The newest social platforms With each year emerging, many entrepreneurs wonder if they should leave e-mail behind and look ahead to new avenues. Did you know that email is still the second largest marketing channel for startups, right after social media? This is fair! All this thanks to the low and incredible cost return on investment (ROI). According to study by Litmus, remains one of the best ROIs out there; companies can expect to earn $38 in return for every dollar they spend on email marketing.

As the CEO of Builderall, a comprehensive digital marketing platform that has supported over 2,000,000 small businesses, I'm often asked if email marketing is still an effective strategy in this new phase of our digital age. Is it dead in 2024?

I'm here to debunk the biggest myths and set the record straight. Today, I'm going to share my insider knowledge to help you see the light.

Defining email marketing

Before we debunk these myths, let's make sure we're all on the same page about what email marketing actually is. Many people have misconceptions about this form digital marketingwhich can turn them off – and this leads to missed opportunities.

Email marketing is a direct marketing strategy that sends promotional or informational messages to a targeted audience via email. It goes far beyond explosive promotions or cold contacts. Done right, it builds meaningful relationships between your brand and subscribers. It's a way to keep them engaged, and ultimately, it's another way to drive sales.

Some examples include

• Newsletters
• Promotional offer
• Product updates
• Even personalized content based on a subscriber's interests.

Connected: 8 Simple Email Marketing Tips to Improve Your Open and Click Rates

Myth #1: Email marketing is dead

Let's address the elephant in the room first. No – email is not dead! In fact, it is far from it and still going strong.

According to data provided by Oberlo, 80% of businesses rely on email as their primary customer retention canal. This means they are using email to keep their existing customers engaged and coming back for more.

But that's not all. HubSpot found that 60% of consumers made a purchase thanks to a marketing email they received. This is a great testament to the power of email marketing in driving revenue for businesses.

Myth #2: People don't read email

I can't tell you how often I hear this myth. Of course, our inboxes have gotten pretty crowded over the years, and many of us receive dozens or even hundreds of emails every day. It is also true that a good portion of those emails may be sent directly to the trash or email folders.

However, according to HubSpot, 46% of smartphone users still prefer to hear from brands via email over other channels.

If you build trust and send relevant content, subscribers will welcome your emails with open arms.

This statistic also highlights the importance of being careful in your campaigns by using compelling subject lines and other email elements to stand out in a crowded inbox.

Myth #3: New audiences don't use email

Gen Z and millennials are the next generation that will have serious buying power. It is only logical that businesses look for new and innovative ways to reach them, as they are often portrayed as glued to their screens and obsessed with social media platforms.

These stereotypes lead many to assume that Gen Z and millennials are too obsessed with TikTok and Instagram for old-school strategies like email. Let me prove them wrong again. According to Check out the US Consumer Trend Report, 53% of Gen-Z enjoy weekly emails from their favorite brands. For millennials, it's 66%.

Of course, you'll want to tailor your approach to each audience (throw in some jargon or a meme here and there), but don't count out emails. These generational segments still use and prefer it.

Myth #4: Email has low open rates

The next myth I wanted to touch on is more tangible. Some say that email performs poorly compared to social media platforms like Facebook or Instagram. For this, we will have to look at the open rate.

Open rate is a critical key performance indicator (KPI) in digital marketing because it tells you how many people are actually opening and reading your emails. MailChimp benchmarks tell us The average email open rate across all industries is 34.23%. While this may not sound amazing, it certainly isn't bad either.

With optimization, this number can grow much higher and bring benefits. As reported earlier, this is why so many businesses still rely on email as their primary customer retention channel.

Connected: This One Thing Is The Secret To Higher Email Open Rates

Myth #5: Email marketing equals spam

Finally, let me come full circle and go back to the definition of email marketing. Many people confuse general email marketing with a somewhat dubious practice: cold contacting.

Cold emails are unsolicited messages sent to people who have not expressed interest in your brand or products. You basically buy or scrape a list of email addresses (without the recipients' knowledge) and send out bulk emails, hoping to capture some leads. They are often used for research and can appear intrusive if not done correctly. That's because no one gave you permission to contact them.

On the other hand, email marketing is all about building relationships with people who have already shown interest in what you have to offer. They may have signed up for your newsletter via a lead magnet or opted in to receive your updates. This is a big difference!

It is this last form of communication that 81% of businesses use email as their primary customer purchase channel. It delivers results without spam tactics.

Final thoughts

While many entrepreneurs may feel attracted to the latest shiny object or technology, these myths cause many entrepreneurs to skip email in 2024.

When executed correctly, email marketing remains an essential growth lever for startups and established businesses alike. Now that you know the truth, use email marketing for it drive conversions and retention. With a strategic approach, you can see even higher open rates and ROI than studies show.