Email marketing has been around since the dawn of the Internet, and although it is one of the oldest forms of online marketing, research shows that it is still the most effective.
According to a 2012 study by Blue Kangaroo, 7 in 10 consumers have utilized a discount that they received in a marketing email the week before. According to a study by iContact, 56% of companies plan on upping their use of email marketing this year.
For small businesses, the cost of email marketing depends on several factors, including the size of your audience, the frequency of your emails and the degree of segmentation that you desire – meaning, how many different emails you will need to send in order to attract each of your unique customers.
The price of a weekly email newsletter should be relative to the needs of your business.
For example, if you are email marketing to people in different cities, then you will need to segment your emails appropriately, so that each email is extremely relevant to the person who is opening it. The bigger your audience, the more likely it is that you have recipients who all have a different need for your business. If you have a larger audience, then your investment into email marketing will need to be more significant.
Before sending out emails, ask yourself: do I want to send the same email to a mother and a teenager? Email targeting is crucial.
In 2014, each email needs to be highly personalized, which is why segmenting your emails is important. By making a stronger effort to target your emails with refined content, you will increase the likelihood of positive reception by each unique audience member.
Keep in mind that your email recipients likely come to your business from different perspectives and for different reasons. For example, you may provide your product or service to both doctors and lawyers – so is it a good idea to send the exact same weekly or monthly newsletter to both of them? In this case, it’s a smarter move to draft two separate, targeted emails instead of only one.
There are many options to choose from when setting up email marketing.
Some of the most well known services include Constant Contact, Vertical Response, Mail Chimp, iContact and AWeber.
The monthly subscription rate for these services almost always depends on how many email subscribers you have – 500, 1,000, 10,000 etc. This is good for small businesses that are new to email marketing, because since you won’t have many subscribers at first, you won’t be paying too much money for the service.
If you’re working with professional marketers, then agency prices for email marketing will include many more features. For example, the agency will typically provide template design, email delivery, review of results, testing of different strategies, making creative changes and more. This may be a good option for the small business owner who wants to set up email marketing, but doesn’t have the time to learn it, run it and manage it personally.
Regardless of whether you do it yourself or through an agency, email marketing is a worthwhile investment.According to the Interactive Advertising Bureau, email ad revenue reached $156 million in 2012, while Forrester research has projected that the overall email marketing spend is growing by 10% year over year. Depending on your market is can be even more successful as it has been for liquor stores.
After you have decided on what email marketing cost structure works for you, remember that the most effective email marketing results come from distributing consistently valuable content to your audience.
Whether it’s through entertainment, news, information, offers, discounts or deals, for small businesses, the most effective way to engage your audience with email is to let them know that you’re always there to help.
The 360 Degree Marketing Group can assist you with your email marketing efforts. If you would like to find out more about how to successfully utilize email marketing, simply download our free Email Marketing ebook by clicking the link below: