This is the second of three guest posts from the team at SubscriberMail on the topic of financial institutions using email to reach account holders.
Part 2 – Email Marketing Benefits
It’s one of the most cost-effective marketing methods
According to the DMA, email ROI in 2009 was $43.62 for every dollar spent. So whether you’re sending customers new promotions, providing them with information to enhance the relationship or cross selling/up selling, email is highly efficient and has a distinct advantage over other marketing efforts. For comparison, Internet search marketing is second to email with a $21.85 return for every dollar spent, non-catalog direct marketing $15.22, and catalogs $7.32.
You’ll have real-time, in-depth metrics for each campaign
Looking beyond the revenue benefits, email also provides some of the best measurable metrics for any marketing effort including delivery, opens, clicks, conversions (when tied to web analytics data), bounces and unsubscribe requests. Best of all, your ESP will be able to provide these as they are occurring! You’ll instantly see (and can adapt) to the actions of your individual recipients. But email by no means has to operate in a vacuum (and it shouldn’t).
It’s compatible with and complements your DM, TM and Social Media Marketing
Your ESP will work with you to integrate email with your other marketing efforts as part of an ongoing conversation with your database. With the growth of social media, email has become a launch pad for a deeper conversation. Used strategically, email marketing works in tandem with your existing telemarketing, direct mail, social media, and mobile marketing efforts. A topic in an email can create a secondary reaction in the social atmosphere, complementing the initial results well beyond your email. An email follow up to your DM effort can extend the life of your DM offer, provide the lift in response you hoped to achieve and easily help cost justify its use.
The rise of social media has led many to ask “Is email dead?” The short answer is no. Email is the original opt-in tactic; social and mobile are newcomers. Email, in tandem with other marketing tactics, increases engagement, delivers relevant content, helps build your contact databases and delivers incremental results at a lower cost than you otherwise would have realized.
Part of your green initiative
If you are looking to pursue a “green” image, email contributes to your environmental compliance and profile. Some consumers may be more interested in working with companies that pay attention to the things that are important to them such as being “green.” Accommodating these consumers with email may enhance their perception of you while also allowing you to engage them in a relevant dialogue.
Disclosure and legal obligation: I am currently employed by Harland Clarke, the parent company of SubscriberMail. The views expressed in this post do not necessarily reflect the views of my employer.