Utilizing the preview option is crucial for several reasons. Firstly, it helps in identifying errors that could otherwise go unnoticed, such as broken links, incorrect formatting, or typos. Secondly, it ensures that the email is mobile-friendly, as a significant portion of users access emails through their smartphones. Thirdly, it allows marketers to see how the email will look in different email clients like Gmail, Outlook, and Yahoo, ensuring a consistent experience for all recipients.