Are you tracking the right stats and metrics that matter in your email marketing campaigns? We hear questions from users about how to increase opens, clicks, deliverability, and more. These questions usually surround one point: how effective are their email marketing campaigns?
Email marketing effectiveness can be measured in a variety of ways. Here are five ways to size up your email marketing effectiveness along with why they matter.
- Open and Click-through Rates – These numbers combined help you see if your email messages are relevant to subscribers. Essentially, this is asking, “When our message is in front of you, do you open and click on it?”
- List Retention per Broadcast – Monitoring your list retention with each broadcast should indicate the loyalty your subscribers have with your list. This is easy to track, simply calculate the net number of “marketable” subscribers after each broadcast. (This excludes opt-outs and bounces.)
- Email Clicks to Conversion – Is email the right medium to close sales? Take an inventory of any sales that were directly associated with an email broadcast. This will suggest that your email campaigns are driving revenue for the business and there’s meaningful ROI from email marketing.
- Revenue per Subscriber (Recipient) – Another way to look at the success of your email marketing is the revenue gained per subscriber. In other words, are you marketing to profitable prospects? Do you have dead-weight on your list? With segmented email marketing, you will experience higher revenue per subscriber.
- Long-Term Customer Value – Okay, so if traditional email stats dictate that your campaign was poor, look at the long-term customer value such as upsell opportunities, retention, referrals and overall “quality” of the sale. Calculating the Customer Lifetime Value (LTV) down to the campaign level, you will be able to discover the real value of your email campaigns, regardless of open rates or click-throughs.
The point of these tips isn’t to say that basic email marketing metrics are wrong. Rather, it was to help you think about different ways to arrive at defining email marketing “success” beyond the standard-issue stats like opens, clicks and bounces.
What uncommon ways do you measure success in your email marketing campaigns?
[Image credit: horiavarlan]