The dimensions of digital marketing have been changed drastically over the years and these days it is nearly impossible to imagine the world of marketing without it.
For every digital marketer, email marketing is the key to success and it can’t be ignored. If you are in digital marketing you need to track the results and make effort to figure out the elements which are not working.
But, what are the metrics as a digital marketer you need to measure? If you are looking for a formula to measure the metrics, truly there aren’t any. The metrics may be different according to the industry and company.
Then how you can measure the effectiveness of your email campaigns? You need to figure out the basic elements of your email marketing campaigns which you should consider while measuring the metrics of your email marketing.
If you are new to email marketing it may be little difficult to deal at the starting. You need to learn a lot of terms and also have to make great effort to perform them effectively. Email marketing is tough but clearly it’s not the end of the world. If you go with suitable tools of digital marketing and know what to measure for better results, congrats you are safe.
I have made a worthy list of 10 metrics every email marketer needs to measure in 2019 and this list is surely going to help you in practicing email marketing in a much better way.
1. Open Rate
There are four main KPI’s to consider while measuring the metrics of an email marketing campaign and they are as follows: Open Rate, CTR, Unsubscribes, and Bounce Rate.
Open rate is simply can be defined as the rate of emails opened by the subscribers. Open rate is one of the most important metrics and can decide your campaign’s success or failure.
You must make effort to increase open rate and below I have listed few ways:
- Focus on creating engaging subject lines
- Write to the recipient
- Don’t send email from a company; try to make it more personal by sending email from an individual.
- Resend the unopened emails
- Categorize your email’s list
- Avoid spam filter. Make sure to have your full address in your email footer. You can get a relevant UK street address if your business isn’t located in the place where it is targeted.
- Make your campaign mobile responsive
- A campaign having an average open rate of 24% to 30% is considered as well performing campaign.
2. CTR (Click Through Rate)
Click through rate is a kind of result-oriented metric and is a must to consider an element of any email marketing campaign. The click-through rate of any campaign shows the percentage of link clicked after opening and going through the email sent.
Click through rate provides you a better scenario of your whole campaign and also help you in making better strategies. CTR is the key indicator of your email marketing campaigns failure and success.
Ways to increase click-through rate featured here:
- Include relevant links to get more clicks
- Work on creating great subject lines
- Add social sharing buttons
- Make mobile-optimized emails
- Write short but impressive emails to make it user-friendly
3. Bounce Rate
Every blogger makes great effort to reduce bounce rate of his/her blog and in an email marketing campaign bounce rate is also a crucial metric to measure. In both practices bounce rate is measured but the reasons vary in both conditions.
Bounce rate defines the quality of your subscribers’ list. Bounce rate can be defined as the percentage of email addresses from your subscribers’ list which does not exist. An email can’t be sent to an address which exits no more.
Work on reducing bounce rate and few ways are given here:
- Go with a great sign-up form
- Validate your subscriber list
- Provide double opt-in feature
- Avoid spam filters by keeping your code clean
- Maintain your presence
Every blogger and internet marketer works a lot in growing their subscriber base. People look for upcoming blog posts when they like the content and do subscribe the blog. Whenever you provide something valuable to the readers or customers there are higher chances of getting new subscribers.
The unsubscribe rate is not a reliable source to measure because if your recipients do not find your emails useful most of them will not go through the whole unsubscribing process, they will simply stop opening or reading your emails.
It will be better to look for the percentage of engagement of your recipients and rely on the CTR and conversion rate metrics for making better strategies. Losing subscribers isn’t good news for you but it’s also not the end of the world.
5. Conversion Rate
A conversion rate is also one of the most important metrics to measure. If you have a huge subscriber base and low conversion rate then it will be nearly impossible the expected success.
A conversion rate is a very crucial metrics to measure. The conversion rate provides you the necessary and very important insights about your investment and return. Higher conversion rates will bring more sales resulting in good returns on your investments.
You should always look for the ways to increase conversion rate and I have listed few ways here for you:
- Your emails must be mobile optimized
- Provide great content and hypnotizing kind of subject lines
- Categorize your email list
- Automate your email marketing campaign
- Provide double opt-in feature
6. List Growth Rate
Making a huge subscriber base is a difficult task and maintaining that list is more difficult. You have to work hard in growing your email list continuously because you are going to lose subscribers too. A natural decay of about 22.5% per year has been found in an organic email list. Thus no matter whatever the size of email list you will lose more than 22 percent of your subscribers every year.
List growth rate can be simply defined as the rate at which your subscriber base or email list is growing. You can calculate the list growth rate of your subscriber list by simply applying this formula;
(No of New Subscribers – No of Unsubscribes)/(Total No of Subscribers) X 100 = List Growth Rate
You will lose subscribers, its natural. Email marketing needs consistency and you have to make great effort to grow your email list.
7. Revenue-Per-Click (Earning per-click)
You have worked a lot on calculating conversion rate and you find that you have made a decent sale. That’s good, congratulations! Have you calculated the revenue you have made per click? No, then you should do this to make better strategies and increase sales.
Revenue per click or earning per click can be easily calculated by putting this formula;
(Total Value of the Sales Generated from Clicks)/(Total No of Clicks) = Revenue per Click
8. Email Sharing Rate
Who doesn’t want their content to be shared via social media? Social media has become a beast over the years and nobody can afford to ignore it, no matter if they are doing blogging or internet marketing.
Email sharing rate is the percentage of email or link shared through social media by the recipients.
A social media share increases the chances of a product to be purchased thus a large no of social media shares can bring more sales and revenue. The forwarding rate or sharing rate reveals the quality of your email’s content, subject line, targeted audience and your email marketing strategies.
9. Spam Complaints
Spam complaints are also a crucial metric to be measured in email marketing. Nobody wants their efforts and hard work to be marked as spam, seriously nobody.
A huge number of spam complaints can harm your online image a lot. Clearly, you have to work on spam complaints and need to pay a lot of attention.
Your email service provider tracks the spam complaints and higher the quantity of spam complaints may result in action against you. Track your spam complaints by yourself and work on creating great content to avoid spam complaints.
10. Overall ROI
Now it’s time to calculate the total revenue or you can say profit generated by your email marketing campaign. Simply it can be defined as the return on your investments.
There is a basic formula is available to calculate ROI but it may vary according to the type of company and business.
(Total Sale-Total Investment)/(Total Investment) x 100
Measuring this metric will help you in doing money management in a right way and you will be able to utilize every single buck of your investment.
Email marketing consists many elements and you have to consider many things at a time to achieve your goals. A great list of quality subscribers can bring more sales resulting in huge traffic and more revenue.
Email marketing is still fruitful because internets users more likely to work through email even they have multiple social networking sites in their pouch. Measure, analyze, work hard and have patience, the results will be good and if it’s not good then you will learn a lot from your efforts.