Email marketing is one of the most effective ways to reach out to potential customers and strengthen relationships with your existing customers.
You can use email marketing to promote your products or services, keep your customers informed, engage them with personalized messages, and drive conversions.
Email marketing is known to deliver a strong return on investment. For every $1 spent on email marketing, you can expect to gain an average return of $32.
It’s evident that leveraging an effective email marketing strategy can help you make good money. But that’s not enough to ensure success.
You also need to track, measure, and optimize your emails for increased engagement and a higher ROI.
Why Should You Track Your Email Marketing Campaigns?
If you want to make your email marketing campaigns a success, it is important to track, monitor, and measure your results.
Tracking the right email marketing metrics can help you understand which strategies work best for your business and which tactics don’t work as well. With such data in hand, you can better prioritize your time and efforts on strategies that drive maximum results.
You should, therefore, take the time to track metrics that provide you with actionable insights to make your emails perform better.
Important Email Marketing Metrics You Should Track Now
Each email marketing campaign is unique but there are some metrics that every email marketer should track. Let’s take a look at a few such important email marketing metrics and learn how to track them.
#1: Email Open Rate
Email open rate refers to the percentage of email recipients who actually opened your email.
Open rate is the most basic metric that email marketers track. But it is still an important one as no other metrics matter unless your emails are getting opened in the first place.
Open rate = [Number of unique opens / (Number of emails sent – Number of bounces)] x 100
You can easily set up open rate tracking for your email campaigns using Mailchimp.
The major factors that influence open rates are the subject line and the relevance of the subject matter to your subscribers. Tracking this metric can help you analyze how well your subject lines are performing and how engaged your subscriber base is.
If you want to improve your email open rate, you should:
- Improve your subject lines to make sure that they entice curiosity. It is a good practice to include your subscribers’ first names in subject lines.
- Make sure your email renders well across devices.
- Practice personalization and segmentation to ensure that your email content is relevant to the people you send it to.
- Avoid being flagged as spam due to excessive use of “salesy” language.
- Clean up your email list periodically to get rid of inactive subscribers.
- Discover the best times to send your emails using A/B testing.
#2: Email Click-Through Rate (CTR)
While higher open rates are a great thing, you should focus more on optimizing the click-through rate of your emails.
Click-through rate is the percentage of email recipients who clicked on one or more links in your emails. It is calculated over the total delivered emails and not just those which have been opened.
Click-through rate = (Number of unique clicks / Number of delivered emails) x 100
It is a very important metric that all email marketers should track. It can help you identify how many people are actually engaging with your email content. The recipients who interact with your calls-to-action are more likely to be interested in learning about what you have to offer.
You can get insights into how many people actually visited your website or landing page. Most emails have an average click-through rate of 2.69%.
If you are facing low CTRs, there may be a problem with your email copy, design, call-to-action, or all three.
If you want to improve your email click-through rate, you should:
- Create content that compels users to take action.
- Use clear and actionable calls-to-action.
- Highlight your calls-to-action to encourage users to click through.
- Create user segments to ensure that you always send content that is relevant to them.
- Conduct A/B testing to see what works best for your email list. You can use custom UTM links to track which call-to-action copy or design receives maximum clicks.
5 Email Marketing Mistakes that are Holding You Back
With the ever-increasing popularity of social media, it seems that a lot of marketers have assumed that email marketing is a thing of the past and have shifted their focus on social media marketing.
#3: Conversion Rate
Conversion rate is the percentage of email recipients you managed to convert. This includes recipients who clicked on a link in your email and then completed a desired action.
The action might be as simple as filling out a lead generation form, visiting your website, or purchasing a product.
Conversion rate = (Number of people who completed the desired action / Number of delivered emails) x 100
Every email campaign you launch needs to have a specific goal. Your emails can aim to:
- Drive more traffic to your website.
- Encourage users to download an ebook.
- Drive a sale.
- Book tickets to an event, webinar, or workshop.
Tracking your emails’ conversion rate helps you determine the extent to which you succeed in achieving your campaign goals. It helps you see whether or not your email compelled users to take the action that you wanted them to take.
You need to create unique UTM codes for your email links and track them in your web analytics dashboard. Trackable UTM links can help you identify the source of the click after which a user takes the desired action.
That’s how you can calculate the conversion rate of your emails.
If you want to improve your conversion rate, you should:
- Make sure that you deliver the most relevant content to your subscribers.
- Use segmentation to personalize your email messaging.
- Write clear and compelling copy.
- Improve your calls-to-action to drive more clicks.
#4: Unsubscribe Rate
Unsubscribe rate is the percentage of email recipients who chose to opt out of getting any more emails from you.
Unsubscribe rate = (Number of unsubscribes / Number of delivered emails) x 100
If a user unsubscribes from your email list, there are chances that:
- They didn’t find your content relevant.
- Your emails had misleading subject lines.
- You sent too many emails too frequently.
- And more.
High unsubscribe rates can be discouraging. Tracking this email marketing metric can help you analyze whether or not your emails are relevant. It can also help you determine whether or not your emails are able to keep your audience engaged.
If you want to reduce your unsubscribe rate, you should:
- Use segmentation to send emails that are more relevant based on your subscribers’ needs and expectations.
- Identify topics or subject lines that increase your unsubscribe rate and avoid using them.
- Ask subscribers to give a reason when they hit the unsubscribe button. Their answers can help you find a resolution.
Email marketing can do wonders for your business. But you need to consistently track and optimize the performance of your email campaigns.
I believe that this post will help you track all of the important email marketing metrics. You can then focus on improving the aspects that your campaign lacks to achieve a higher ROI.
Which other email marketing metrics should marketers track to measure campaign success? Let us know in the comments below.