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When it comes to promoting your business, email continues to be one of the most important ways to reach customers and increase sales. Although it may seem that social media is catching up quickly, the numbers show that email marketing continues to be more effective for businesses to communicate with their customers.
A recent survey found that only 41 percent of people, and only 30 percent of Americans, trust social media. Four in ten people have deleted a social media account in the past year. Conversely, email use continues to grow, with a whopping 3.8 email users in 2018. That number is set to grow to 4.4 billion by 2023.
Let’s explore some of the reasons why your email list is still the most effective way to reach customers in 2019.
It’s Cost Effective
The average business owner reported a return on investment of $42 for every $1 spent on email marketing in 2019. That’s up from $38 for every $1 spent in 2018. If you focus on fine-tuning your message and determining what’s most effective for your audience, that number could increase exponentially.
It Requires Permission
Unlike Facebook, where people are bombarded with ads from companies they’ve never heard of, people who choose to receive your emails do so willingly. They’ve already expressed an interest in what your business has to offer. Requiring a double opt-in, or adding an extra step for customers to receive your emails, narrows it down even further. Research has shown that requiring a double opt-in can increase ROI by an average of 13%.
Having dedicated myriad blog entries to the intersection between ecommerce and the largest (and perhaps oldest) social media platform ever, we now pivot to discussing a new development that may solidify its strength as a go-to space for advertising.
Facebook is no longer floating the pretense that its primary goal is social networking. While that’s the carrot on its stick, the California-based company is creeping into every sector it sees as a potential revenue target. After buying up several ancillary companies and applications, it is now set to revolutionize electronic payments through a newfangled offering featuring currency of its own. It’s called Libra.
There are countless factors that apply, from regulatory, to profitability, to projected success. But the clear picture takes a shortcut for ecommerce vendors, and that is one that makes Facebook rise again to the top of the list of advertising venues you should consider.
The Bitcoin-like currency, which may be called Facebucks or Coin, won’t be exactly like crypto. And it won’t be shady and underground, susceptible to nefarious use. Libra will be woven into a payment system designed for the 2 billion worldwide Facebook users to centralize a monetary source within the Facebook platform by purchasing “tokens” to use for purchases outside of Facebook.
The good, and the better
For vendors who peddle online, this is intriguing. It means that in addition to the bevy of payment transfer options now in place, this is accessible through an app they may be using for multiple hours per day.
But payments may be made to any participating vendor, and if you’re smart, you’ll consider getting on board with Libra. Here’s why:
Facebook says it intends to eliminate the conventional transaction fees associated with credit card and debit card use. This will need to be absorbed into Facebook’s revenue structure, and presumably they have confidence that is doable without taking a huge hit.
It’s a windfall for merchants who are already comfy advertising on Facebook, and an enticement for others to hop on board.
Envision a Facebook user perusing their news feed, and coming across your sponsored ad. They see the photo; they click through to your site. Already having accessed you through Facebook, they may, according to Facebook, be in a FB State of Mind, and have no qualms remaining signed in and making a purchase using their Facebook currency.