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 – and while that might have varying results when it comes to the resulting quality of those cut corners, there is one area where you can work on a budget and still attain stellar results.
One of the biggest expenditures that many businesses experience is marketing. It can be so easy to find yourself thousands of dollars – at minimum – in the hole because you got carried away with your marketing strategy. 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 United States say they would 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 as well as a preferential (to consumers) marketing strategy, it’s 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 spent a collective $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 of email marketing versus its high effectivity begs the question about why more people aren’t using it. Or, to be more, precise, why people are spending so much money on different avenues when they could be spending so much less using simple 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 the continued somewhat lukewarm reception of email marketing. If you’re willing to put the time and effort into it, email marketing can be incredibly effective and incredibly cost-efficient, with ROIs through the roof. It’s all in how you approach the marketing strategy. Will you spend the time to conduct some 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 good that you’re already overwhelmed with work and looking for something simple and cost-effective. As is liberally illustrated above, email marketing fits those requirements quite well. All you need is some time and patience, and you can get started almost immediately. And while time might be in short supply, this is where the scalability factor of email marketing comes into play. You don’t have to do all of the research I hinted at right now. In fact, you don’t have to do any of it right now. All you have to do is determine what you want 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 better feel for your brand and your customer base, you can always refine your approach and see even more effective results.
Whether you’re an experienced businessman or just 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 in the future when you start generating leads via your marketing campaign. Give it a shot!