Many small businesses rely heavily on email marketing campaigns to drive business success. Email can be a powerful tool to engage with customers and is a relatively cost-effective form of marketing. While it’s relatively easy to get your email campaigns up and running, it can be hard to understand exactly what constitutes a good email marketing strategy. Here’s how to measure the success of your email marketing campaigns.
1 Create an email database based on your target market
To ensure your email marketing campaigns are on point, you need to make sure you are sending them to the right people. Everyone wants an email marketing list with big numbers, but what’s more important, is that your list is full of the right people. You want people who are in the right target market for your product and/or services. Spend time promoting your email marketing list on your website and through your social media channels, but don’t worry about driving big numbers. You want people who are generally interested in you and your brand.
2 Monitor your email open rate
When it comes to email marketing, the open rate refers to the number of people who actually opened your email – simple right? One of the most popular email marketing platforms, MailChimp, actually gives benchmarks for understanding what is considered a high or low open rate. While we would all love it if our customers opened all of our emails, all the time, that’s very rarely the case. In fact, MailChimp breaks their stats down into sectors, but the average open rate sits at around 20%. One of the best ways to improve your open rate, is to work on your subject line.
3 Look at your click through rates
Another popular metric for determining success for email marketing success is click through rate. This refers to the number of people who clicked a link inside your email. This could be through to your website, your product or shopping pages, or social media links – whatever your call-to-action is for your email campaign. According to MailChimp, the average click through rate across all industries, sits at 2.43%, with anything above 4% being considered high. In order to improve your click rate, you need to give your audience a reason to click through. Try creating a sense of urgency, and including enticing headlines and well-written content.
4 Check your unsubscribes
One of the biggest clues that your emails aren’t hitting the mark is by checking your unsubscribes. Every email must give recipients the option to unsubscribe but it’s definitely something to monitor. Obviously circumstances and situations change and people unsubscribing from your email is a very normal activity. However, if you see a jump in this activity or a sharp decline in sign-ups, it’s worthwhile analysing your email marketing strategy to see why your content is not resonating with your audience. Try different subject lines, headings and content. See what works and what doesn’t.