All the experts say that growing your email list is a MUST, its critical for the growth of your business. But do you know why?
Here are a few reasons why building an email list should be at the top of your list.
RETURN ON INVESTMENT
Let's start with one of the most important factors you should consider when justifying your time and efforts – ROI (Return on Investment). According to a study done by Campaign Monitor - every $1 spent on email marketing $38 is made in return. Who wouldn’t want that kind of return? That fact that it's so easy to track email marketing results means that you can easily see what this return on investment is specifically for you and your email marketing efforts.
IT’S TOTALLY IN YOUR CONTROL
Can you control how many people in your Facebook community see your recent post? How about on Instagram? Nope, you are at the mercy of their algorithms or you have to pay to get more eyeballs on your content. And guess what, if they decide to shut down tomorrow or remove your ability to post your content to THEIR customers there is nothing you can do about it, you just lost access to that community you worked so hard to build. Don’t get me wrong there is tremendous value in social media. It's just not in your control, you don’t own it. YOU OWN YOUR EMAIL LIST. You get to decide how often you want to communicate with your audience, what content to share with them and you get to target content to specific subscribers.
IT’S A SUPER EFFECTIVE WAY TO SHARE YOUR MESSAGE
It’s easy for your followers to miss the big announcement you posted on Facebook and probably even easier for them to miss it on Instagram but the email you sent with your big announcement, probably not! People check their email religiously every single day. If you have something important to share that’s the way to do it. According to Mailchimp, the average email open rate across all industries is about 20%, with some industries as high as 27%!
EMAIL SUBSCRIBERS TEND TO BE BUYERS
People are picky about who they give their email address to, less so about who they follow on social media. If someone gives you access to their inbox that means that they are interested in hearing from you. If you sell or ever intend to sell products or services, this is the kind of commitment and engagement you want to focus on. Consumers who purchase products through email spend 138% more than those that don’t receive email offers - Hatchbuck.
The benefits of an effective email marketing campaign don’t happen overnight, it takes some time and it requires strategy. Let's move growing your email list and building your email marketing strategy to the top of your to-do list. Start thinking about how you can grow your list (freebies, lead magnets) and what kind of content you want to share with your subscribers.