Lead Magnet Promotional Assets
Finally, lead magnets arent much good if nobody finds them. To that end, you should be promoting your lead magnets. An easy way to do this is through paid search or social media. You can also use various forms of traditional or web-based advertising that targets people who might be interested in your products and services. Examples include trade magazines or industry forums.
Compare Email Marketing To Traditional Marketing Channels
How were companies marketing products before email marketing? Ads in print, direct mail, phone callsremember those? You may still be using some of those channels today.
Because of the low upfront cost of email marketing, the return on investment from email marketing is higher than, say, direct mail, where you have to pay a designer, a printer, postage, etc. Plus, direct mail takes forever to reach your customers. Sending emails to your contacts is instantaneous.
Take a look at the oldest channel out there: word-of-mouth. Traditionally, word-of-mouth travels slow. Email travels fast. This means referrals can happen with the click of a button when your customers forward your emails to friends and family. In fact, Constant Contact user Light Health Research attributes $1.5 million in sales to their email referrals.
Switch From Monthly To Annual Contracts With Your Technology Providers
This goes on the same principle as buying in bulk. Many SaaS companies and other tech providers charge an annual subscription fee thats lower than what youd pay monthly for a year. This way, they get money in the bank to fund operations. In turn, you save money and have fewer invoices over the course of the year. The only major concern is to ensure that you have the right provider for your business before making that commitment.
Calculate The Cost That You Need
Well, you have set your target, segmented email list, aligned marketing plans, enough data & resources. So considering all those facts, its time to calculate the cost for your email campaign, and prepare an email budget.
To calculate the ROI of your email workflow, add each open rate and divide by the number of emails
However, lets see, what are the measurements that you should need to know for calculating your email campaign cost below
- Send Volume : Its a number of subscribers that you want to send through your email campaign.
- Campaigns cost : Dividing the monthly fee by the number of monthly campaigns, you can calculate the cost of a single campaign.
- Open Rate : It is the percentage of subscribers that opened your email. According to Smart Insights, the standard email open rate is 24.79%.
- : The percentage of subscribers that clicked-through in your email.
- Conversion Rate : The percentage of subscribers that click-through in your email & convert into customers.
- Average Value of a conversion: This is calculated by the total sales revenue made, divided by the entire number of customers.
So this is how you can calculate the cost for your email campaign & easily prepare a strategic, smart, affordable email marketing budget.
Or you can check out the following video tutorial to have an overall brief about how to calculate email marketing cost.
Also read: 10+ ideas to write grab customer attention
Important Email Marketing Metrics
Here are the core key product indicators to track when launching an email campaign:
- Emails delivered
Adam is a writer at Tech.co and has worked as a tech writer, blogger and copy editor for more than a decade. He’s also a Forbes Contributor on the publishing industry, for which he was named a Digital Book World 2018 award finalist. His work has appeared in publications including Popular Mechanics and IDG Connect, and he has an art history book on 1970s sci-fi coming out from Abrams Books in 2022. In the meantime, he’s hunting own the latest news on VPNs, POS systems, and the future of tech.
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How Often Should You Email Customers And Prospects
The regularity of your email campaigns is a huge question. Unfortunately, there isnt a simple answer. This all depends on what you are looking for and where you are looking.
The first thing you should do is email each new subscriber with a welcoming greetings email. This can cover a bit of information on your business and potential social media links for them to look at. After this email, the regularity gets a bit hazy.
If you are starting your email marketing journey, you may wish to start small. Begin emailing your subscribers with a more informative email once a month. This allows them to learn more about what you are marketing and what they should expect from you in the future.
If you have naturally grown your emailing list, you have gone out and networked your way to a decent-sized list. If you start emailing them 3-4 times a day, you will see an increase in unsubscribers. You have put in all that work to grow your list, dont let this be why you lose it.
If you have paid for your email list, you will have the addresses of people who have opted for this email style. This doesnt mean you can overly message them. Even though they signed up for it, they can still unsubscribe.
Once you complete your first few months with your list, slowly increase the regularity. This way, you can become a familiar name in their inbox without them being overwhelmed.
What Does Sendinblue Cost
Starting price: Free for up to 300 delivered emails per month.Pricing structure: The cost of Sendinblue depends on the amount of features you need access to and the number of emails you send per month.
FreeLitePremiumEnterprise300 Emails$0 / monthN/AN/AN/A10,000 EmailsN/A$25 / monthN/AN/A20,000 EmailsN/A$39 / month$65 / monthContact Sales100,000 EmailsN/A$99 / month$124 / monthContact Sales1,000,000 EmailsN/AN/A$599 / monthContact Sales
Features Included With the Free Plan:
- Unlimited contacts and details
- Customizable signup forms
- Transactional email and SMS sending
Planning to send more than 300 emails a month? Then you’ll need to upgrade to a higher Sendinblue package. When you do, you’ll get access to A/B testing, send-time optimization, a landing page builder, the ability to create and monitor Facebook ads, and more.
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A Different Way To Look At The Cost Of Email Marketing
Lets look at the cost of email marketing a little differently. Sometimes the question is not how much does email marketing cost but how much is it costing you by NOT doing it?
Considering that 81% of SMB retailers in the US rely on email as the primary customer acquisition channel, if youre not sending emails, youre missing out. In fact, on average, B2C marketers who connect with customers through automated emails see conversion rates as high as 50%. Taking advantage of what email marketing has to offer, you get those sales, instead of your competitors. Can you afford to lose that?
Analyze Your Total Earnings From The Previous Data Calendar
You should learn and analyze your previous earning report from the data calendar before implementing a new budgetary plan. For instance, you can measure the following aspect while analyzing your earlier data
- How many people inaugurate your emails?
- Amount of people click your links?
- Links: Which one gets the most clicks?
- Timing: When people like to accept to open your emails?
- Followers: How many unsubscribes do you get on a single campaign?
Hence, these are the initial things that you should look forward to. If you want to go deeper, then you can analyze more data from your email campaign. For example
- The number of people purchases your products
- Total number of the average revenue per campaign
- The average revenue per subscriber
- Did anyone convert into leads?
- The average ROI of the campaigns you send, etc.
These crucial data can easily help you to get an overall idea of your campaign activities. So note-down them and calculate the email marketing cost for your next campaign.
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Email Marketing Agency Costs: The Agencys Side
For the agency, it is important to know if the prospective client has the financial resources required to pay for quality work. Top-tier email agencies dont want to be put in a position where they either go way over budget, or rush deliverables and risk producing substandard work.
On the contrary, top-tier agencies know it takes money to make money. Reaping the rewards of a well-run email-marketing program requires an up-front investment, but in time, the investment should drive consistent and predictable incremental revenue for the buyer.
Ultimately, agency pricing is tied to time. Most full-service email agencies will have a blended hourly rate of somewhere between $125 and $200 per hour, which consists of team members with extensive experience that may cost $250/hour or more, and less-experienced team members with lower hourly rates.
What Does Hubspot Cost
Starting price: Free for up to 2,000 email sends per calendar month.Pricing structure: The cost of HubSpot depends on the amount of features you need access to and the number of subscribers on your list.
StarterProfessionalEnterprise1,000 Subscribers$50 / monthN/AN/A2,000 Subscribers$100 / month$890 / monthN/A10,000 Subscribers$440 / month$1,390 / month$3,200 / month25,000 Subscribers$1,040 / month$2,115 / month$3,400 / month50,000 Subscribers$2,040 / month$3,190 / month$3,600 / month
Note: Monthly email sends are limited to 5x the size of your subscriber tier for the Starter Plan, 10x the size of your subscriber tier for the Professional Plan, and 20x the size of your subscriber tier for the Enterprise Plan.
Features Included With the HubSpot Starter Plan:
- Landing pages
- External Form Tracking
- Lead Scoring and Tracking
Like most of the services on this list, higher Insightly packages allow users to access more features. Specifically, the Professional and Enterprise Plans include more landing pages, greater automation capabilities, and more in-depth business data.
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What Is Ctr In Email Marketing
Your CTR is the most crucial part of an email campaign. But what is CTR in email marketing? CTR stands for Click Through Rate. Lets look into this term a little closer.
As mentioned before, adding links to your emails is key to bringing traffic to your site. These links can be a hyperlink, a Call To action, or even an image used within each email. The CTR counts how many people clicked these links per campaign.
Your CTR uses these links as part of an equation to find how successful a campaign is. It looks at the number of clicks received from each email. It then divides it by how many of that email has been sent through your campaign.
Before it executes this equation, it does take into account the amount of bounced emails. These are the emails that are sent but couldnt be successfully delivered to. This could be for many reasons from both sender and receiver.
Some companies will count unique clicks as opposed to each click. A unique click is the first time the recipient clicks on the link but not each click afterward.
Once the program completes the equation and takes all different aspects into account, you will learn your average CTR. A good average will range around 2.6%. The higher your average CTR, the more successful your campaign.
Email List Purchase Sample Costs
Check out what actual businesses paid to buy an email list:
- Average cost of $1,000 to $1,500 for 10,000 contacts, design, and management
- Around $1,000 for 10,000 contacts plus distribution
- Approximately $1,500 for about 40,000 email addresses
- Average price of $1,500 to $2,000 for around 25,000 contacts and two mailings
Use Our Free Service and Find Mailing List Brokers Near You
Focus On Retention To Provide Maximum Roi
If you already have a list, there are plenty of ways you can continue to grow it. This is a great way to counteract the natural churn that comes with an email list. However, its essential to retain the customers you have when possible.
This means personalizing content for the subscribers you currently have, as well as ensuring theyre happy with the email listing. To do this, consider sending a survey and gauging subscriber satisfaction.
And if you havent emailed your subscribers in a while, send them the option to opt out or continue receiving messages. While this may seem counterintuitive, its better to have a small list devoted to your emails, rather than an extensive list that trashes or spam-filters your content. Paring down a list is cost-effective. Plus, spam filters can be dangerous for your email game.
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Email Marketing Sample Costs
Email Subscription-based services are by far less costly. Most email marketing companies require a monthly or annual fee, but the price varies based on requirements and the amount of emails addresses the service needs to manage.
- For $15 per month, you can purchase a subscription service that will manage up to 500 email contacts.
- If you invest $28 per month the email service will allow you to manage up to 1,000 contacts.
- For $545 per year, the service will manage around 5,000 email addresses.
- If you spend $1,900 or more per year, most email subscription services will allow upwards of 25,000 -50,000 email contacts.
Typical Considerations: Import Contact Features, Removal of Unsubscribed, Group Email Contacts, Detect and Remove Duplicate Contacts, Require Opt-In, Social Media Tools, Demographics Segmentation, Add Images, and Hyper Links, Templates, Surveys, Mobile Friendliness, A/B Testing
Webfx Email Marketing Management Pricing
As one of the top email marketing management companies in the nation, WebFX knows how to getand keepyour brand into the heads of your customers, and it starts with strong email marketing campaigns. We have a whole team dedicated to marketing your business with email, and we’ve helped to drive over 3 million leads so far.
To see how the prices of email marketing services can fit into your budget, check out our email campaign pricing below.
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Fully Managed Email Marketing Services Pricing
Fully managed email marketing is exactly what it sounds like we do everything you need to run a successful email marketing campaign!
That includes writing the emails, adding engaging elements, and tracking the results, and you never have to lift a finger. You’ll also have complete access to our data and strategies so you can have the final decision for what happens to your business.
|Custom email solutions are available at $120 per hour|