More than 34% of the people worldwide use email. That’s about 2.5 billion people. It’s predicted to increase to 2.8 billion email users in the next 2 years. Yup, email’s popular. Recent studies revealed that there are nearly 196 billion of email worldwide, Out of this 196 billion emails the majority, 109 billion, is business email, i.e. email marketing.
Email marketing is also a very personal way of reaching your target customers. Messages from your friends and family are sitting next to email updates from your company. That’s why email marketing works at its best when it is personalized. Email can be tailored to customer actions so that every communication is relevant to their interest. You can cover topics like changes in your company, victories, and request feedback to your customer – this list is virtually endless. With 2.5 billion users, email isn’t going anywhere.
Still thinking Email Marketing is not something for your company? Let us give you 6 reasons why Email Marketing is a channel you should not be ignoring!
Benefits of Email Marketing
More Effective When Compared to Social Media
Social Media is a great channel for interacting with your audience and strengthening your personal relationships with them. And because of that, it is an important first step towards reaching your ultimate goal – the conversion. But when it comes to converting people into members, customers or supporters, email marketing is the way to go.
Email is Economic and Cost Effective
Email marketing allows business owners to reach a large number of consumers at a rate of nearly nothing per message. The research found that 85% of US retailers consider email marketing one of the most effective customer acquisition tactics. Email marketing get more positive responses, more quickly and at a lower unit cost! Win-win situation!
Email is Personal and Customizable
Studies proven than emails with subject lines that include the recipient’s name are 22.2% more likely to be opened. So by using your email marketing software correctly, it allows you to address people individually by name, split certain topics only for certain members of your list and eventually arrive privately in their personal inbox.
Email Marketing Result is Measurable
When you use any email marketing software, you can track who opened your email, which links were clicked, and how many people unsubscribed. You can easily get a picture of how your email campaigns are performing, make adjustments and improve your effectiveness.
Email Marketing is Mobile Friendly
People are checking their emails all the time—in line at Mega Mart, during their office commute, in the waiting room at the doctor’s office, at the grocery store, everywhere.
Email is Action Oriented
Email is transactional by nature and you can use it to direct traffic to your website and ultimately drive sales. As you develop your small business or startup marketing strategy as a whole, using email will allow you to see results straight away.
Decided to Use Email Marketing? Here Are Few of the Effective Strategies!
Introduce Customers to Email Early – Email should be part of any communication program that introduces a new customer or member to your organization. Creating a series of automated emails with content about engagement services and how your organization can assist the new household with their financial needs, builds early trust as well as provides exposure to how you will be communicating with the household using this channel.
Build an Email Rhythm – As with any communication, consistency improves results. While all email communication needs to be targeted and pertinent, there needs to be an ongoing cadence of communication the consumer can depend on? While the frequency of communication is usually increased early in a relationship or immediately after a purchase, most successful financial marketers will connect with their customers and members an average of 12-15 times a year.
Make Your Email Mobile-Ready and Responsive – As more consumers are tending to read their emails on mobile devices, it becomes imperative that you simplify your email design and content. It is also important that you move to responsive email design that can adjust to the device the consumer is using to view your message.
Personalize and Contextualize – With the availability of more and more consumer insight, email marketing has gone beyond simply using a customer’s name to leveraging tailored content that is based on their demographics, behavior and even their purchase history. Dynamic content lets you display different content to different people based on who they are, what they like and how they currently use your organization.
Leverage Predictive Analytics – Financial institutions need to use advanced predictive analytics to better anticipate customer’s needs – well in advance. Using both internal and external data sources, this process has become the standard for most digital organizations. Predictive intelligence applies propensity models to identify the combination of content and offers that will most likely generate a response.
Move to Real-Time Marketing – The promise of real-time marketing is to meet the needs of consumers with the right message … in the right place … at the right time. There are several challenges to delivering on the promise of real-time marketing, including the personalization of messages, measuring the effectiveness of the marketing efforts, leveraging the data available and the coordination of communications. While the data gathering, analysis, and even the tools may be established at many banks and credit unions for the processing of internal insight such as demographics, product history, prior marketing reach-out and response, most organizations are less adept at leveraging external (big data) insights.
Use Video Content Within Email Messages – To increase engagement and to improve response rates, many banks are beginning to include videos as part of their email strategies. While it may seem complicated, there are several ways to combine the power of video with the immediacy and targeting benefits of email.
Automate and Integrate – Deploying multiple campaigns every month can be taxing for any financial marketing team. Between list uploads, versioning, QC and analyzing results (for appropriate follow-up), email can consume a lot of time and effort. Automating certain processes (list feeds and updates, reporting, list hygiene, sales alerts, etc.) will leave you more time for developing strategy, identifying opportunities and understanding your email ROI.
Build and Cleanse Your Email Lists – If you don’t have at least 50% of your customers’ email addresses; you need to focus on collecting and maintaining email addresses. With more financial customers using online banking products, email is a mission-critical data point for nearly every customer.
Email Marketing is User-Friendly – Using readily available channels, such as your call center, branch personnel, community events, direct mail, etc. to capture email addresses has proven to be effective. While an investment in a direct mail campaign may seem high, the long-term value of being able to leverage the lower cost, and more effective, email channel makes the ROI quite high.
Important Things to Focus on Email Marketing
Personalize Your Email without Using Their Name
Personalizing emails with the recipient’s name may work against you according to research. Given the number of phishing, identity theft, credit card fraud, etc. many people are wary of emails with personal greetings.
How can you create effective email marketing campaigns that are personalized to recipients? Consider implementing the following:
- Track email campaigns and create records for each
- Track and keep records of customer purchases and needs
- Use the data and information to personalize emails based on the data and needs
Work On Your Subject Lines
Subject lines with 60 to 70 characters show no increase in email open rate or clickthroughs. They also found that subject lines with less than ten characters had open rates of 58%. How do you create subject lines that work well for you? Consider using the following steps.
- Develop a hypothesis to test
- Prepare for A/B test subject lines
- Track data on all email campaigns
- Beware that what works for a while might wear off over time as the novelty factor wears off. Adjust your subject lines if need be.
Watch Over Timings
What is the best time to send emails? There is no one rule that fits all audiences. However, data may help provide a guideline for creating a hypothesis which could then be tested out. The same study also found that email campaigns during weekends outperformed those sent during weekdays.
Give FREE Offers
A popular way of increasing email leads and increasing email opens is to use contests or giveaways. For example, increased their email subscriptions by 200% by doing so.
How do you do this?
- Create landing pages specifically for each of your special offers.
- Test different offers to find what gains the most opens and subscriptions.
- Develop a series of emails based on your audience’s product of interest.
Ensure It Is Mobile Optimized
Mobile opens accounted for 53% of all email opens in Q3 of 2014 occurred on a tablet or mobile phone. How can you implement a responsive design? Consider the following in your overall design:
- Convert your email to a one column template for an easy mobile fix.
- Increase the font size for improved readability on mobile devices.
- Make the call-to-action 44px obvious and easy to tap.
- Consider ergonomics. Many users tap and scroll with their thumb, so keep important tappable elements in the middle of the screen.
- Optimize the design of retina devices.
- Limit the subject lines to 30 characters or less.
Consider Using The Following Steps As Well –
- Be sure your subject lines are clear and communicate what your email is really about.
- Regularly offer incentives, discounts, contests, and coupons to motivate people to open your emails.
- Determine the best email sending frequency for your subscribers.
- If e-newsletters are part of your email marketing strategy, be sure to limit the amount of promotional content.
- Find out why people are no longer interested in asking them when they unsubscribe. Then use the information you obtain to modify your email promotions.
- Provide a convenient change of address link on your email correspondence.
- Consider having an annual subscription renewal process where subscribers must renew their subscription to continue receiving your emails. This will help keep only those people who are interested in getting your communications.
- Testing is an important tool for finding out which email strategies work and don’t work.
Successful Email Marketing Campaigns
With respect to Email marketing, BuzzFeed is unique in its intense use of segmentation. Therefore you can subscribe to a number of newsletters covering a wide variety of topics such as food, politics, DIY, celebrities or if you just want to keep up to date with the latest daily news.
One of the main characteristics of successful email marketing campaigns is that they know how to align themselves the right way with other digital channels, something that the Nasty Gal newsletter does very well. Furthermore, it makes constant references to the ever-changing times in which we live, launching a multitude of initiatives and competitions that are managed over different digital channels.
Continuing with the concept of social proofs, the most important and successful social networks already understand its importance and are creating email-marketing campaigns that simply document what other customers, who we follow on that network, are doing.
As with most marketing efforts, being able to create effective email marketing campaigns is a process. It requires a combination of good strategy, planning and analyzing data to make improvements to your campaigns. However, the only way to learn and improve is to start emailing. Let us know in the comments below if you have tips we haven’t covered in creating effective email marketing campaigns. Stay tuned with BulkQ!