With the resurgence of social media marketing, more businesses are looking for ways to gain customer loyalty. One of the best ways to do this is through email marketing. Marketers have known for years that sending personalized, timely emails to customers can increase sales and boost ROI. However, many marketers struggle with the ROI-driving part. That is because, while it is easy enough to set up automated email campaigns, it is difficult to measure their effectiveness. This is where key metrics come in. These are the numbers that you need to track if you want to know how effective your email campaign was. Here are five key metrics that matter when building an email list.
You might be wondering how much revenue you are generating from your email list. This is a difficult question to answer because it depends on how you are segmenting your email database. If you are only looking at un-segmented email addresses, then the numbers will be quite low. However, if you are looking at segmented lists based on previous purchases or actions, then you can give your email program a more accurate estimate of its value.
Did you know that your subscribers are the lifeblood of your email list? The more subscribers you have, the more opportunities you have to send out useful, engaging content. It is easy for people to become inactive subscribers to your list. However, just because someone stops interacting with your email does not mean that they stopped wanting your content. You can use a tool like Mailchimp to keep track of how many people are actually engaging with your emails. These are your active subscribers. Keep track of how many of these you have and what keeps them engaged. Creating more engaging content is the best way to keep them coming back for more.
Just because someone stops interacting with your email list does not mean that they will stop being interested in your content or the value that you offer. It is always possible for people to unsubscribe from your email list. You can use a tool like Mailchimp to easily keep track of who is unsubscribing and why. Looking at the demographics and behavior of your unsubscribers will give you a much better idea of what is keeping them engaged and why you should be sending more content their way. In addition, knowing how many people are actually unsubscribing allows you to determine whether or not you should be sending more emails. Sometimes, too many emails can turn off subscribers.
Did you know that your open rates will affect how many people are actually seeing your content? The higher your open rate, the more people are actually engaging with your emails. Knowing how many people are opening your emails is more important than actually knowing how many people are signing up for your list. One way of looking at this is to compare it to what you would get with no engagement at all. You can use a tool like OpenRatings to track your open rates and gain a clearer picture of what is making your content so interesting to people.
Did you know that your email list is only as valuable as your ability to turn it into paying customers? Conversions are a measurement of how effectively your email list is converting into paid customers. To get the most out of your email list, you should be aiming to get as many conversions as possible. This will then give you the ability to generate more revenue and grow your business. Using a tool like MarketingCharts, you can track the results of your email marketing campaigns and identify areas for improvement. For example, if you are generating a lot of sign ups but few are paying customers, then you should be looking at expanding your content to include more value. More value means more sign ups, but you will not necessarily get more conversions for every piece of content that you send out.
Average Orders Per Customer
This one might not seem like it would matter a whole lot. After all, you probably already know how many orders your product or service is generating. However, if you want to know how much revenue you are actually making off each customer, then these numbers can be quite useful. Did you know that you can use Google Analytics to track this information? Simply set up a goal to track this number for each customer. Then, you can use the Top Contributors report to identify which content is helping you achieve your goal.
Average Order Value
Just because someone placed an order does not mean that they have to have good value for your product or service. Sometimes, people will use your product or service even if they do not need it. For example, if you are an airline and you send out an email with discounted tickets to customers who have not yet booked a flight, then these numbers will go up even if no one actually uses the discounted tickets. In addition to this, you might get a lot of unsubscribers from this type of offer because people do not want to be bothered with getting discounts for things that they do not need. Knowing how much an average order is worth is quite important in terms of determining how much you should be paying your content creators. If you have a lot of average orders but few that are worth much, then you should be looking at reducing the amount of content that you send out. Sometimes, too many discounts can cause your customers to lose trust in your brand. They may not even think that you are worth talking to because they have experienced such poor value for so long.
Did you know that you can use Google Analytics to track how many times your subscribers have opened and interacted with your email? The bounce rate is the number of times that someone has landed on a webpage and promptly left without making a purchase or engaging with the content. One way of looking at this is that it is a measurement of how effective your email content is. The higher your bounce rate, the more people are unsubscribing or losing interest in your content. Simply put, if your content is not valuable, then you should not be bothering with sending it out. However, the reverse is also true. If you are sending out good, valuable content then you will see a lower bounce rate as people are more likely to engage with your content and stay subscribed to your email list. Knowing how many times people bounce from your content is one way of measuring its effectiveness. In general, if someone only interacts with your content once, then you should be looking at fixing this, as you do not want to lose them as a subscriber. Also, a high bounce rate can mean that you are sending out too much content and it is annoying your audience. If you want to reduce this then consider focusing on creating more valuable content rather than simply sending out more emails.
Simply put, if you want to know who is receiving your content and how you should be pitching your content to this audience, then demographics can help. Specifically, with the help of Google Analytics, you can see a breakdown of your email subscribers by age group, gender, country, and many others. Did you know that you can even see the interest levels of your subscribers? For example, if you notice that teen males are more interested in your content than adult women, then this is something you can use to your advantage. Create more content aimed at teens or males and you will be able to significantly increase your results. On the other hand, if you want to target females then consider creating fun, content-rich blogs that will interest them. Knowing your audience’s interests, hobbies, and demographics is vital in order to gain the most out of your email marketing efforts. In today’s world, demographics can be quite useful when it comes to marketing products and services to specific groups of people. This is because each demographic has different interests, hobbies, and behaviors which can be used to define digital marketing campaigns, landing pages, and even entire websites.
Insight is quite similar to demographics in that it can also be used to break down your email subscribers by interest. Specifically, with the help of Google Analytics, you can get a deeper look into the actions that your audience takes on your website. Did you know that you can even track how often your subscribers come back to your site? This gives you an idea of just how useful this information is. Consider looking at the pages that your audience visits most frequently as these will almost certainly be the pages that you can improve upon. However, you should also consider looking at the pages that your audience seldom visits as these can be the ones that you should be working to improve. Knowing the most useful information from Google Analytics can be quite difficult. Once you understand this, you will see the true power of this data source.