With the rise of social messaging apps, you may think that email marketing is a dying art. That’s far from the truth. Let’s take a look at a few numbers to help you understand why email marketing is still one of the most effective marketing tools out there:
- We send 6 trillion emails every year;
- Email marketing has the highest ROI. You get $38 back for every $1 spent.
- 3 out of 4 teenagers are using email.
- We check our emails as often as 20 times per day.
- Emails have the highest open rates (22.86% compared to 0.58% on social media.)
That said, the question isn’t if you should use email marketing, but how to get the most out of your email marketing campaign.
Unfortunately, a lot of small businesses are wary about investing in email marketing, thinking that it will cost them too much. They opt for social media marketing, wrongly assuming that these marketing tools are cheaper and more cost-effective.
So, in this article, we’re going to break down the cost of email marketing.
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Start with the Basics: Build Your Email List
When looking at the cost of email marketing, most companies focus on finding the best and most cost-effective email marketing services. While that’s definitely important, it’s best to start from scratch by collecting email addresses and building your email list.
Include a lead magnet on your landing pages where prospects can enter their email address in exchange for an enticing offer (a free guide, a discount, and so on.)
OptinMoster is an excellent solution for effective opt-in forms. The basic plan starts at $9 per month and offers unlimited email campaigns, list segmentation, subscriber recognition, and simple reporting. The Pro Plan costs $29 per month.
Start Sending Emails
Now that you’ve built your email list, it’s time to start sending emails and enjoy the numerous advantages of email marketing.
You will need email marketing software if you also want access to features like email templates that will allow you to create engaging newsletters, targeted emails, automated emails, reporting, and monitoring.
A popular email marketing service provider is Drip. It offers a wide range of tools, such as personalisation, sales funnel, and email automation and it’s an excellent option for both eCommerce stores and bloggers.
Their plan starts at $49 per month for up to up to 2.500 subscribers.
Should You Work with an Agency?
Email marketing agencies will cost you more than if you were to do everything on your own, but they can also help you increase the number of subscribers and your conversion rates and, ultimately grow your business.
So, how much does an email marketing agency cost?
More often than not, the time the agency has to work on a campaign is reflected in the price. Most full-service email marketing agencies have an hourly rate of between $125 and $250 per hour.
A lot of factors can influence these rates, such as:
- The services they provide: The more services you will need to design and run your email marketing campaign, the higher the costs. Some of these services can include email acquisition, creative services, or analytic and strategic services.
- The number of emails: The cost of a single email can vary between $300 up to $10,000 depending on the complexity of the design, content, links, visuals, and so on. So, the more emails you need to send, the higher the costs.
- The number of triggered emails: Just because your emails are automated, it doesn’t mean that they require any work. You still need to monitor, review, and tweak them according to the results they are generating. In time, automated emails will require less attention, but it takes quite a lot of work to set them up.
- Your internal structure: The more people are involved in the decision-making process, the more time it will take to plan and implement the campaigns. That’s why it’s essential for the email marketing agency to understand your organisation, how it’s structured, and how it works before they can make you an offer.
Over to You
When done right, email marketing can help you grow your business more than other marketing channels. It’s a really powerful tool that allows you to connect with your audience, help them understand your company and products better, and turn them into loyal customers.
If you need help with your email marketing needs, take a look at what Australian Internet Advertising can do for you.