As with any part of your inbound marketing strategy, observing the metrics of your email marketing campaigns is a sure-fire way to better your chances of earning leads and customers.
The question is - what are the the most important metrics to take note of among the sea of statistics? I believe the following five to be worth taking the time out to measure.
1. Email subscriber and growth and unsubscribes
If your email subscription list increases it will likely mean you're doing something right. If people unsubscribe it means the opposite. Keeping an eye on how your subscriber list either grows or reduces is an easy way for you to assess whether or not your emails are working. If your list is losing subscribers, ask yourself the following questions:
- Are you attracting the wrong type of subscribers?
- Was your offer good enough to keep them interested?
- Are you sending excessive, unwanted emails?
2. Open rate
The open rate is simple - it shows how many people who received your email actually opened it. This gives you a good indication of the number of people that have an active interest in your business. Not only that, but it helps you gauge whether or not the subject line to your email is engaging people.
If one subject line earns you more open rates than another (you can assess this through A/B testing), then you can start to refine your subject lines to earn you a better open rate.
3. Click-through rate
It's not enough to have people open your email, you also want them to click on the links and calls-to-action contained within them. You can measure just what your CTR is by using a simple equation that will show you a clear percentage.
CTR = (click-through of links and CTAs / Open Rate) x 100
So if 100 emails of yours were open and 65 of them had people click on links, the equation would be 65 / 100 = 0.65. Multiply 0.65 by 100 = 65% click-through rate. If you have a low CTR, then you know your links and CTAs need improvement.
4. Conversion rate
Conversion rate refers to how many people followed through on an action. So if a call-to-action was "Best Fishing Spots - Download Our Free Guide" and someone clicked on the link, that's just the click-through. But if they then download the guide off your website that's a conversion. Much like with CTRs, you can measure the conversion rate by the following:
Conversion rate = (completed action / Open Rate) x 100
It's the same principle of if you got 36 conversions from 100 open emails then the equation would give you a result of 36%. If you're hoping for a better conversion rate than what you got, it's time to look at improving your CTA and landing page.
5. Social sharing
Social sharing is such a big part of a successful inbound marketing strategy that it'd be foolish not to measure how many people are sharing your emails (or their content) on platforms such as Facebook and Twitter. The more you inspire people to share, the better.
By keeping track of these five metrics, you can vastly improve the success of your email marketing campaigns. If you have any further questions, contact us or share them in the comments below.
* Image source: Kookkai_nak / FreeDigitalPhotos.net