There are ton of ways to make money online. Basically, you can summaries all these ways in two main approaches. The difference between the two approaches is that the first approach is just an income stream that can run dry any time, whereas the second approach is building a business and hence long lasting.
The First Approach
This includes doing surveys, MLM programs, building niche sites, YouTube marketing, CPA marketing, writing articles, offering services like graphic designing etc. The list goes on and you can make money no doubt. But actually, these are just income methods and are generally not stable enough. Also, you can’t increase your income beyond a certain point through these methods. Sometimes, some of them even end up in scams making you lose your hard-earned money.
The Second Approach Is Email Marketing
It is a more stable and effective way of making money online. It involves building your own database of customers. Based on this targeted email lists, you send offers luring them to convert into buyers. This way, you build a business, which can last for years together. The more effort you put into it the more it flourishes, giving you more and more profit.
With social media phenomenon coming up with new marketing channels, a question that pops up every now and then is, “Does email marketing even have a future?” The marketers change their stand about the condition of email marketing faster than the latest fashion trends. One day, they post ‘RIP email marketing’, the very next day someone says ‘It’s totally alive and doing very well’. Basically, the doubters say it is dead, but statistics show that it is ‘ALIVE’ and on the rise.
Why despite all the popular new kids on the marketing block, email continues to more than hold its own? There are many reasons, which we will be discussing, but the simplest one is that it is more cost-effective.
Let’s talk about the statistics first. Going through these will make you aware that all these figures indicate the robust health of email marketing.
- There are nearly 4.0 billion email accounts globally at present and by the end of 2017, this number is expected to touch 4.9 billion. Now, that’s a huge potential!
- Daily about 247 billion emails are sent, which is phenomenal as it equates to one email every 0.00000035 seconds.
- The return on the amount spent on email marketing is huge. For every $1 spent, the average return is $44.25. Will you get such whopping returns anywhere else?
- Data suggests that consumers who are approached through emails spend 138% more than those who are not.
- There are 900 million mobile email users globally and 91% of them use email at least once daily. This includes both the corporate and private consumers.
- On a daily basis, in US alone, consumers interact with about 11 brands through email as compared to 9 brands via Facebook and 8 via twitter. Facebook and Twitter are the other two very popular mediums.
- With mobile becoming the lifeline of people, nearly 50% of emails are opened on mobile devices.
- In comparison to Facebook and Twitter, email is 40 times better at acquiring new customers.
- In a survey, nearly 90% of the consumers preferred email newsletter and only 10% went with Facebook.
- On the basis of promotional emails received, nearly 44% made at least one purchase.
- 48% of the consumers prefer to communicate with the various brands through email.
- 60% of the marketers say that email marketing is getting them the ROI for their organization.
Going through these stats, you will agree that email marketing is here to stay for long.
What Makes Email Marketing So Great?
As we have seen, nearly 91% of the population who have an account check their email at least once a day. That means if you have a targeted list and you give them good content, there is a high probability that they will read it. They will obviously not read all your emails, but it’s for sure that they will go through some. This is better than a blog as in the case of a blog they have to remember to check it. But in an email, they are bound to come across it. This increases the frequency of your communication.
However, there are some rules to follow.
- Send emails frequently, but the frequency should not be irritating to the consumer.
- Refrain from sending crap without any useful information.
- Send emails relevant to the consumers.
- Build a database according to their preference and adhere to it.
If you follow these rules, then people will remember your name and go through the emails you send.
Emails Help in Creating Trust and Improve the Sales Conversion Rate
Pitching for sale before building trust will result in wasting the leads. On an average, a person needs to be exposed to your content, service or a product 7-15 times before he makes up his mind to buy it from you.
There can be exceptions too, but again they are exceptions and you have to go by a general rule. Building a list helps in getting the leads converting into sales in future. If you are driving traffic but not capturing their emails, you are virtually leaving the money on the table. As soon as someone leaves an email, enter it in your database and start communicating with him helping him gain trust on you.
Services like ConvertKit can be used to build highly targeted email list with the segmentation. Each user gets assigned in different segments according to their actions, so you know it better about your audience.
Brand Yourself First Before Making a Sale
Even if someone likes your product or service, he will be reluctant to go for it unless you have gained his trust. But if he is aware of your name, then he will not mind going for it. So, unless you have branded yourself, the probability of making a sale is very less. Even if his friends or colleagues know you as a brand then too you will make a killing. Once someone buys from you, the prospects of having sales thereafter are good. “Once a buyer always a buyer” holds true in this case. After the first buy, it depends on the quality of the product or service for future sales. But yes, don’t lose communication. Keep sending emails related to the products and services your database tells he might be interested in.
So far, we have discussed the statistics and why email marketing is good. Let’s now look at the future of email marketing.
Email Is Big and Is Getting Bigger Day By Day
The email accounts are growing and they are nearly three times that of Facebook and Twitter accounts combined. This by itself speaks about the potential of email marketing. The increase of social media and mobile usage has seen it grow at a phenomenal rate in recent years. The years to come will see even bigger growth as more businesses take up online marketing.
With smartphones’ popularity on the rise, people can open emails on phones, which is further adding to the popularity of emails. It also offers some privacy, which is not there on Facebook and Twitter. This only point in one direction – that the future of email marketing is bright in the coming years. Those who are saying that it is bleak or dead will have to eat their words.
Email Marketing Is Also Getting Bigger With Emails
The use of email marketing is growing only because it works. 63% of the marketers have plans to increase their budget for email marketing as it is giving a decent return on investment. It can be far more cost-effective than other marketing channels, and deliver a very impressive, measurable return. Social media is still not anywhere near it, forget about matching it.
Facing the Future
As of now, it is working great, but you need to keep innovating and ensuring that you are moving with times. Taking it easy and going along in the same manner will make you lose track. As mobiles are on the rise as of now, optimizing email campaigns for mobile users will guarantee success in very near future. As times and technology changes, you need to tweak your ways accordingly to reap the rewards in future.
Teenagers Are the Future Spenders
Teenagers of today will be the spenders of tomorrow. Aim at marketing keeping their habits in mind. They are more on social media rather than emailing. So, to cater to them, you need to integrate social media with email marketing. Along with your website and email marketing, use social media to extend the reach of your messages. If people like your content and if you enable them to share it on their networks your reach will be enormous.
The doubters can doubt, but the figures and consumers’ mind-set point to a very bright future for email marketing.