It’s fun to sit and watch your followers on Twitter grow or your Likes on Facebook increase. These aren’t necessarily the only numbers you want to watch to ensure your bank has digital marketing success.
What numbers should we be paying the most attention to? The number of email subscribers.
Why? Three reasons top the list for why your email lists trump your Likes and Followers.
Organic Reach is Dropping, Email Reach is Not
Organic reach is the number of viewers your content reaches without paying for advertising. This is a number based on how many people like your bank.
Organic reach has drastically dropped from what it once was, it is close to less than 1%-2% now. This means that if you have 1000, today it will reach about 10 or so people. By the holidays, it might not get distributed to anyone (unless you cough up some dough).
Eventually banks will have to pay for exposure. This is understandable. The more congested the landscape becomes, the more you can expect Facebook to seize a profit-making opportunity.
If they choose not to pay, banks will have to rely on people going directly to their Facebook pages to check out what’s happening.
We don’t even need a statistic to explain how ludicrous that assumption is— just think about your own personal Facebook pages and how often you go to a company’s Facebook page without seeing them on your Newsfeed first.
Increasing your Likes is important to increase the amount of organic reach you have for the time being. But having an email database ensures you don’t have to rely on Facebook to distribute your content.
If you have an email list of already engaged individuals when organic reach drops to zero, you will not be as affected. You can distribute your content to them separately, ensuring you get 100% reach. That sounds way better than 1-2% to us.
Social Media Users Like You, Email Subscribers Love You
While people may like you on Facebook, they might not be completely in-tune with everything your bank is about. However, if they get emails from you, they have decided that you are a company that they want to receive continuous updates from.
They are a highly engaged audience, which makes for more successful marketing. By providing their emails, they have let you into a much more personal space.
So while they may Like you on Facebook, they may also Like 10 other companies. They then get distracted by the content those companies provide.
With an email list, you avoid the distractions and send them content personally. You send them content that (hopefully) makes them fall even more in love with you.
Social Media Gives You ROI, Email Gives You More
While social media does give you ROI, email gives you more. The ROI for email marketing is almost double that of Facebook marketing. This isn’t to say that Facebook advertising is ineffective, because it does work.
That being said, more and more companies are incorporating social media advertising into their marketing process. Unfortunately, this also means Facebook ad space will increase in price. Just as organic reach decreased, Facebook is going to change its advertising operations, as it always does.
But having a highly targeted email list eliminates that risk. It allows you to host your own advertising campaigns to an engaged audience— with little cost. What more could you ask for?
These three reasons make it pretty clear that your email lists need just as much, if not more attention than your social media. While this post may sound like we’re bashing social media – we’re not. We’re simply stating that email can be exponentially more powerful with less risk.
However, social media is vital to increasing your email list.
Social media is the dating phase, while email is the marriage. Use your social media channels to show customers what you’re all about. Provide them valuable insight. Make them fall in love with you.
Once they’re in love, they’ll sign up for your email list, so they can be surrounded by you each and every day.
Would you agree with this explanation of the dynamics of Facebook and email marketing? Let us know what works for you in the comments below!