Email Marketing is one of the best forms of marketing yet it is a time taking process. As it involves keeping best practices in mind for every campaign you create, overcoming common mistake, and optimizing emails for increased engagement.
However, these practices alone do not ensure success. You must also understand how to measure the results of your efforts.
Before you delve in deeper, learn everything there is to know about email marketing, take one step aback and determine what your goals are for email marketing, and then decide how you will measure your success.
There are 8 key metrics that decide the success/failure of a campaign.Open Rate
One of the most basic metric to check how many people actually opened your email. Although a high rate can be gratifying, it only proves the success of the subject line.
How to calculate – (Number of opened emails/Total number of emails delivered) *100
Click Through Rate (CTR)
This is of the most used and relied upon metric for email marketers. This is simply a record recipients clicking on the links (CTAs) within the email.
How to calculate – (Number of unique Clicks/ Total number of emails delivered)*100
This is a very important metric which tells us how many people actually went to the designated destination and filled out a lead gen form/made a purchase.
How to calculate – (Number of conversions/Total number of emails delivered)*100Bounce Rate
This is an important concept for email campaigns. Marketers try to keep this rate as low as possible. It is simply the number of emails not being delivered due to soft and hard bounces.
How to calculate – (Number of emails bounced /Total number of emails delivered)*100
List growth Rate
This metric is analyzed to see the how the list is growing over the years of business. Of course there are more subscriptions happening, but the email list needs to be cleaned of unengaged customers also. This helps you maintain your open rate high.
How to calculate – (Number of new subscribers – Number of old subscribers + Spam complaints) * 100
This is a metric that tells you how many people are forwarding and sharing your content. It is a clear sign of how relevant and interesting your content is.
How to calculate – (Number of shares or forwards/Total number of emails delivered)*100
The prime goal of every business is to eventually work on the top line numbers and generate revenue. This is a key metric for the same.
How to Calculate - (Total sales - Total investment in the campaign)/Total investment in the campaign*100
This is the total number of people unsubscribing to an email after opening it.
If the unsubscribe rate it high, that means there is a problem with the content.
You should keep an eye on this to make sure you of your overall growth rate and content strategy.
Which key metric should you track?
This answer will vary business to business and will also depend on the stage of the business you’re at.
A new brand will be at the top level of the funnel and will look for more awareness and maybe blog subscriptions. So CTR will be the most relevant metric for this.
At the later stage of the funnel, you might be looking at more conversions. Conversion rate will be of maximum relevance here. All the CTA’s are important in their own ways and it will all come down to what you want to achieve from a particular campaign.
These are the Top 8 email marketing metrics every marketer should track. Help keep your team focused on the goals of the campaign. When you set up campaign goals, these email metrics will help you measure your overall success and will help you make relevant adjustments to your strategy as well.
To know more about email marketing, read our guide to email marketing here.