Is Email marketing still a valuable asset to your brand? The answer is Yes, a thousand times, yes!
Today, Digital advertising is constantly evolving and new ways to communicate and market to your customers. However, no matter how many other innovative marketing tactics emerge, email marketing still remains at the head of the leader board to reach and engage your audience and ROI. And possibly even more importantly, Email is your direct line of communication with your most engaged customers and potential customers. No social media algorithms, no Google up; ts, it is just you sharing your stories, products and offers with subscribers who want to hear from you.
Email marketing is the most accessible and affordable option for businesses looking to grow their business with an ROI that is hard to glance over. Many marketers fail to realise that the median marketing ROI for email marking is a staggering 122% - four times higher than any other digital marketing channel.
What is Email Marketing ROI
Email Marketing ROI or Return on Investment is precisely what it sounds like. It is a measure that is used to evaluate the effectiveness and profitability of an investment. In this case, it is the measurement of the profitability of email marketing. A study from The formula for calculating your ROI looks like this
Net Gain (Profits derived from email marketing - email marketing costs)/Email Marketing Costs
Why Email Marketing?
If you have gotten to this point and still ask this question, you probably need to take a hard look at these stats.
Conversion Rates are at least three times higher on email than on social media.
Four percent of email marketing traffic will make a purchase compared to two percent of search engine traffic and less than one percent of social media traffic.
Businesses with average order values (AOV) of $100 to $500 recover four to five percent of their abandoned carts on average with email. Shoppers spend 138 percent more when marketed to through email than those who don’t receive email offers.
There are currently 3.9 billion daily email users globally, with that number expected to hit 4.3 billion by 2023.
On average, brands that switch to Klaviyo see an increase in revenue of 46% in just two years - pocketing an average of $68 for every $1 spent on their email marketing platforms.
What are the Benefits of Email Marketing
It’s Owned Marketing
We marketers speak a lot about owned, earned and paid marketing. Owned marketing is taking ownership of your companies growth through email and affording you the ability to create a unique experience that aligns with your brand.
Higher Sales with highly targeted marketing.
Targeted messages and segmentation often lead to better customer experience, engagement, conversion, and a better subscriber experience overall. When you create specific and targeted content, you ensure your emails go to those most interested in what you have to say. Using strategies like segmenting your low CLV shoppers to target them directly with promotions and discounts can ensure your content is synonymous with its audience.
Compare your company performance with Industry Benchmarks
Industry Benchmarks represent the average key numbers collected from many different businesses and then sorted into the industry. Klaviyos Benchmarks are formulated in much the same way.
Using peer groups and industry benchmarks, Klaviyo uses your data to find 100 similar companies - benchmark business metrics critical to growth by comparing your performance side by side. This enables you to immediately see which metrics have room for improvement and are already performing at their maximum potential. As your business grows, so do the brands you are compared to. This way, you always have an accurate picture of how your business is performing.
Grow your business
Klaviyo and Email Marketing allows companies of all sizes to further grow their business by implementing some of the methods we have mentioned above. From having more control over your marketing and building solid and meaningful customer relationships to driving more conversions and discovering additional sales opportunities, there are a multitude of benefits for you to reap the rewards. Download our Klaviyo Industry Benchmarks ROI Guide and take a look at some of the phenomenal results you could achieve when you invest your time in email marketing.
Jenkins, Justene, 15 Benefits of Email Marketing, Plus Some Eye-Opening Stats, Klaviyo, 17 November 2020, https://www.klaviyo.com/blog/benefits-of-email-marketing