campaign for your growing audience.
- Emails with personalised subject lines generate 50% higher open rates (Yes Lifecycle Marketing, 2019). So customise your greeting and subject line to include individual names.
- Sending three abandoned cart emails results in 69% more orders than a single email (Omnisend, 2018). This type of eCommerce email is one of the most effective for boosting revenue.
- Reports have shown that adding videos to your email can increase click rates by 300% (Martech Advisor’s 2017 data). Include sliders, collapsible menus, and GIFs to make your email more interactive.
- 49% of consumers (Statista, 2017) said that they would like to receive promotional emails from their favourite brands every week.
Over the years, many new forms of communication have surfaced. Despite this, email marketing has remained strong and is continuing to grow.
With these email marketing stats in mind, it’s hard to ignore the potential of a great email marketing campaign.
Check out HubSpot's free Email Marketing Tools to start creating your email marketing campaigns. (I am a HubSpot affiliate and receive a commission when you purchase.)
