Email Marketing Analytics: essential metrics that measure success!
With Email marketing, constant iteration and testing is crucial in order to know what is working; what type of content is your audience finding most helpful, which CTA are they responding to, and which subject lines are getting better results.The Best DevOps is NoOps.
What is NoOps you ask? In his blog post “I don’t want DevOps, I want NoOps”, Matt Guiltier of Forrester Research defines NoOps as:
“If you can’t measure it, you can’t manage it.” -Peter Drucker
Which email metrics are you tracking over time to know what is working for you? Here are the metrics we think are most important in order to measure your progress, and better manage your campaigns!
Open rate: the percentage of people that opened your email
Open rate is a basic metric, but it is not 100% accurate. Since the open rate depends on a small tracking pixel image within the email being loaded, and some email services block images by default and certain mobile devices only read emails in text format, it can’t be considered reliable. However, it can still help out while comparing your emails (using the same subscribers list) and A/B testing, it indicates which subject lines are working better in comparison to one another. The other thing open rate helps indicate is the best timings to send your subscribers emails.
Check out MailChimps average open rate based on industry or company size https://mailchimp.com/resources/research/email-marketing-benchmarks/
Click through rate: the percentage of people who clicked at least one link in your email.
The CTR shows you how your audience interacted with your content and message, it’s a measure of your campaign’s success, especially if you have a clear call to action that your recipients are following through with, whether it’s “buy now” or “register for an event”.
Click-to-open rate: the CTOR is calculated by dividing unique clicks by unique opens. This signals more clearly the quality and success of the content.The CTR shows you how your audience interacted with your content and message, it’s a measure of your campaign’s success, especially if you have a clear call to action that your recipients are following through with, whether it’s “buy now” or “register for an event”.
CTR vs. CTOR: Using CTOR instead of CTR, shows you the percentage of people that clicked in relation to the ones that opened the email, instead of just the number of people that clicked through which the CTR reveals. Meaning the CTOR doesn’t get affected by subject lines or email timings, it just shows us how the content performed.
Unsubscribe rate: the percentage of people who unsubscribed after receiving your email.
Check out your industry’s benchmark unsubscribe rate in the above MailChimp stats link, but anything over 0.5% is worrying.
There are many reasons someone might unsubscribe, but if there is a sudden spike in the unsubscribe rate for one email campaign or a single email, go over the content and your message, there may be something particular your readers didn’t like.
Another reason your unsubscribe rate is high might be the method of finding and adding people to your mailing list. Are you using double opt-in? A high unsubscribe rate may signal that your subscribers weren’t actually expecting to receive emails.
Earnings per click: Knowing how much you earned, in terms of revenue, for your email campaign is essential in order to know if it was a success.
If your email marketing campaign was not as profitable as hoped, apply the lessons learned from this campaign to your next. Problems might be the quality of your email list, you may have included emails of people that found your product or message not relatable. There might have been a problem with your subject line, content, or call to action, which will show from the above mentioned metrics. In order to keep your email list efficient, with recipients who actually receive your email (since a low delivery rate is a bad sign), monitoring the delivery rate, hard and soft bounce numbers is essential.
Hard bounce number: the invalid email addresses. These should be filtered out as soon as possible.
Soft bounce number: usually due to a full inbox of the recipient. Retrying this email is a good idea, but after a few times of soft bounces, it should get filtered out.
Delivery rate: the percentage of emails successfully delivered, this also include the emails that end up in junk mail.The number of bounced emails is excluded. If it’s over 95% it’s a good rate.
Let us know which metrics you think are most important? And how did your last email campaign go?
Need help with your next email marketing campaign? Check out our digital analytics consulting services.