Email marketing works!
It’s still the most effective marketing medium today and we all know it.
But do we know how to prove it?
Do we know which metrics to track?
Let’s take a look at the metrics you must measure for every email campaign.
1. Click-to-open rate
You know how many of your targeted audience opened the mail, and how many clicked through. But have you measured how well your creative content engages and drives action?
Calculate your Click-to-open rate by using the formula:
(unique clicks ÷ unique opens) x100 = CTOR
2. Customer behaviour beyond the campaign
How do people consume you email content? Do they open and click through the mail immediately? Or do they go back to your email at a later stage? By tracking your consumer bahviour beyond your campaign you can get valuable insights into what actions they take and why – and use this information to inform your email marketing strategy in the future.
3. Device type
Although this metric doesn’t have an immediate impact on your ROI as a statistic, it is crucial for optimising the Open Rates and CTOR of your campaigns in future. Knowing which device and browser your audience uses, tells you more about how differently they consume your content.
Use these insights to deliver more contextual-oriented messages, taking into consideration the immediate environment the users are in, to optimise your campaign and your campaign performance.
GIFS are great – but not if your entire audience is viewing your mail on Outlook!
4. Track the Email Journey
Don’t just track each user in their individual campaign but look at their behaviour as an overall email journey. Is there a point that you can identify where your users are more likely to unsubscribe? Do you have great open rates only for your audience to bounce once they hit your site?
Contact your agency or ESP about integrating Web Analytics and Insights into your email campaigns to identify and optimise potential challenges and barriers to engagement and purchases.
Your email list is valuable as each contact represents a potential future sale or lifetime customer value. You need to track this asset and how much this asset depreciates over time. A typical unsubscribe rate per email campaign will be low at under 2% so it would be important to check that this doesn’t increase or change drastically.
The most important metric for your client or your boss! This metric tracks how cost-effective email can be for driving revenue or achieving your company’s goals.
Here’s how it is measured:
(sales – costs)/ costs x 100 = ROI
If you’re not selling directly to the public and don’t have an average basket price to use, you can use the average value of a client in their lifetime as an estimate.
Need more? Get the full cheatsheet from Bizibl here
Get in touch!
Need help choosing an ESP or tracking your email marketing ROI? At Digital Fire we pride ourselves in being all about email marketing. From building your database to setting up regular email communications, contact us for more info on how to get started!
Click here for one of our team members to get in touch.