Is This Your Situation? "I Need Some Key Metrics That Will Help Me Grow My Email Marketing Efforts..."
According to the Direct Marketing Association’s 2013 study, email is the most effective channel for direct marketing.
Business people prefer to stay in touch via email rather than social media. This puts a lot of pressure on your business to craft an email newsletter that appeals to customers and also helps you grow your business.
If you are finding that your newsletter is not resonating with new and existing customers, or that it is failing to generate any new business, then it is time to take a look at your newsletter's metrics and input some better practices.
Metrics You Should Be Tracking
- Email open rate: the percentage of readers who received your newsletter and also opened the email.
- Click-through rate: the percentage of people who clicked on links within your message.
- Bounce rate: emails that failed deliver properly because of incorrect email addresses, etc.
- List growth rate: the rate at which new subscribers are being added to your email list.
- Conversion rate: the percentage of readers who completed a desired action within your email.
- ROI: the return on investment for your email campaigns.
Additional Data To Watch
- Time of month
- Day of week
- Time of day
- Sending frequency
Some of your target markets may be more receptive to receiving emails from your business during specific times. You'll need to do some trial and error to determine the email marketing "sweet spot" for your business.
Once you have a handle on some of these basic metrics, go further in-depth and start calculating your cost per newsletter conversion. This important metric helps you determine exactly how effective your email marketing activities are in increasing business your business. You may also want to consider your overall customer acquisition cost, your average customer lifespan and your customer churn rate. Email strategies can be used to reduce client churn and maintain long-standing relationships with your customers after acquisition.
Watch your data, adjust your campaigns accordingly, and repeat this process to maxize your efforts.
“Email marketing produced above average lead conversions for 27% of marketers in 2013.” (Source: HubSpot)
Other Ways To Get More Impact
- Unique design – customize your newsletter design with unique elements that mirror your branding.
- Fresh content – give your customers engaging content. Without relevant, meaningful articles, your contacts might not take the time to read your newsletter. Make sure you're providing content that educates, informs and engages your audience.
- Keep the word count low – It's a good rule of thumb to keep the overall word count of your articles to 300 to 500 words in order to make your articles easy for readers to consume in a relatively short period of time.
- Add a personal touch – Periodically feature your employees, philanthropic events, office activities and other personal stories about your business in order to keep relationships with your contacts strong.
Monitor your newsletter metrics and make the necessary adjustments to your campaigns so that you can achieve maximum growth through your digital marketing efforts.
If you need help developing your newsletter and increasing ROI, connect with IndustryNewsletters.com.