8 Most Important Email Marketing Metrics for 2020Leave a Comment
This is a guest post by Whitney Blankenship, Content Marketing Manager for Omnisend
Email marketing is undeniably one of the best marketing tools available. In fact, 81% of SMBs consider email marketing as their main customer acquisition tool, while 80% use it for retention.
And if you look at its ROI benefits, they are huge.
So it is vital that you constantly review and update your strategy.
Email marketing metrics can help you to scale the success of your campaigns and spot any concerns that may be hindering your business from blooming.
Remember, each marketing metric differs from the other. But the trick is to focus on certain key factors.
Here are 8 email marketing metrics for 2020 you cannot do without.
1. Click-through rate (CTR)
This one is obvious. Click-through rate (CTR) lets you examine the success of each email you send. Thereafter, you can monitor the changes in your CTR. Essentially, this email marketing metric will reveal the percentage of people that click on your ads when they see them. Given that A/B tests help you find novel ways to generate more clicks in your emails, CTR is regularly used to study the results of A/B tests.
As an email marketer, it is crucial that you track your CTR. You will come to know how many of your clients are engaging with your content and are interested in your products.
As per a study, if you are able to boost your CTR rate by two times, then you can achieve a 50% higher conversion rate.
2. Action rate based on time
Click metrics based on the time of day are available to help you know when your subscribers are most likely to take action with your emails. By studying the metrics, you can send your email at the preferred time for your next campaign.
You will definitely notice an increased click-through rate.
3. Bounce rate
You can track two forms of bounces – hard and soft bounces.
Hard bounces occur when you are reaching out to a closed, invalid, or non-existent email address. Remove such emails quickly from your email list as it may lead to ISPS listing you as a spammer. Even better, regularly clean your lists beforehand and use only verified emails to avoid hard bounces.
Soft bounces are a temporary issue. Even if you are sending your email to a valid email address, the user’s inbox might be full. These issues also arise from the recipient server. The recipient server will withhold these emails until the issue is resolved. Or you can try re-sending them to soft bounces.
4. Email open rate
Your email open rate is one of the essential metrics you should be measuring. By knowing the number of times your emails have been opened, you will understand the type of headlines that make subscribers rush to open your email.
You will also learn which days of the week subscribers mostly open your emails and approximately what percentage of your email list responds to your messaging.
If your email open rate is low, you can test subject line quality and improve your subject lines before sending them out.
5. Email sharing/forwarding rate
Email marketers usually overlook this aspect but will benefit you to track this metric. It can help you expand your contact list. Your database has already saved the customers on your email lists. While conversion is super important, it can’t generate many new leads for you.
Try influencing your readers and subscribers to share the email. But first, make it useful or interesting and track the number you are able to add to your database.
6. Conversion rate
Clicking on your email is not enough. You have to see conversions.
Considering that you send your subscribers an email with the opportunity to download a resourceful eBook, you can take any person that downloads it as a conversion.
Your call to action (CTA) should be directly linked to your email marketing goal on the whole. And this metric will help you to assess whether you are achieving your goals.
7. Unsubscribe rate
You might get worried if a few followers unsubscribe themselves from your email list. But if they no longer wish to read and interact with your emails, it is actually a good thing that they remove themselves.
You can maintain a clean list by letting people opt-out of your email list at any time. And you won’t be paying for subscribers who aren’t connecting with you and have no intention of taking action on your emails.
However, you should track how many are unsubscribing on each email so that if you notice a huge number of unsubscribers on one email, you can address the issue.
8. ROI rate
This one is incredibly important to track as you invest both time and money with building and nurturing an email list. You definitely will want to be conscious of the ROI of your email marketing efforts.
Just ensure to allocate a number value to the time you spend to create and promote email content together with the financial investment of different email marketing tools you employ when you estimate your email ROI.
It will help you to have a long-term view of the importance of investing your time and money in email marketing.
Whichever metric you are chasing, be smart about it. See that you are efficiently tracking your email list’s individual email performance, overall health, and the growth you have made toward realizing the goals of your company. If you can effectively track all these, you are doing your email marketing right.
With 99% of consumers checking their email each day, you will be missing out on a lot if you don’t implement a killer email marketing strategy today and start analyzing the metrics.
Further reading recommendation:
If you want to go deeper into these metrics, our friends at Avasam have just the right article for you