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With recent social platforms popping up yearly, many entrepreneurs are wondering in the event that they should leave email behind and look for brand new avenues. Did you understand that email remains to be the second biggest marketing channel for startups, just behind social media? That’s right! That’s due to its low price and incredible return on investment (ROI). According to the Study by Litmusit stays among the best ROIs in the marketplace; businesses can expect a whopping $38 return for each dollar they spend on email marketing.
As the CEO of Builderall, an all-in-one digital marketing platform that has helped over 2,000,000 small businesses, I’m often asked if email marketing remains to be an efficient strategy on this recent phase of our digital age. Is it dead in 2024?
I’m here to debunk the largest myths and set the record straight. Today I’m going to share my insider knowledge with you to enable you shed some light on the matter.
Definition of email marketing
Before we debunk these myths, let’s be sure that we’re all on the identical page about what email marketing actually is. Many people have misconceptions about this kind of digital marketing, which may put them off – and that results in missed opportunities.
Email marketing is a direct marketing strategy that involves sending promotional or informational messages to a particular audience via email. It goes far beyond simply spreading promotions or cold calling. When used appropriately, it builds meaningful relationships between your brand and your subscribers. It’s a method to keep them engaged and, ultimately, one other method to increase sales.
Some examples are
- Newsletter
- Special offers
- Product updates
- Even personalized content based on a subscriber’s interests.
Related: 8 Simple Email Marketing Tips to Improve Your Open and Click Rates
Myth No. 1: Email marketing is dead
Let’s address the apparent first. No – email will not be dead! In fact, it is from dead and still highly regarded.
According to data from Oberlo, 80% of corporations depend on email as their primary customer retention channel. That is, they use email to retain their existing customers and keep them coming back.
But that is not all. HubSpot found that 60% of consumers have made a purchase order because of a marketing email they received. This is a terrific testament to how revenue-generating email marketing could be for businesses.
Myth #2: People don’t read emails
I can not inform you how repeatedly I hear this myth. Sure, our inboxes have gotten pretty full through the years and lots of of us receive dozens and even a whole bunch of emails daily. It’s also true that a big portion of those emails find yourself straight within the trash or spam folder.
However, in accordance with HubSpot 46% of smartphone users still prefer to listen to from brands via email moderately than other channels.
When you construct trust and send relevant content, subscribers will welcome your emails with open arms.
This statistic also underscores the importance of being mindful of your campaigns and using compelling subject lines and other email elements to face out in a crowded inbox.
Myth No. 3: Younger goal groups don’t use email
Generation Z and Millennials are the subsequent generation that may have significant purchasing power. It’s only logical that corporations are in search of recent and modern ways to succeed in them, as they are sometimes portrayed as glued to their screens and obsessive about social media platforms.
These stereotypes lead many individuals to assume that Generation Z and Millennials are too obsessive about TikTok and Instagram to resort to old-fashioned strategies like email. Let me prove them fallacious again. According to the Attest US Consumer Trends Report53% of Generation Z enjoy receiving weekly emails from their favorite brands, in comparison with 66% of Millennials.
Of course, you’ll be wanting to tailor your approach to every audience (incorporating a little bit of slang or a meme here and there), but don’t rule out email. These generational segments still use and like it.
Myth #4: Emails have a low open rate
The next myth I wanted to deal with is more tangible. Some say that email underperforms social media platforms like Facebook or Instagram. To do that, we’d like to have a look at the open rate.
The open rate is a very important key performance indicator (KPI) in digital marketing since it tells you ways many individuals actually open and browse your emails. MailChimp benchmarks tell us The average email open rate across all industries is 34.23%. That may not sound amazing, nevertheless it’s definitely not bad either.
With optimization, this number could be much higher and convey advantages. As mentioned above, this is the reason so many corporations still depend on email as their primary channel for customer engagement.
Related: This is the key to higher email open rates
Myth No. 5: Email marketing equals spam
Finally, let me come full circle and return to the definition of email marketing. Too many individuals confuse general email marketing with a somewhat shady practice: cold calling.
Cold emails are unsolicited messages sent to individuals who haven’t expressed interest in your brand or products. Essentially, you purchase or collect an inventory of email addresses (without the recipients’ knowledge) and send out mass emails within the hopes of getting a couple of leads. They are sometimes used for prospecting and may seem intrusive if not used appropriately. That’s because nobody has given you permission to contact them.
Email marketing, however, is about constructing relationships with individuals who have already shown interest in what you will have to supply. They can have signed up on your newsletter through a lead magnet or opted in to receive your updates. That’s a giant difference!
It is that this latter type of communication that 81% of corporations use email as the first channel for customer acquisition. It produces results without spam tactics.
Final thoughts
While many entrepreneurs are drawn to the most recent shiny objects or technologies, these myths cause many entrepreneurs to overlook email in 2024.
When done right, email marketing stays an indispensable growth lever for startups and established corporations alike. Now that you understand the reality, use email marketing to extend conversions and customer loyalty. With a strategic approach, you possibly can even achieve higher open rates and ROI than the studies show.
