Marketing is a core fundamental of any successful business. The saying “you need to spend money to make money” is true for most businesses. However, there’s no guarantee that spending money on advertising will pay off. Finding the right marketing avenue to give you the best return on your dollar can be the difference between turning a profit or going sideways.
When it comes to finding a wide-reaching, low-cost, and effective form of marketing to help your business grow, email marketing can be the solution.
Low Cost of Entry
When you go with more traditional advertising approaches, there’s usually some kind of upfront cost before you even start advertising (buying materials, advertising space, etc.). With email marketing, it’s easy and affordable to set up an account on a service such as Constant Contact or MailChimp, but you will need to take them time to create your own emails, or pay an agency to do it for you. These email sending services also offer helpful stats which will tell you how many people opened your emails, how many bounced, and other valuable insights.
No Purchased Lists
One limitation with using these email sending services is that you cannot send to a purchased list. According to spam guidelines, you can only email people who have opted into your list, and if a minimum number of recipients complains that your email is spam, your account will get locked.
It’s best not to send to a purchased list anyway. Think about it – if you purchased these email addresses, how many others did too? The people in that list are getting bombarded with emails. It’s best to compile your own list of customers and prospects over time, and this will increase your chances for success.
Whether they’re a prospect or an existing customer you haven’t seen lately, email marketing makes it easy to send over a quick tip, helpful and valuable content, or a promotion. The old wisdom is that repeat business is much less expensive than new, so email marketing can be extremely effective in communicating to your existing customers, reminding them you are there, and alerting them to services you offer they may be unaware of.