Statistics clearly show the success rate of an email marketing campaign. So it is necessary to keep a track of these stats in order to maximize the effectiveness. The right metrics help you analyze and improve marketing campaigns. The metrics when monitored on a regular basis can help in figuring out what things may go wrong and what issues you might face ahead of time. This can also help in meeting revenue goals. Some metrics need to be measured monthly as well. This helps in adjusting the running campaigns and the upcoming campaigns.
Measuring how successfully you have persuaded the customers to check the website through emails goes a long way in the growth of your business. And if a whole lot of people are signing up for a certain product through the website then you have a frame of reference to maximize profit and better run the business.
Measure the success of the campaign
You will also need to tag email links and set up various tracking processes to see the progress and this may be something that your email marketing partner is already doing for you.
What metrics to use
An open rate can be obtained by dividing the number of reading emails by the number of sent emails. This determines how well the subject line is working and it offers an insight into how the brand is being perceived by the recipients. But open rate does not give the whole picture as because many people open an email, but that alone won't make it successful. Researches have found that the more personalized an email is, the more the open rate will be. It would help a lot if you find a proper Business database with a list of companies on it.
Click-through rate can be obtained by dividing the number of clicks to total emails sent. This relates to the number of people who have opened as well as clicked on the given link in the email. And this gives a better insight into how good the campaign is going. If there are a lot of recipients clicking through the link then it means that the message is relevant.
The usage of click-through rate varies from campaign to campaign. It is mostly used for updating a profile, confirming email address, to purchase an item and so on.
The conversion rate is the metric to monitor when you are looking at the bigger picture. It is defined as the number of total conversions divided by the total number of emails sent. It states the proportion of success with a sign up/ sale/ or any other action.
This statistic shows you how many of your emails got through people's inboxes. A poor figure here will hurt your reputation with the service providers and also poses a danger to be treated as spam. So make sure to remove recipients from the list that bounce back as invalid.
Deliverability is a crucial component of digital marketing today. This, when used strategically, can not only save your campaign but can immensely boost it. But when neglected, the emails that aren't reaching the customer will pose a serious threat to you and eventually your campaign will suffer.
Deliverability shall be monitored in every single kind of campaign as it is a very important aspect. If there are sudden drops in the open rates then this should be quickly looked into to improve the deliverability as soon as possible.
List growth, Revenue per email, etc.
List of growth, revenue per email, email list database is some of the other metrics that add to the success of the campaign. The sharing rate as on social media and several other platforms also play a huge role here. The period of subscriber retention, revenue brought in and growth list also plays a significant role. The factors contribute greatly to a successful campaign.
Some additional factors.
The given metrics are enough to give you a clear indication of how well the campaign is performing. But it is important to consider those in context. Because a promotional email will not have an open rate as high as a transactional email. So when benchmarked correctly the statistics are far more relatable.
Additionally, external factors that relate to the marketing metrics of your email are not strictly caused by the campaign. For example, if you have a high click-through rate and a low conversion rate then the problem is either with the product of the landing page to which the recipient is directed. Such issues can be tackled by analysis and testing from time to time and avoiding it is not an option as the external factors also play a significant role here.
Use the marketing metrics to target the customers at every point of the buying process to keep then as engaged with your business as possible. Additionally, you can send birthday/ anniversary emails, empty cart emails and even send them surveys. These tactics will keep your list of people connected and will help in generating good revenue from the email marketing campaign as a whole. Thus, making the email marketing campaign a success.
Also Read: What I learned from my 3 Email Marketing mistakes