What does it cost for Email marketing?
Email marketing cost – it’s variable. Your distribution provider, content creation, type of email campaigns and the consistency of providing high quality information via email have to be taken into consideration to determine your costs
Industry sources (McKinnsey Research) tell us that for every $1 spent on email marketing, a return of $44 is earned. Way better than social media especially Facebook!
Email marketing is indeed the best way for advertising and marketing the products or services which various businesses offer.
Email marketing is an excellent source of building trust and loyalty between customers and companies.
However, questions which arise in everyone’s mind are how much does it costs? And is it worth it? We will address all of your cost concerning queries in this section.
An email marketing cost varies depending on the type of business. The price also depends on various other factors, including:
- The costs of the service providers
- The amount of the fees invested
- The amount of time spent during email marketing
- Goals of the business
- Size of the market
- Number of subscribers
Email marketing cost considerations
Cost of self-managed campaigns-If a mid-size company is a self-managing the campaigns, they are likely to spend $9-$1,000 each month on email marketing.
Cost of agency-managed campaigns– If a mid-size business is working with an agency to manage the email marketing campaigns, then it will cost $500-$2500 each month to the company, including some content creation
Factors Impacting Email Marketing Cost
When it comes to finding out the cost of email marketing, then there are various factors which contribute to its value.
- Nature of the advertisement- to determine the prices of email marketing, it is necessary to consider that what the quality of the ad is.
Whether you are going to market, sell out, or advertise a single product, two products, or multiple products.
The various products will, of course, cost higher than only products.
- The number of people you are going to send an email- This is an essential part in determining the price for email marketing.
If you are going to send an email to a large population, then the cost will be higher as well.
- The email design- If the email design is sophisticated and include a large number of designs and frames, then it will impact the email marketing pricing.
The more complicated your email will be, the more it will require time for its coding, and hence the pricing will also be more excellent.
- Quality of email list- excellent variety of current email list requires less work to implement email marketing.
Less work costs a small amount of money for the email.
But the list needs to be ‘live’. By that I mean not ‘dead’ or inactive. It’s difficult to sell to lists that don’t want to hear from you.
- Authentic support behind marketing efforts- To be successful in your email marketing, you need to have a website which will support what you are claiming.
Otherwise, your words will be a challenge only.
You must have the supporting tools such as websites, social media, and other sources to aware your audience about the authenticity of what you are saying.
- Current strategy that business offers- Does your business strategy best fits in with the email marketing efforts?
If the business strategy, tools, software, and knowledge is following your email marketing efforts, then it will be cost effective.
Planning an email marketing strategy
Planning is essential to make any project, advertisement, and marketing campaigns successful. The approach can lead to a beautifully designed persuading email.
– this An email without proper planning or strategy can end up creating a mess instead of being influential. Following questions must be kept in mind while planning the strategy:
- Who will be your targeted population whom you are going to send these emails?
- What is the purpose of sending emails?
- How many times will you send emails?
- What are your goals?
These questions must be discussed with the client to make planning effective.
Purpose of Email writing – this adds to your email marketing cost
Email marketing requires a person to write an email to the individual to serve various purposes.
- Emails are sent to enhance the relationship of the organization with the customers.
- Emails help to build the relationship of trust, honesty, and loyalty.
- Emails are sent to acquire new customers.
- Sending emails aims at persuading people to purchase your good or services
- Sending emails is an excellent way of connecting with people within a short period
- Sending email increases the sales conversation with customers
- It helps in building a list which allows people to communicate with a lot of people instantly
- Email writing is an effective way of getting feedback from customers immediately
Types of the emails – email marketing cost differs
There are various types of emails which provide a powerful and effective way to build a loyal relationship with the customers. In this section, we are going to mention a few of the types of emails.
- Email Drip campaign- email drip campaign is an excellent way of building up a relationship with the customers.
When you get new customers, what you need to do is to get full advantage of their enthusiasm and excitement.
A drip campaign comprises of emails which are sent automatically on a schedule set. Drip campaign contains many different types, including shopping carts, new subscriber, educational, re-engagement, competitive, promotional, and training, and many others.
- Broadcast Emails- broadcast emails mean to send your email to a large number of subscribers at the same time.
This is the most useful type when you have to send a single email to a large number of people. That’s why these emails are also said to be the bulk or mass emails.
The emails greatly benefit the used by strengthening the relationship with newsletters, boosting the sales, enhancing the promotions, and building up the relationship.
- Daily emails- daily emails are the important emails sent on a regular basis to remind your customers about the sales that are expiring out very soon.
Moreover, these emails are sent to help people get more familiar with you and your organization, and at some time, they may start to purchase your goods and services.
These emails are sent to remind people about the ongoing promotions, job opportunities, sales, ending dates of sales, incentives that brands are giving, and many others. This is the great tactic used by the writers to persuade their customers.
As you have discovered an email marketing cost depends on many factors.
The aim of the email, the number of emails in a sequence, whether they form part of a campaign, occur daily or are simply one off broadcast emails.
All emails should improve the relationship between a seller and their customers; that’s paramount.
Email writing is an art. Hire the best. Don’t skimp. You only have one shot to make a good impression.
Think of email marketing cost as an investment into your business’ growth.