When you think about analytics and email, what comes to your mind? Most people will focus only on open rates and click rates. But what about other email marketing metrics that could be beneficial to making your campaigns more efficient?
Working on an email marketing campaign is more than just sending out messages and then looking at who clicked, responded, and converted. Creating a campaign that is successful is also looking at all other metrics, outside forces, and customer behavior in order to see what works best and what brings about a positive response. In case you’ve forgotten what open and click-through rates are, here is a quick reminder:
- Open Rate – It is the proportion of recipients who open an email. This metric allows you to see how effective your email campaign is as far as subject lines, and delivery go.
- Click-through Rate (CTR) – This metric takes the open rate a step further, as it shows you how many recipients actually clicked over to your website.
Now, both of these values are extremely important as they will show you what you need to work on (subject lines, copy, text/image based emails). They are great things to look at over time and to look as a basis for results in your A/B testing. But what about other metrics?
Although the above metrics give you an insight into how you are doing, what might be working and what your A/B tests are bringing in, there are other things you need to look at to be able to laser point your customers’ behavior.
- Click-to-open Rate – Have you ever looked at the unique clicks compare to unique opens within your email messages? You should! These unique clicks and opens will help you better understand how, and if, people are engaging with your email.
- Sign-up Rate – A very helpful metric that will help you discern if your messages are coming through as convincing. The higher the sign-up rate, the better the indicator that your offer is valuable.
- Conversion Rate – If you have set up goals within your analytics panel (for instance, in Google) you can measure just how many of your goals you are meeting by calculating your conversion rate. Goals can vary from completing sing-up forms, downloading a free guide, all the way to purchasing your product or service.
Your campaign may not always be successful. Whether the fault is with you content, accidental clicks, or simply with unruly inboxes that send your messages to spam. You need to keep an eye on your unsubscribe and bounce rates when you start noticing a rise or odd numbers, it’s time to dig into the root of the problem.
- Unsubscribe Rate – it’s only normal that over time subscribers may opt out. However, if you start noticing peaks in unsubscribes it might be an indicator of content that doesn’t resonate with your recipients. This is your free lesson at understanding your customers and crafting future content that does draw them in.
- Bounce Rate – A high bounce rate could be a sign that you’re not following email marketing best practices. It could also indicate that you have not cleaned your email list in a long time and you’re “reaching” email addresses that no longer exist.
Both of their values carry a lot of reasons behind them, when you notice spikes it is important that you immediately look at your content, email addresses, and of course - online connection. It could be an internet issue, but it could also be your emails, so you need to investigate and adjust accordingly.
As with anything in business, the cost is of utmost importance. Having a clear picture of what you’re spending and how many conversions you’re getting from those costs is necessary to plan for future campaigns.
You don’t want to overspend on content and emails that do not bring any customers. And looking on the flip side of the coin, you don’t want to be cheap when you a message that could potentially be very successful.
- Acquisition Cost - A great metric that will shed the light on how much you’re spending to generate conversions. It may be calculated on a per-person or per-group basis.
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Now, these are just definitions and the basics of what each metric is and what it measures. To make sure you’re making the best of them you not only need to identify them, but you also need to know how they can be tracked, prevented (in case of unsubscribe or bounce rates), and why some of them may not always be excellent in their results.
To get a deeper understanding of this subject download our free whitepaper “Measuring and Tracking Email Results: 3 Step Starter”. Inside you will find a colorful table with each metric and how it can be put to life, links to valuable research papers, definitions, and a simple scenario guide that will help you get a better understanding of how measuring and tracking works. Once you're at it, be sure to check this article on how to integrate Google Analytics with your email campaigns.
As this is a vast subject, you may have thoughts or questions yourself. How do you use measuring and tracking in your email marketing? Share with us in the comments below!