Email marketing is a low cost, yet highly beneficial effort, when you understand and are able to leverage your campaign results. Whether your business has dabbled in email marketing, or is looking for new ways to drive awareness, it’s not enough to send an email and hope for the best.
Start with setting goals. Not all marketing campaigns have the same goal. Maybe you want your email to be opened and read. Perhaps you want them to subscribe to your service. Whatever it is, you need to know what defines success, and by how much.
After you define your goals, you need to quantify them with measurements that determine performance. Here are the 5 marketing metrics you can (and should) measure for your business’s email campaigns.
1. Open Rates
Your open rate tells you how many of your emails were opened by customers, and how many of them weren’t. Your emails may have been ignored, deleted, or sent to the spam filter. It’s difficult to measure how successful your email marketing campaign was without considering how many people did, or didn’t, open it.
You can figure out your open rate by dividing the total number of emails sent by the amount of emails that were opened.
Amount of email opens
Total emails sent
If you have a low open rate, you need to find out what’s causing your email not to be opened. Most often, your email’s subject line isn’t engaging enough. A/B tests will help you gain perspective on the kinds of subject lines that resonate most with your readers.
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To create an A/B test, come up with a couple of compelling subject lines. Then, divide your recipient list into two groups (A and B). Send one subject line to group A, and the other one to group B and see which one yields the best results.
After you do an A/B test, you’ll be able to see which one of the emails was opened and/or clicked on by more people. Whichever has the highest number of engagement is the subject line you should go with for your email campaign.
A/B testing isn’t just limited to subject lines, either! Consider testing out more image-heavy emails, versus more word-heavy emails. Test different times of day to send your emails. The overall goal is to find out what your email recipients respond to the most.
2. Click Through Rates
Your click through rate is the number of people who clicked on your call to action link that takes them from your email to another page. This number is derived from dividing the number of opened emails by the number of clicks on an email.
Amount of clicks on email
Amount of email opens
A low-performing click through rate typically means one thing: a weak call to action. Your call to action should motivate your reader to do something, like go to your website, buy a product, or schedule an appointment on your website.
Test different calls to action to see what works. Studies show that “Learn more” or “Submit” are ineffective. Instead, focus on innovative ways to engage your prospect, and in turn, get them to engage with your email.
3. Conversion Rates (Forms Submitted)
If you develop a successful email marketing campaign that encourages customers to open your email and click on your call to action, you need to know how many of these individuals actually went to your webpage to finish the process.
This is your conversion rate, and you get this number by dividing the number of visitors by the number of forms submitted.
Amount of forms submitted
Amount of visitors to landing page
Your campaign’s conversion rate is probably the most important marketing metric for your business. This number tells you so much about your marketing campaign, including how effective your marketing campaign was at motivating people to move through the pipeline.
Although conversion rates differ by medium, poor conversion rates mean that something’s not working on your landing page. These are your most motivated buyers, after all. They opened your email and took the bait. Something about the landing page itself turned them off of the process.
Maybe there isn’t enough information on your landing page to answer common questions and overcome obstacles. Maybe there’s too much information that people didn’t want to read it. There’s no need to completely overhaul anything. Make small, strategic changes, and monitor responses to those. This way you can really determine the factor that’s driving people away.
4. Opportunity Rate
Your opportunity rate illustrates how many of these converted leads you were able to convert into real prospect or customers. You discover this by dividing the number of forms submitted by the number of opportunities created.
Number of opportunities created
Number of forms submitted
Ideally, you get genuine leads from your conversions. Not all converted leads will be good customers for your business, so it’s important to have a way to score leads to determine which need to be followed up on.
A well-integrated marketing and CRM solution can help you score these leads and track all of these metrics. For example, CampaignDirector™ is built inside of ConnectWise®, which means your marketing campaigns are fully integrated to your CRM. You won’t need an additional program, spreadsheet or tool to uncover these types of marketing metrics.
5. Overall Effectiveness
Last, you need to find ways to track the overall effectiveness of your email marketing campaigns. You can do this by comparing performance against past campaigns, or against established goals. Maybe you want 5 new customers after the campaign, or to just increase your open rate by 10%. Whatever your goals, make sure they are tangible.
Consistently understanding how well your email marketing campaigns function allows you to get better results. You can learn from past campaigns to empower future ones and measure performance over time.