Email marketing is a form of digital marketing that allows businesses to communicate with their customers through email.
The Email Marketing industry reached a total revenue of $16.7 billion in 2020, which is lower than the year prior ($17.9 billion), according to a Statista Report. The report noted that email marketing’s share of the overall digital marketing industry fell from 13% to 11%.
Email Marketing’s Growth Impacting Other Industries
A big influencer behind the decline in email marketing’s share of the market is the rise of artificial intelligence and virtual assistants. With businesses shifting toward automated email campaigns and relying more on automation and AI to handle many of their tasks, marketers have less time to focus on building and maintaining important customer relationships.
In 2020, marketing processes improved due to the rise of AI and virtual assistants, replacing the need for a lot of human interaction. As a result, many businesses shifted their marketing spend to other areas, including online surveys and A/B testing.
In 2022, it’s predicted that marketers will spend nearly four hours a day on average interacting with customers. This is compared to the three hours and forty-five minutes spent in 2022 by digital marketers, which includes email marketing.
Email Marketing’s Share of the Market Is Declining
According to the Statista report, email marketing’s share of the overall digital marketing industry dropped from 13% to 11%. The report noted that email marketing’s share of the mobile marketing industry decreased from 27% to 25%. This is because of the growing use of alternative channels for content distribution, such as YouTube.
The share of email marketing in the overall market is expected to further decline in the coming years. The report predicts that by 2026, email marketing will account for only 8% of digital marketing.
Why Should You Care About Email Marketing’s Growth Curve?
If we assume that the market’s demand for email marketing is growing, then this means that there is an opportunity for you to get in on the action.
You can use email marketing to expose your products and services to millions of customers. In turn, this can help you to achieve massive success and impact many lives. It would be foolish to miss out on this opportunity, given its predicted growth.
On the flip side, if you’re worried that email marketing is experiencing a downturn in interest, then this means that there may be an opportunity for you to improve your product or service and get closer to customers without having to rely on email marketing.
Email marketing works by taking advantage of the growing number of people using the internet and mobile phones. This is why it is important to follow industry trends and determine which channels will be most effective for your products or services.
There are a variety of marketing methods that you can use to grow your business, but you need to determine which ones will be the most effective for your company.