Measuring your Email Marketing Efforts
- July 24, 2020
- Posted by: Peter Ekwang
- Category: Digital Marketing
As the popular saying goes, marketing without data is like driving with your eyes closed. The same can be said for email marketing, you need to know if the tactics you’re using are working or not, whether you’re delivering on your set goals and objectives or not generating ROI for your business.
To gauge your email marketing efforts, you’ll want to track a few important metrics. Which metrics you measure will depend on your goals. The goal of your company’s email marketing may be very different from the goals of another company, even one like yours. In fact, it may even vary within your own company over time.
In this article, we are going to look at some of the important email marketing metrics every digital marketer should know and track.
Open rate is as the name suggests, the percentage of recipients who are opening your emails or a single given email. This metric helps you understand whether the subject lines you’re effective enough to get users to open the email in the first place; if the percentage is low, maybe it is time to rethink the subject line you’re writing.
This metric can be a bit misleading though, an email is only counted as “opened” if the recipient also receives the images embedded in that message. Some email users might have an image block enabled in their email list so even if they open your emails, it might not count in your open rate making it inaccurate and a not so reliable metric for marketers, as it underreports on your true numbers.
Click through rate. (CTR)
The click through is expressed in percentages; it is the percentage of email recipients who clicked on one or more links embedded in the email body. The click through rate gives you immediate insight as to how engaging your content is for your readers. The higher the click though rate, the more engaging the content.
CTR represents the ratio of people who clicked on one or more of your links to the total number of people who opened your email, it can be calculated by getting the total number of clicks and dividing it by the total number of delivered emails multiplied by 100. (Total clicks OR unique clicks ÷ Number of delivered emails) * 100. Some email marketing platforms like mail chimp give you this percentage in their analytics section. (that’s for those who aren’t good at math like myself… you’re welcome!)
A conversion is recorded when an email recipient who clicked a link with in an email completes a desired action. After an email recipient has clicked through on your email, the next goal is typically to get them to convert on your offer; in other words, to take the action that your email has asked them to take.
This is highly dependent on the goals you set for the email you sent for example, if your goal is to get people to sign up for an event, a conversion would be people signing up for that event. Similar to your CTR, it’s measured as a percentage and is calculated by (Number of people who completed the desired action ÷ Number of total emails delivered) * 100.
When it comes to email, a bounce happens when a sent email fails to get delivered. So, a bounce rate is the percentage of your total emails sent that could not be successfully delivered to the recipient’s inbox. A bounce can be categorized into two: a hard bounce and a soft bounce.
- A hard bounce is due to inactive, closed, or incorrect email addresses. This is a common problem with purchased lists. Hard bounces prevent the email from being delivered in the future.
- A soft bounce is less serious and not as permanent; it happens when your recipient has a full inbox or their email server is down, for example.
A bounce rate can be calculated by getting the total number of bounced emails divided by the total number of emails sent multiplied by 100. (Total number of bounced emails ÷ Number of emails sent) * 100
Email list growth rate.
This is the rate at which your email list is growing. With the growth rate, you also keep track of the number of people who are unsubscribing from your mailing list. To track your efforts, you’ll need to pay attention to the rate at which your email list is growing.
Your email marketing database will naturally degrade by about 22.5% each year as people switch jobs, abandon old email address, and unsubscribe, which makes growing your list and paying attention to this metric even more crucial.
Your growth rate can be calculated by (Number of new subscribers) minus (Number of unsubscribes + email/spam complaints) ÷ (Total number of email addresses on your list) * 100
Keeping track of these metrics can help you know whether your emails are resonating well with your audience and help you adjust your marketing efforts accordingly.