So, you have created an email marketing campaign that you are truly proud of. You’ve thought of everything from a great subject line to a clear call-to-action. But, how do you know if your email campaign has been a success? The aim of this blog is to help you identify and understand some important key performance indicators to help you measure your email marketing results.
Open rate is the percentage of email recipients who open your email. Your open rate can vary depending on your subject line and if the recipient deems your email relevant to them. The average open rate in 2020 is 17.08%. If you are experiencing a lower than average open rate here are some tips to help you out.
- Make sure you are attracting the right email subscribers. You want to make sure your lead magnets are targeting people who are interested in your business and what you have to say.
- Segment your email list. By segmenting your list based on age, interests and purchase history etc. you are able to create more relevant emails for your subscribers.
- Write better subject lines. You want to write a subject line which entices your recipients to open the email. However, the subject line must also be relevant to the contents of the email and your business.
Alongside open rate, there is bounce rate. Bounce rate is the percentage of sent emails that could not be delivered successfully. Although bounce rate may not be directly linked to your goals, it’s important to keep an eye on this KPI as internet service providers determine your reputation based on factors including bounce rate. Thus, you should delete email addresses that continually bounce back your emails.
Clickthrough rate is the percentage of email recipients who clicked on a link within your email. This is an important KPI to track how email recipients are engaging with your email content. Clickthrough rate gives you an insight into the percentage of your audience are interested in your content and what types of content they enjoy.
Conversion rate is the percentage of email recipients who clicked on a link and completed the desired process. For example, the recipient clicked the link to a product landing page and bought the product. The definition of your conversion should be directly linked to your email marketing goal. Therefore, the conversion rate is a very important KPI to keep track of. Conversion rate is also directly linked to your call-to-action. Thus, if your conversion rate is low maybe you need to rethink your CTA to help with your email marketing results – possibly where it is placed or how it is worded.
Return on Investment
Total revenue divided by total spend equals the overall ROI for your email campaign. To calculate your ROI:
(sales in £ generated through your email campaign) – (£ invested in campaign) X 100 = ROI%
As with every marketing channel you want to make sure you are getting out more than you are putting in. This is an important KPI that will show you how valuable your email marketing campaigns are for your business.
Unsubscribe rate is the percentage of email recipients who unsubscribe from your email list after opening your email. Again, the unsubscribe rate may not be directly linked to your email marketing goal. However, it is still important to make sure your unsubscribe rate is not high. The current average for email unsubscribe rate is 0.10%. If your unsubscribe rate is higher than average this could be an indication that your email campaign has not been as successful as you thought. Recipients usually unsubscribe from your email list because you send emails too often, your content is not engaging them or your content is not relevant to them. You should research on “Common Email Marketing Mistakes to Avoid“.
This is by no means an exhaustive list. However, these are some important KPI’s to help you measure your email marketing results. The KPI’s you measure will always depend on your email marketing goals and as a result, will be unique to your business. Overall, it is important to make sure your email list is engaged, your emails are performing well and you are being successful in achieving your email marketing targets. Tracking email marketing KPI’s gives you the opportunity to view what is going right and what is going wrong so you can improve your email marketing strategy.