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As an e-mail marketer, you would have a lot to say about email marketing practices, tactics, its usage in various organizations including large, small, and medium-sized enterprises, etc.
But do you have the e-mail metrics to support your statement?
All the e-mail marketers should keep a tab on the metrics for checking the performance of their e-mail campaign and improvise further on it. Without the numbers, one cannot have the precise idea of how their e-mail campaign had been performing. As rightly said by one of the renowned American management consultant and author, Peter Drucker:
“You can’t manage what you can’t measure.”
That means you can't move forward when you do not have any metric to refer to!!!
E-mail marketing metrics can bring the much-needed difference to your business. The different metrics, such as open rate, click- through rate, bounce rate, etc. provide you with an idea of whether your hard work is paying off. The power of measurement is huge, as you will know the exact numbers, which is impacting your business.
Find out the essential e-mail marketing metrics which a marketer should know:
Conversion rate measures the rate at which the user fulfills the laid out goals. Setting a goal is a crucial component for monitoring the conversion rate. For this, one needs to elaborate on the key points in the early stage of the process.
Conversion rate = (Conversions / Number of delivered emails)*100
As the definition explained above is directly related to the CTA, your call-to-action should be associated with the overall goal of the e-mail campaign.
It refers to the number of subscribers present in the e-mail address list who never received your e-mail. In such cases, to lower the bounce rate, you need to have a double opt-in feature. The process is followed by the users for confirming that they are interested in receiving the e-mail from you.
Bounce rate = (Total number of bounced e-mails / Number of emails sent)*100
The revenue per email is one of the important metrics which shows the average revenue generated per e-mail. Every single dollar counts in business, so one has to check how much revenue they generated from emails sent to the customer.
The below examples show how most of the marketers are calculating revenue per e-mail:
• Experian found that customers who are targeted through a loyalty program have a 40% higher chance of opening an e-mail message.
Result: There was a 10% increase in revenue per email
• An article published by MarketingSherpa stated that the triggered based emails helped JetBlue to increase its revenue per email by 1,640%.
• Burton Snowboards implemented email segmentation for creating relevant content and boosting engagement. The revenue per email increased by 170%.
Open rate, which is the percentage of email recipients who opened the email, is an essential metric for measuring the success of the email campaign. This is because you cannot move forward until and unless the recipient opens and read the email. There are many factors that can impact the open rate of the email. The subject line, the timing of the email, right segmentation are some of the essential ones.
Open Rate = (Number of read emails / Number of delivered emails)*100
The click-through rate, which is the percentage of the recipients who clicked the link inside the email, is the next essential metric after the open rate. Many times it is a difficult task to make the subscribers click the link inside the email. It happens only when the email has good body content, images, CTAs, etc.
CTR = (No. of emails clicked / No. of delivered emails)*100
It can be quite discouraging when your emails start getting spammed out. Many times you might tend to ignore these emails, but as a marketer, you should keep a tab on such emails. It will help you to improve the quality of the email and to find the reason behind the spam complaint. All the necessary measures should be taken to keep the complaint rate under control.
For example, 0.1% of complaint rate is acceptable, while 0.5% is considered much higher as per the industry standards.
The overall ROI generated from the email campaign can be a huge eye-opener for an e-mail marketer. Return-on-investment helps in understanding whether the process is going in the right direction. Every business is concerned about ROI, be it large or small and medium-sized enterprises.
Overall ROI = [($ additional sales made - $ invested in the campaign) / $ invested in the campaign]*100
Operating a business without a proper strategy inevitably leads to failure. Knowing the overall ROI gives you the right insight and knowing whether the strategy is generating the desired profit or draining the business.
While considering many metrics, a marketer tends to ignore this most essential metric. This is the list growth metric which is fairly essential. It helps you to understand the reach of your email, audience, and your position where you stand as the thought leader in your industry. As per a report, B2B email lists decay by 22.5% every year.
For this reason, e-mail marketers have to be always on their toes in updating their database to reach the best prospect.
No marketer should blindly shoot out emails to the recipients. They have to check the performance of the email through the email metric. With so many email metrics, you have to find the crucial one, which can help you gain the right insights so that in the next email campaign, a well-planned campaign can be executed. This blog reveals some of the essential metrics which every marketer should consider for checking the effectiveness of the email campaign. When you can check the “effectiveness,” then it becomes a lot easier for improving the overall e-mail campaign results.