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Have I told you about how I grew my email list from 0 to over 300,000, transforming my business in ways that I can’t even explain? It was NUTS… I kept double-checking the numbers to make sure I wasn’t imagining it, and you can learn how to do it yourself at growanemaillist.com!
Growing a business is MUCH easier (and way more fun) when you’re not wrestling with an algorithm In 2024, an email list is more critical than EVER to grow your business. As more and more social media platforms become pay-to-play and it gets more and more difficult to get your content seen, your email list is a direct LINE to your clients and customers.
If you’re not focusing on your email list—and you’re putting all your marketing eggs in the social media basket—you’re taking a real RISK when it comes to your SALES. And that’s a strategy we need to shift ASAP, so click play!
And if you want to hear even more reasons why an email list is critical in 2024, keep listening! We’re about to chat about exactly why you can’t afford NOT to use this strategy in your business this year… So let’s dive in!
Independence from Social Media Algorithms
Social media platforms continue to evolve their algorithms, making it increasingly difficult and really frustrating for people like us to reach our audiences let alone our ideal clients organically. Building and nurturing an email list allows you to maintain control over their communication channels and ensures that your messages are delivered directly to your subscribers’ inboxes without the frustration of battling algorithms!
And here’s the big thing to realize, it’s not just ONE algorithm you’re battling on platforms like Instagram, it’s many. According to an update shared by the Meta-owned platform, there are “a variety of algorithms, classifiers, and processes, each with its own purpose” to make sure IG users see the content that most interests them.
What this means is that around 10% of your followers that you’ve worked so hard for even SEE your post let alone engage with it. The average Instagram account sees an average engagement rate of around 1-3%
When it comes to email, we generally get a 30-40% open rate of our emails and our deliverability is so high that nearly 100% of our audience gets our emails landing in their inbox which means that even if they delete it, they see our name and subject line, which is more than you can say for Instagram.
Driving Sales
Email marketing drives more conversions than any other marketing channel, with an average conversion rate of approximately 4%. When we’re talking about conversions we’re talking about sales, people converting from subscribers to paying clients.
If you think about it, when people go onto social media, they are there to be distracted, entertained, educated, or enlightened. When people are in their inbox they are more poised to purchase and are more welcoming to promotional campaigns.
Here’s how I like to think of it. Social media is the handshake and the greeting, it’s where people might first meet you or become aware of your work. The main goal of social media should be to get people off of the platform and onto your email list!
This isn’t a contest between social media and email marketing – clearly I love and use both, but my main goal of social media is to serve people well, to get them onto my email list where I can serve them more intimately and then eventually sell to them through sending them info on an offer I have that is generally aligned with why they signed up for my emails in the first place.
If you’re still wondering which channel is most effective in driving sales, a survey conducted by McKinsey & Company, email was found to be nearly 40 times more effective than Facebook and Twitter combined in acquiring customers.
Personalized Communication and Relationship Building
Do not underestimate the power of being able to customize your emails. According to a study by Experian, personalized subject lines can increase email open rates by up to 29.3%… just by adding someone’s name to the subject line you can massively influence consumer behavior.
And get this… according to HubSpot, personalized calls-to-action (CTAs) convert 202% better than generic CTAs. That’s something you can’t do on social media. In a world where we often feel like we’re speaking to the masses, this is how we can communicate more directly.
In a time where personalized marketing is key, email lists enable businesses to tailor their emails to include customizations by including subscribers first names AND they can also send their messages to specific segments of their audience based on those subscribers preferences, behaviors, and interactions.
By consistently delivering valuable content and offers via email, entrepreneurs can foster stronger relationships with their subscribers, leading to increased engagement, loyalty, and ultimately, sales. You can speak more directly to your subscribers with an email really catering their experience based on what they truly want.
Cost-Effectiveness
I am absolutely obsessed with ROI (Return On Investment). I often focus on the ROI of my time, but let’s talk about the return on your investment when it comes to both time AND money. Compared to other marketing channels like paid advertising or print media, email marketing is incredibly cost-effective.
If you only pay attention to one statistic, let it be this one. According to a study by the Data & Marketing Association, email marketing has an average ROI of $42 for every $1 spent. In contrast, the average ROI for social media advertising is estimated to be around $18 for every $1 spent!
This is assuming that you’re running paid ads that actually generate sales on social media. What does this tell us, if you’re going to invest in anything, email marketing is 2x as effective in driving actual sales.
If you are someone who has a limited budget, starting an email list can help you communicate with your audience at a fraction of the cost of running paid ads or leveraging other paid strategies, it’s a highly efficient way to drive sales and engagement without breaking the bank.
Feedback and Market Research
Email lists provide a direct line of communication with your audience, allowing you to gather valuable feedback and insights about your products, services, and overall customer experience.
Small business owners can use data from their email subscribers which are people who have already raised their hand asking for more communication and helping pre-qualify themselves as potential customers.
With an email list, you have a more targeted and engaged audience compared to social media, where followers may have varying levels of interest or engagement with your brand. This targeted audience is more likely to provide valuable feedback and insights relevant to your business.
You can also use things like email surveys, polls, and feedback forms to collect data and make informed decisions about their business strategies, product development, and customer satisfaction levels.
Long-Term Valuable Customer Relationships
Building and nurturing an email list allows you to cultivate long-term relationships with your customers beyond just one individual transaction. By staying top-of-mind through regular email communications, you can build loyalty and get repeat business, turning one-time buyers into loyal advocates who continue to support and recommend their business for years to come.
The lifetime value of an email subscriber is so much greater than that of a passive social media follower. It’s been said that for every subscriber you have on your list that you’re serving is worth $1 additional dollar of revenue per month in your business.
Well, we pulled the numbers for my own business to demonstrate this point, and our 2024 month-to-date value is $1.82 per subscriber!
In fact, research by Campaign Monitor found that the average revenue per email subscriber is $36 per year. However, this can vary widely depending on factors such as industry, engagement level, and email marketing strategy.
FREE Class: How to Grow Your Email List
The data doesn’t lie, Goal Digger… email marketing consistently outperforms social media in terms of ROI, engagement, sales, customer acquisition, AND retention.
While social media platforms have their strengths, email is the most powerful and reliable channel for us to connect with our audiences, drive conversions, and build long-lasting relationships…
And the best part is, your email list will continue to serve your clients and customers while you sleep, vacation, cook, or spend time with your family!
I want nothing more than for you to feel the freedom and peace that comes with making consistent sales on a platform you OWN.
If you’re ready to learn exactly how to start your list, what to send, and how to increase your conversions… you NEED to save your seat for my free class “From Zero Subscribers (or Zero Strategy) to an Engaged Email List that Lasts” at growanemaillist.com!
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