Running a business, no matter how big or small, is an expensive prospect. From business insurance to taxes, the costs of businesses are far reaching and often unexpected. You’ll probably find yourself looking to cut corners in any way possible. While this might have varying results, there’s one area where you can work on a budget and attain stellar results.
What is Email Marketing?
One of the biggest expenditures that many businesses experience is marketing. It can be so easy to find yourself thousands of dollars in the hole because you got carried away. While that might be acceptable if it was strictly necessary, the truth is that it’s not. There have been a variety of studies that have shown that email marketing is a highly effective strategy to employ. In fact, 72% of adults in the U.S. say they prefer to communicate with companies via email rather than via telephone. That’s a huge advantage to businesses that are already conducting most of their marketing via email.
In addition to being an effective and preferential marketing strategy, email marketing is also one of the cheapest. Indeed, when compared to television advertising, print advertising and internet advertising, email marketing is the cheapest by fair. While businesses collectively spent $64 billion on television marketing, for example, they spent only $1.5 billion on email marketing. That’s a staggering amount!
Why Don’t More People Use Email Marketing?
All of this information about the low cost and high effectivity of email marketing begs the question of why more people aren’t using it. Or, why people are spending so much money on different avenues when they could be spending much less using emails. The answer is fairly simple: email marketing isn’t glamorous. Well, that’s not the whole reason, of course. I’d wager that businesses have many different reasons for their marketing decisions. In general, however, the previous answer stands.
Email Marketing and Scalability
One of the issues is that email marketing can be as simple or as complex as you’re willing to go. This is likely another reason for the continued somewhat lukewarm reception of email marketing. If you’re willing to put in the time and effort, email marketing can be incredibly effective and cost-efficient. It’s all in how you approach the marketing strategy. Will you spend the time to conduct research, determine your target audience and their interests, and refine your email technique?
Email Marketing and Entrepreneurs
If you’re just starting out, chances are that you’re already overwhelmed with work and looking for something simple and cost-effective. As illustrated above, email marketing fits those requirements quite well. All you need is some time and patience, and you can get started almost immediately.
While time might be in short supply, this is where the scalability factor of email marketing comes into play. However, all you need is to determine what to say to your customers, select the right tool for your needs and get started! It can really be just that easy. Once you have a feel for your brand and your customer base, you can refine your approach and see even more effective results.
Whether you’re an experienced businessman or starting out, email marketing is a great choice when it comes to marketing strategy. Your initial investment will be low, meaning that your wallet will thank you as well as when you start generating leads via your marketing campaign. So, it’s time to give it a shot!
