For Femtech & Sextech companies who are new to the game, every cent spent in your business has to be a building block toward success. Strategically spending your marketing dollars can be the difference between making it to your next round of funding or closing up shop.
Email Marketing is a Heavy Hitter With Value
The average ROI for email marketing is $36 for every $1 spent. If that figure isn’t jaw-dropping enough on its own, consider this: The average SEO strategy ROI is $22.24 to $1, and the average ROI on mobile marketing campaigns is $10.51 to $1. With your email strategy dialed in, you’ll see a higher return than any other marketing channel.
Why is The Return So High for Email?
Few marketing or advertising activities give you the ability to customize and tailor your approach for each of your unique audiences without blowing your entire marketing budget. With email, you can easily create personalized experiences for your customers.
Email also gives you the ability to nurture leads with at-scale automation. Most email marketing platforms provide tools for automating marketing campaigns for every stage of your buyer’s journey, making it simple and low-maintenance to provide the best customer experience.
Plus, repurposing your company’s content in your emails brings additional traffic to your website and saves resources.
Not only does email help deliver the highest ROI at the lowest cost, but it’s also the most effective customer acquisition tool out there. You might even call it a super tool.
Despite the rise of paid social advertising to drive revenue, 66% of businesses still use emails to convert leads into new customers.
Why? Because people prefer and expect to receive promotions from the brands they love in their email — not on social media. Most consumers are more receptive to being marketed to via email. In fact, “44% of users check their email from a company they know compared to the 4% who go to Facebook.”
Remember I mentioned the unique ability email gives you to customize targeted campaigns for multiple audiences? Well, that’s not just a cost-savings benefit. Those tailored emails allow you to deliver better, more personal, customer experiences for all your different audiences.
Did you know that it costs businesses five times as much to bring in a new customer as it does to keep an existing one? In the past six years alone, the cost of acquiring new customers has increased a whopping 60%. And there’s no end in sight to the changes driving that increase.
Femtech and Sextech companies are finally starting to get the traction and attention they deserve. Now valued at over a trillion dollars, the Femtech market is no longer considered a “niche” investment space.
But there are still major hurdles to cross to secure outside funding, which is why, for emerging Femtech & Sextech companies, every investment has to be a smart one.
One major mistake I see many start-ups make is to throw money at customer acquisition without having a proper email marketing strategy in place to nurture, convert, and retain customers.
Nailing your email marketing strategy means more money in your pocket from customers you already paid to acquire.
It’s a powerful way to lower your cost to acquire a customer and become profitable, faster, so that you aren’t reliant on outside funding to grow your business longer than you have to.
And it provides a direct path to communicate with the customers who want to hear from you, building connections, and establishing trust.
Today, I’m sharing five reasons why email marketing is the best growth strategy for startups — even if it isn’t the flashiest channel around.
Email is also still a major driver of conversions, with social media being used more for research than to make a purchase. According to the Global Web Index Flagship Report, 60% of consumers report making purchases through email.
A well-designed email strategy also helps you leverage your marketing efforts on all other channels.
With email’s unparalleled ability to segment your audiences, Femtech and Sextech brands can offer a better customer experience. Personalized automations and campaigns can serve relevant and timely product recommendations so you can increase customer average order value (AOV) and lifetime value (LTV). Some brands see an increase in AOV by as much as 56% and customer engagement by 76% using personalized emails.
And, as you might guess, a minimal spend on a marketing tool that increases revenue and lowers customer acquisition costs: means you have more money in your budget to increase your lead generation on your highest converting paid advertisements.
1. Email Marketing Gives Femtech & Sextech Companies a High ROI
2. Email is a Customer Acquisition Super Tool
3. Builds Personal Connections With Your Audience
Building Trust With Your Audience
The reality is that Femtech & Sextech companies are providing solutions that touch on often-personal healthcare topics.. Beyond needing to prove the value of your products, it’s essential that you establish a sense of trust. Creating authentic connections is crucial, here, and it starts with making your customers feel seen, heard, and understood. They need to know that you get them.
With email, you can send dynamic content that reflects your company’s core values and brand personality. Of course, your company’s products have a place in every email you push to your list. But emails are also a great place to let your audience get to know your business and what it stands for. And, why they should care.
Meeting Subscribers “Where They Are”
Meeting your customers where they are in their personal journey is essential, and email marketing uniquely allows Femtech and Sextech companies to do just that. By customizing your campaigns for each of your audiences, you can connect and engage with potential customers using the language they use to talk about their challenges and desires.
The language people use, their health education, and level of comfort discussing personal subjects can differ from person to person. In order to have the impact you want, you need to get as granular as possible with your marketing.
Email also lets you reach your audience where they are in a much more literal sense. According to OptinMonster, email has a 22.86% open rate, and a 3.71% click-through rate, while social media posts have a 0.58% engagement rate on Facebook, Twitter, and Instagram.
Where your connection on social media goes wide, your ability to build a relationship goes deep with email. Email allows you to support every stage of your audience’s journey and make your customers feel seen, heard, and understood.
Your buyers are much more likely to engage with targeted content, feel supported, and confident making a purchase with their experience with email.
4. Customer Retention is The New Acquisition
In emerging industries where consumer data isn’t always readily available, (or collected at all…please read “Invisible Women” by Perez if you haven’t already), it’s important for companies to find ways to collect up to date and relevant consumer insights.. This information can help you refine your products and services to meet the needs of your audience as you’re growing, so you can be sure you’re aligning your offerings with the people you want to serve.
Email marketing can help you collect valuable consumer insights. Using tools like surveys and polls, new and established companies alike can learn audience opinions, preferences, thoughts, and feelings about topics relevant to your business.
Every email marketing campaign gives companies data that can be analyzed to better understand your audience’s behaviors. Tracking metrics like conversation rates, open rates, and click-through rates tell you how your audience is interacting with your emails. That way, you can tweak your strategy as you go.
Femtech & Sextech companies can also perform A/B subject line testing to explore what topics and keywords your audience is interested in. This will give you additional insights into what subject matter and products are gaining traction and help you strategize your email campaigns or other marketing activities.
5. Companies Can Collect Valuable Femtech & Sextech Market Insights
Fact is, people don’t mind regularly getting emails from companies they like or are interested in. Especially if those emails have valuable, relevant content. If you didn’t get that first purchase right away, a timely email campaign can nurture your lead to the sale. But more importantly, a well-designed post-purchase sequence (which typically boasts the highest engagement rates) allows you to increase your customer’s LTV in a shorter amount of time and put more cash in your pocket, faster.
For startups, this crucial sequence and focusing on the 60-90 day LTV of your customers can give you a longer runway of survival.
Further, well-designed onboarding emails or delivery sequences can help your customers get the most out of your product, so they see the results they had hoped for and shout their love of your product from the rooftops.
The best kind of marketing is the free kind - Am I right?