After spending time on email strategy and design, you hit the “send” button and wait with baited breath as your email campaign key metrics start to pour in. The true markers of success are measurable using campaign key metrics – that’s why analytical and insightful reporting is critical post-campaign. Most email platforms or software will allow you to dig deep into your campaign results, but it’s up to you to determine which metrics are “key” to your success or predefined goals.
Here are a list of email campaign key metrics you could (and should!) be tracking, and why it’s worth it to “dig deep” to ensure future success.
The Two Big Ones: Open Rates and Click-Through Rates
Open Rates (OR) and Click-Through Rates (CTR) are the gold standard performance metrics to watch and report on. Open rates generally tell you how engaged, interested, or loyal your list is. When your leads or contacts see an email come from your company, what percentage of people are willing to open it? This is the first metric you should use in determining overall engagement for your campaign. If you see low ORs, it might mean that it’s time to clean your email list, or that your subject line wasn’t compelling enough to incite an open. Here’s a tip: find an email campaign with a high open rate and note the differences.
CTRs show more engagement than an open rate. This tracks the percentage of people who opened your email, and clicked on any link within that email. That’s two critical steps if you’re keeping score. Often, it’s the marketer’s “go-to” metric, because it’s more tangible evidence of engagement with the contents of the campaign. It’s almost always reported on, and usually the tipping point for an A/B test winner.
A Deeper Dive: Conversion Rates and Bounce Rates
Once you’ve measured the success of open rates and click-through rates, you can go a little further into the numbers to find conversion rates and bounce rates.
Conversion rates track the completion of goals from your email campaign. So, for example, if you’ve promoted the download of a piece of content in your email, what percentage of people not only click the link to download, but follow through on your landing page and actually download the piece? Another example would be a promotion or offer, what percentage of people redeem the offer? That is your conversion rate. Most marketers hang their hats on this metric in particular because it shows the full path to conversion: an open, a click, and then a goal completion.
Bounce rates are the percentage of emails that do not reach an inbox. This is usually reported as a “soft bounce” or a “hard bounce”. A soft bounce is usually a temporary glitch like a full inbox, or a server blockage. A hard bounce is a bit more of a red flag – it indicates that the email address no longer exists or is invalid. Bounce rates affect email deliverability because ISPs take bounces into consideration when they score your sending authority and decide whether or not to block your messages. That’s why this key metric (although negative) is so important to track and action after each campaign. Make sure your list is regularly cleaned or updated with new information to avoid being blocked or seeing a rise in bounce rates.
The Growth Factor: List Growth Ratio
If your goal is to increase your subscriber lists, you’ll want to report on the successful growth campaign over campaign. To get the true growth percentage, count the number of new subscribers, but remove the number of people who have unsubscribed. What you’re left with is the amount of net new people on your list. If you’re not running content campaigns for subscribers, you can track the growth of leads and contacts in the same way. Report on the number of leads that have become contacts as a result of your campaign instead.
Clickback’s Email Lead Generation Software provides a robust reporting platform to help you track your key metrics. You can easily see open rates, click through rates, bounce rates and can determine overall conversions and list growth all in one place. Reporting on true performance relies on these metrics, and the deeper you dig, the more informed you’ll be about the success of your email marketing program.