Following up from our Instagram post over the weekend I wanted to dive into the stats a little more.
Email marketing has been around for a long time, unfortunately it’s picked up a bit of a bad wrap probably due to the amount of spam (the snail mail equivalent of junk mail) that some companies sent out. That has changed now and as long as you hand over your email to reputable companies and websites the chances of your email being sold off to some random company is almost non existent.
The fact is, email newsletters and email marketing works. Your customers signup to your list because they want to receive content, whether it be promos, new products or amazing digital marketing tips (hahaha see what I did there). The biggest advantage of email marketing is, there are no algorithms to contend with.
Anyway lets get into those stats shall we.
On average Email Marketing has a 4400% return on investment. (Source: OptinMonster) You might be thinking that is a huge ROI (return on investment) and you would be right in thinking so. So we dug a bit deeper looking at other stats from surveys and we found that ROI figures all came in around that same figure. The Data and Marketing Association (DMA) identified a number of other key ROI stats.
- Average ROI: 3,800%, or $38 for every dollar spent
- Top Performers: 18% of companies achieved ROI greater that $70 per every $1 invested. Thats a crazy 7000% ROI.
- Low Performers: 20% of companies achieved ROI less than $5 for every $1 invested. That’s still a 500% ROI
- Segmented Emails: Generate 36% of total email revenue
- Triggered Campaigns: Generate 306% more click throughs per email than non-triggered emails
Things to take away from those stats. The DMA is reporting a lower average ROI than the stats out of OptinMonster however it’s still an impressive percentage. The stats also highlight the importance of implementing strategies to optimise your email campaigns. There is a lot more to it than just signing up to MailChimp and pressing send.
The next slide doesn’t really need much explanation. Welcome emails have a average open rate of 82%. That goes without saying. It’s simple really, if you’ve offered some sort of incentives for the user to signup or if you are just awesome the chances are they are wanting to see an email pretty quickly, and so you want to get that email out pretty quick.
Make a great first impression and the chances of them reading your second email increases. This is the time for your brand to show some personality and helps you set the tone for all future emails.
Social media might seem to grab our attention for most of the day but the fact is 58% of us check our emails before anything.
The funniest thought pattern we come across on a regular basis is that brands don’t want to SPAM their clients. Yet they fail to understand what SPAM actually means. 60% of consumers signup to a brand to get promotional messages and deals. If they’ve signup then they want you to email them. It’s that simple. Ok maybe don’t send them emails everyday but the better your email content is the more they will want to see it. And if they don’t want to see if they can just unsubscribe.
Emails with personalised subject lines are 22% more likely to be opened. This is where it can get tricky. Just stuffing your subject lines with a subscribers name works but if you can personalise the content you’ll keep them coming back. This is where you need to have your data collection feeding into your mailing list software so you can segment lists and create emails specifically generated to what that subscriber is interested in.
For the eCommerce site, take your time to setup Abandoned Cart emails. Once setup this can be done automatically and can even tie in with personalised subject lines if you have all the connections setup correctly. Sending 3 abandoned cart emails results in an average of 69% more sales. So sit down and take the time to setup the process.
FOMO (fear of missing out) is real. This is one of the fundamentals of marketing from traditional through to digital. Give your customers a small window to act and you’ll get higher results than if you just market your product or service. Subject lines with a sense of urgency have a 22% higher open rate. You just can’t use it all the time. Don’t turn into those shops that seems to have a constant “closing down sale”. Use it sparingly and it will work perfectly.
That’s the email marketing stats that you need to know. Oh and if you made it this far signup to our list below, we’d really appreciate it.