By now it’s safe to say that most of us understand the effectiveness of email marketing. It is one of the most powerful tools currently available to marketers and it excels at converting leads to sales. Yet email marketing can often fall flat if it’s not properly managed.
Today we’re going to discuss some of the various metrics you can use to monitor the effectiveness of your email marketing. These metrics will allow you to gauge what is working and what isn’t so that you can tailor your email to be as effective as possible.
1. Open Rates
Open rates indicate how many recipients of your email actually opened it. This is a key metric when gauging the success of an email. If a customer doesn’t open your email they can’t get your message, so it is crucial that you convince customers to click.
Subject lines are incredibly important when attempting to influence open rates. The subject is the only thing a reader will see prior to opening an email, so it must be creative, engaging and relevant to the email’s content.
2. Click-Through Rates
Once you manage to get a customer to open your email the next step is normally getting them to click on a link (most often leading to a product or informational page). This is your call to action and it is normally the driving force behind your entire email. That’s why it’s very important to monitor click-through rates. Opens are only half the battle.
You can help your reader focus on clicking by placing multiple links throughout your email. You can also use graphics and colors to make your links more visually appealing and draw the eye towards your links.
3. Earnings per Click
Once you manage to get a reader to open your email, and then click on a link you have to discern how often those clicks lead to sales. You do this by measuring your earnings per click (EPC).
EPC is calculated by multiplying the number of people who purchased and the average purchase price, and then dividing this by the number of people who clicked.
One way to increase your EPC is to offer numerous products to your entire email list over time. This will help you to determine which products garner the highest EPC, then you can promote these products more often.
This is the most dreaded metric for every email marketer. Your email campaigns are only as strong as your list, and an unsubscribe represents one less person on your list.
The easiest way to avoid unsubscribes is simply to be honest and responsible with your email. If your subject line advertises one thing, then that’s what your email should contain. Offer readers real value in your communications – even occasionally give them some value and expect nothing in return. Email marketing is built on trust, so teach your customers that they can trust you.
Use these metrics to gauge the success of your email marketing, and to determine the best way to proceed with future email campaigns. By crafting emails in response to these metrics you will be able to build a solid and effective campaign strategy for the future.
If you have any questions about email marketing metrics, or email marketing in general, be sure to ask us in the comments. If you’d like to learn more about how the Mission Suite can help you track and manage your email campaigns be sure to sign up for your free trial today!