So you’re running email marketing campaigns to your customer database, but how do you know if they are being successful?
Here are the four key metrics you should be focused on along with the benchmarks according to the MailChimp averages across all industries.
1️. Open Rate
The number of people who actually opened your email. A good result is 21.33%. This might seem low so it’s super important to have a healthy database with people who actually want to hear from you.
2️. Click Rate
The number of people who clicked at least one link within your email, i.e. your CTA (call to action). You want to be aiming for 2.62%. Again, this might seem low so aim to only have one CTA per email campaign to make it crystal clear what you want your subscribers to do.
3️. Unsubscribe Rate
The number of people who unsubscribed from your database. Keep it below 0.26%. Nobody likes to see people unsubscribe but it’s inevitable. Accept it and focus on providing valuable content.
The number of people who made an enquiry or purchase as a result of your email campaign. This can be a little harder to track, but it’s important to figure out whether your email marketing efforts are moving people along the buyer’s journey.
BONUS TIP: The power of segmentation
What’s one way to improve the above metrics? Email marketing segmentation. Let me explain with a case study…
I once worked for a property investment firm that had a HUGE email database of around 100,000 subscribers. When I first saw that number I was pretty damn impressed. Until I dug a little deeper and discovered only about 25% of those subscribers were actual customers who had purchased a property. The rest had only ever attended a free seminar.
Yet, the previous marketer was emailing out the exact same message to everyone of those people. What was the result? A high unsubscribe rate. You have to segment your audience. The simplest place to start is by grouping your list into current customers versus potential customers. Using the property investment, send current customers tips on growing and maximising their portfolio, send potential customers tips on getting started. Apply the same logic to whatever your industry.
Get in touch and let’s review your email marketing metrics together. I can put together a plan to help improve your success rate.