Determining your email marketing success-Finding the right KPI’sWowSender Blogger
In the world of Digital Marketing, emails have always played an important part. Email marketing is highly profitable and widely used in the industry. The sheer high number of users makes it a profitable tool for you to invest in.
But how can you figure out if your email campaigns are performing as they should be?
Enter the concept of KPIs. KPI or Key Performance Indicator makes progress towards a goal quantifiable, measurable. KPIs help you gauge the success of your email campaigns with respect to your objectives.
Try WowSender. We have all the necessary KPIs you could think of for your email campaigns. Plus, we do not burn a hole in your pocket!
Steps to establish KPI’s-
- Determine the objectives
- Define Success
- Quantify the success
- Choose best suited KPI’s for your email campaigns
List of KPI’s-
Before you choose the right set of KPI’s for your email campaigns let’s look in detail at some of the popular ones-
The most popular of the lot is the open rate. As the name suggests the open rate is the number of people who have actually opened your emails. Anywhere around 20-25% of the open rate is considered good in an email campaign.
If you want to capitalize on the open rate you should constantly perform A/B testing to figure out what kind of emails are opened by your readers. Personalize the emails for your readers and you will see that your open rate jumps up a notch.
Click-Through Rate or CTR signifies how many readers have opened one or more links shared through your email. You can use this number to identify the tastes and preferences of your reader and they produce content based on it.
A 2.5% CTR is considered good. One of the best ways to improve your CTR is by providing a strategic CTA or Call to Action to stand out. Also, leave space for interaction with your audience.
Conversion rate signifies how many people after clicking on a link have actually completed a certain action.
Suppose you have attached a form with your link. With the help of the Conversion rate, you will get to know how many people have actually submitted the form.
If you have a good conversion rate that means that you are getting good returns on your investment. 12-15% is considered a standard conversion rate.
Another important KPI for an email campaign is the bounce rate. Bounce rate means how many emails were delivered unsuccessfully out of all the emails that were sent.
Bounce rate is an important factor when it comes to digital reputation. The best way to maintain a good reputation is by eliminating the email addresses which have a hard bounce from your email list.
This metric of measurement signifies how many readers have unsubscribed from your email list after receiving or opening a particular email. If you see an alarming number of people leaving your list then it is time for revamping your content. Unsubscribe rate of 0.5% is considered natural.
This metric signifies how many times your email was either forwarded or shared on social media.
Research suggests that around 83% of buyers are influenced by word of mouth before buying a product. This is where Forwarding Rate comes into play.
With the right number, you can gain a better share of the market. A little bit of A/B testing can also help you push this metric.
KPI’s for email campaign success
So now you know the popular KPI’s. Remember to choose wisely as not all of the above-mentioned KPIs are made for your email campaign.
Always select KPI based on the objective you have in mind. If your objective is repeat sales, then the forwarding rate should not be your primary KPI.
So go out there and work on building KPIs to make sure that your email campaigns are on the right track.