If you’re a numbers guy like me, you also obsess over this question:
Am I getting my money’s worth for my business?
After all, it’s our main concern as a business owner. We need to know that every dollar you invest in marketing is worth it.
And the best way for us to understand how well our business is doing and which areas could use improvement to help us achieve our goals is by looking into the return on investment (ROI).
There are a lot of marketing activities that get you a great return on your investment, especially in the age of digital marketing.
As a business owner, you must have tried all the different marketing strategies available to you. I know I have.
But none of them is quite like email. More on this in a bit.
Many business owners venture into Facebook land, which seems to be a smart decision knowing that 22% of the world’s population are active Facebook users.
What do the numbers mean?
With Facebook ads, you’d get excited about a return of 1 to 4 (meaning 1 dollar invested into ads makes you 4 dollars).
Another popular marketing strategy is coaching. The ROI is considered even better at 1 to 10, a superb number when it comes to conversion rates. You really do get a lot from that.
And with emails… wow.
The conversion rate is higher than any digital marketing activity.
Research shows that email marketing pretty much blows other digital outreach methods out of the water when it comes to return on investment.
A research site on email marketing, Litmus, found that emails consistently drive the highest return on investment (ROI) every year.
The average ROI in 2020 was 1 to 36, which means that for every dollar spent on email marketing, the business owner makes 36 dollars back.
And that business owner… that could be you.
How come email marketing gets you better results than direct sales and fancy funnels?
I have three reasons for you.
1. It builds your brand.
First and foremost, email marketing is an effective way to let your clients know who you are.
Email marketing is versatile and you can write an email with a different purpose every time. You can write a personal story about how your business started, or about a service you offer.
Another way you can build your brand through email marketing is by driving traffic back to your website. You can add links and make sure that the traffic going back to your site is relevant.
What’s more, email marketing allows you to reach new customers. Email is used by over 4 billion people — over half of the world’s population. And that number is only going up.
One thing is for sure, your customers check their emails every single day.
It is one of the fastest and most efficient media for communication today. As a business owner, it is an opportunity to (virtually) get in front of your audience’s eyes on a regular basis.
2. It strengthens relationships.
Now that your prospects know who you are, the only way to go is to keep the momentum and send more emails. Frequent emails allow you to create and strengthen relationships with prospects, customers, and past customers.
Research shows that 61 percent of consumers enjoy receiving promotional emails weekly. 38 percent would like emails to come even more frequently!
You can keep that in mind when you think your customers might get turned off by too many emails.
Unlike other marketing strategies, the strength of email marketing is that it allows you to engage with a large number of prospects directly. And because emails are so versatile, you can personalize your messages so they can cater to your audience’s needs.
Let your customers know that you care about giving value to them. Nurture your relationship and gain their trust.
Once you have built a level of trust with your customers, it’s easier for you to close a sale.
Another great thing about emails is that you can also measure client engagement and see how well you’re interacting with your clients. You can see this with click-through rates
3. It has a minimal cost.
Unlike ads, where your ROI is also dependent on how much you’ve invested on social media marketing, email marketing is much simpler.
No need to continuously spend your money on Facebook ads, which are notoriously expensive. As long as you know how to write, you have access to this magical tool.
What’s more, it’s proven to be much more effective. It’s almost too good to be true.
What do you think is the hardest part about starting to write regularly to your past clients?
If you’re struggling to think of ideas on what to write about, fret no more. We’ve got you covered with this generous list of 141 email ideas to keep your email list from becoming cold as ice.
But wait, there’s more.
In this exciting and highly informative podcast episode, we talk about driving higher conversion rates through direct-response marketing. Don’t miss out on some hot email marketing tips and the secret to making a prospect buy from you.