It’s challenging enough to manage and deploy the funds of a limited marketing budget. But when uncertainty enters the picture, the challenge swells. Most of the uncertainty concerns the allocation of resources – Are you putting your money to the best use? Or are you squandering it on unproductive strategies born of guesswork?
Brand marketers concerned about this uncertainty should consider the undeniable merits of a solid email campaign. By employing email in the marketing game plan, brands are utilizing a medium proven repeatedly for its cost effectiveness. Yes, email often can be good for your budget.
While email utilization sounds easy enough, hurdles nevertheless exist. One of the highest is the common tendency to cling to the familiar – but woefully outmoded. For instance, as incredible as it seems, some enterprises still park their ads in the good old Yellow Pages. While these beloved pages may be seen by some, the cost vs. benefits figures are far from encouraging. Not very good would be an understatement.
The same holds true for a more commonly used method – direct mail. Admittedly, paper mail can be effective – in certain instances. It all depends on objectives, recipients, and other factors. Nevertheless, marketers should know the facts.
Two eye-opening facts emerged from a comparison conducted by Harvard Business Review. Examining email vs. direct mail results, the comparison study revealed these realities: (1) Direct mail is approximately 100 times costlier than email. (2) Email marketing performance was 95 times better. Draw your own conclusions about budgetary advantages. Again, direct mail has its place. But in the grand scheme of things, it generally falters when pitted against its digital counterpart.
Some of you will protest: “I have a skimpy email list … or none at all. Building one will be a prohibitive cash drain.” A flimsy excuse if ever there was one. If you play your cards right, list building can be a relatively easy and low-cost pursuit.
Consider the wonderful option available to ecommerce brands. While shoppers are waltzing their way through checkout, simply invite them to sign up. Bear in mind, the request must be sweetened by something of value – people generally require some form of remuneration before parting with privately-held contact info. Therefore, entice them with an irresistible sweetener. Deep discounts and important information are two of the more popular enticements offered by brands and businesses. It all comes down to this – do something for shoppers, and they’ll (hopefully) do the same for you – and your budget.
If you have any questions or comments about email marketing or any other brand-related topic, feel free to send them our way. You can connect with the Young Company team at 949-376-8404 or bart@youngcompany.com. And be sure to follow us for the latest brand marketing news and tips.