Running an email list can be a full-time job. When you’ve finished making one masterpiece, it's already time to start the next one.
It's easy to forget to measure and analyse all of the different metrics available in email marketing.
In this blog, we'll cover some of the most important metrics that you should keep an eye on, so you can understand what's working and what's not.
1. Open Rate
Open rate is the percentage of people who received the email and then opened it.
The goal of creating email content is that someone will read it. There can be many factors behind a low open rate:
- Timing: The time the email is received can significantly impact the number of people who open it. Consider your target audience and what time they would be attentive to your message. This is an easy one to test; send emails at different times to see what works.
- Targeting and frequency: If someone has just signed up to your list, they might be open to receiving welcome emails, full of value, at a high frequency. But after a while, the emails will start to feel like spam, and their engagement will drop off. Balancing this can improve your open rate and keep your email list happy.
- Subject Lines: The subject line is your brief chance to build interest and intrigue. If done correctly, it can significantly improve your open rates. Your buyer persona can help you decide what would be best to put in the subject line. Again, testing is essential here, but when in doubt, keep it simple and personal.
2. Click-through rate
Click-through rate is the percentage of people who received your email and then clicked a link in the email.
This is a big one in email marketing as it shows how many people took action after reading your email and heeded your call to action. You can dig deeper into this metric by identifying which link was the one that people clicked the most. This way, you can determine what is causing people to take action. You can use this information to inform your content decisions next time.
3. Conversion Rate
Conversion rate is the number of people who complete your offer. This could be the people who bought the product you are advertising, downloaded the ebook or signed up for your online course. They have converted from a lead to a customer.
This metric is often the most important to consider, as it can measure the revenue generated by your email marketing. If your summer sales email has a high open rate and a high click-through, but hardly anyone ordered from your site, then there is something wrong in your sales flow that needs immediate attention.
Tracking your emails' conversion rates can give you an idea of what kind of content drives sales and what doesn't provide a return on the effort and spend. The results of these tests can sometimes surprise you. For example, a simple email with a single offer could inspire more conversions than a beautifully designed virtual catalogue. It's all about understanding your audience and testing.
4. Bounce Rate
This is a simple one, and it measures how many of your emails were successfully delivered.
This is important as internet service providers will flag you as a spammer if you consistently send emails to "dead accounts". Keep an eye on this metric and regularly remove invalid email addresses and make sure users opt-in to your list.
5. List growth rate
This is the rate at which your email list is growing.
Ideally, you would like your email list to grow. This will help build authority and trust in your brand and increase the number of people you can market your business to. There is no simple hack to improve this metric and beware of taking shortcuts because that can burn you later down the road.
The best method to increase your list growth rate is to consistently share high-quality, valuable content that your readers enjoy and want to share. For example, if you run a skateboard brand, then sharing high-quality skate content will be enough to gain you fans. Test and find the right balance between emailing fun content and marketing your products to keep people supporting your business and also engaged.
All good marketing is testing and measuring. This process should become a cycle for your email campaigns. It helps to focus on the metrics that matter most to your business and improve them.
If all these metrics have you seeing stars or you just want a hand cutting through all your data, then Vonto's free business analysis tool is perfect for you. It integrates with the platforms you use to run your daily operations such as Mailchimp, Xero, Shopify and more to serve you insights on what's working and what needs attention.
Try Vonto today and see what your business' data is trying to tell you.