With all of the hype surrounding social media, SMS/text, and mobile applications, it would be easy to assume email marketing is on its way out. *Cue laugh track.*
Only messing around. We all know email is still a primary communication resource and, consequently, marketing gold. Seriously, who doesn’t have at least one email account hooked to their smartphone?
In honor of this enduring marketing go-to, here are 11 surprising statistics to help inspire your financial institution to generate better, more valuable email programs.
- Email is the 4th most common use for smartphones. A report from Adestra on consumer digital use and behavior reported 83.8% of respondents regularly view personal emails on their mobile device.
- There are three major email groups. Promotional emails are sale and product emails. Relational messages are those designed to deliver on a promise such as newsletters and deliverables (white papers, infographics, case studies, reports, etc.). Transactional emails are responsive, automated messages acknowledging newsletter sign-ups, webinar registrations, and other items.
- Transactional emails have a higher CTR and Open rate than other email types. They can provide up to eight times more clicks and generate up to six times more in revenue. (Experian)
- The iPhone is the most popular way for consumers to view their emails. Google’s Gmail client comes in a close second. (OptinMonster)
- Google is the top email provider. The Gmail system outstrips other providers by a large margin across all demographics. (Adestra)
- Email automation increases conversion rates. B2C marketers implementing email automation see increased conversion rates up to 50%. (eMarketer)
- 72% of consumers prefer email to social media for receiving promotional content. Email feels more personal and allows them to access promotions when they can devote the time to a response or purchase. (Marketing Sherpa)
- 61% of consumers prefer to be contacted by brands through email. (Adobe)
- Younger generations are more likely to have a “junk” email address. 53% of individuals aged 14-34 report utilizing an email account they use as a catch-all for messages they never intend to read.
- Boost clicks by 14% with personalization. Fortunately, most email services offer the ability to personalize emails fairly easily by inserting a name, company, or other detail from the email list information provided. Despite being a wide-spread option, it is surprisingly underutilized. (CampaignMonitor)
- More than 280 billion emails reach inboxes every day. (Radicati)
Social media advertising and engagement is gaining steam. Videos are becoming an increasing player in outreach. But don’t be carried away entirely by the latest technology trends. Email remains a major league player in every bank and credit union’s digital marketing toolbox.