Once you have written your email marketing content and sent it to subscribers, your job is not yet done. You have to measure your ROI but it can be difficult to gauge the success/failure of each dispatch. If you really want to make the most out of your email marketing efforts, you need to measure your ROI regularly.
Begin this process by setting goals that are measurable and achievable across your company. For example, the content team’s goal could be to increase page views on content by 70% while the sales team may have a goal of generating 50 new leads a week. Identify these goals separately so you can measure the success of each one individually.
Using Analytics to Track
After setting goals, it’s time to choose specific metrics to track progress towards these goals including:
- Open Rate: This is the most commonly used metric and refers to the number of people who open your emails. The trouble is, you can’t tell how many recipients actually read the messages. In order to get your open rate, multiply all opens by 100 and divide by the number of sent emails. For example, if you sent 10,000 emails and 300 were opened; (300×100/10,000) = 3%.
- Click-Through Rate (CTR): Your emails should come with a call to action button and the CTR is the amount of times recipients clicked the button. It is calculated in the same way as open rate and expert marketers know it is a far more important metric than open rate.
- Conversion Rate: This is the percentage of email recipients that took the action you wanted them to take; that could be a ‘like’ on Facebook or an actual purchase.
- Bounce Rate: In simple terms, this refers to the proportion of email addresses that didn’t receive the message you sent as it was returned by the mailer server/client. This not only hurts delivery rates, it may also damage your sender reputation.
Email Conversion Tracking
Once you track and review the above, you will have hopefully have enough marketing data to help understand your audiences and this will improve the quality of your email communications. Conversion tracking takes things a step further and finds out the recipient’s actions after receiving the email so you can find out the real success of your email campaign. To get the most out of conversion tracking, consider the following questions:
- Where do recipients go once they click the link in the email?
- Do they register for specific events, download content or complete a transaction?
- Do the recipients go where you want them to go?
- How much time do they spend on your website when that visit was initiated via your email marketing campaign?
When you use email conversion tracking correctly, you can discover what your target audience really desires and this in turn will improve any form of email marketing campaign.