While social media and SEO dominate the marketing sphere, don’t overlook contemporary methods like email marketing. Believe it or not, email marketing is still an effective strategy, with an average ROI of $42 for every $1 spent. At the same time, how can you tell whether your email marketing strategy is worth it? What email marketing metrics should you be looking at, what do they mean, and why do they matter? Let’s take a look.
What Email Marketing Metrics Should You Be Looking At?
Email marketing is pretty straightforward. Once you compile your subscriber list and send out your content, the numbers tell the story. So what numbers should you pay attention to? While it’s important to keep tabs on the number of subscribers who unsubscribe, it’s more important to monitor open rate, click-through rate, and conversions.
Your open rate tells you how many of your subscribers opened your email. If you have 10,000 subscribers and 5,000 of them opened the email, the open rate is 50%. A good open rate tells you your subject line has captured the attention of your audience. The rule of thumb is to pique their interest enough to inspire them to open the email. Once it’s been opened, it’s up to you to deliver quality content to seal the deal. That’s where click-through rate and conversions come into play.
Click-through rate refers to the number of folks who not only open your email but click a link or call to action. Conversions refer to the people who opened the email, clicked the link, and accepted the offer. Unsurprisingly, conversions are the email marketing metric most heavily weighed by marketers because it summarizes the efficacy of the email marketing campaign. The ultimate goal of any campaign is to optimize conversions; you want as many people as possible to accept your offer.
How to Get the Most Out of Your Email Marketing
Improving your open rate, click-through rate, and conversion rate is much easier said than done. If it were easy, everyone would do it. With that said, a few simple tricks can help you get your email marketing metrics where you want them. For context, the average open rate is between 12-25%, the average click-through rate is 10%, and the average conversion rate is 2-5%.
Remember, the email subject and preview are your most important tools for getting folks interested in what you have to offer. A bland, uninspiring, or spammy email subject will get your email tossed directly in the trash. According to research from Forbes, up to 69% of recipients will mark an email as spam after reading only the subject line. Jazz it up with questions and topics that will get your readers interested, and look to build buzz.
As for improving your CTR or conversion rate, your best bet is to segment your email list. Your customers aren’t all the same, so the same messaging won’t appeal to everyone. As such, break up your email list and look to deliver more personalized, diverse content rather than a one-size-fits-all approach. Whether by demographic, behavior, purchase history, or something else, dividing up your list will pay dividends.
Finally, your email marketing campaigns should have a clear objective, which should coalign with your call to action. If you want more folks to buy your product or attend an event, that should be clear from the get-go. Create a sense of urgency without being pushy by using a countdown timer or letting people know how many spots are left.
Part of a Complete Strategy
As part of a complete, comprehensive digital marketing strategy, email marketing is an instrumental part of the marketing mix. If you’re keeping track of the right email marketing metrics and you know how to make the most of them, you’ll be able to optimize your ROI for best results. Since there are over 4 billion daily email users, there is still a huge market for email marketing. Make the most of it and deliver your customers the content they crave!