As an online entrepreneur, you probably know that email marketing is very important for business success. But do you know how to monitor the success of your email marketing campaigns?
Let's talk email marketing metrics. What are the metrics to focus on when working on your email marketing success, and how can you improve your email marketing results?
I am convinced that you can only grow a successful business, if you have a solid understanding of your numbers: what drives your revenue and your profit? In this article, I will talk about the key drivers of revenue and profit from your email marketing campaigns.
So what are the key numbers you need to track to decide whether your email marketing is successful? (the good news is, by the way, that your software will do the tracking for you):
When it comes to list building, quality is more important than quantity, so what you should focus on is the number of ENGAGED people on your list.
So how can you increase the number of engaged people on your list? By becoming a list building HERO. The best way to grow your list rapidly is:
The email open rate is the percentage of people that actually open your emails. This doesn’t mean READ, it just means open. The average email open rate is about 20%. Which means 80% of people do not read your emails. Boohoo!
The more people read your emails, the better of course, so improving your email open rates is definitely one of the key metrics to focus on.
There strategies can help you increase your email open rates (quite easily actually, yippee):
Pick the right day of the week and the right time of the day
Research shows that there is a HUGE difference in the average open rate of emails sent, depending on the time of the day (local time zone) and the day of the week. Research has shown that you can TRIPLE your open rates if you switch your sending time from 6 am to 3pm. Of course these are just averages, the main thing you need to take into account is that the time and day of the week are very important influencers of your open rates!
Create a great subject line
The subject line makes a huge difference in the chance of people actually opening your email. Many entrepreneurs focus all their efforts on the content of the email, but if no one opens the email, all that great content is basically wasted. So make sure to focus on your email subject instead. Here's a great article by Optin Monster if you want to learn more about how to create great email subject lines.
Make sure to clean up your list
If you have a list with highly engaged people, then your open rates will go up (unengaged people don't open your emails). An easy way to boost your open rate is to clean up your list. Most email providers allow you to easily identify the people that haven't read any of your emails for a long period, and you can remove them.
Use a welcome sequence
A welcome sequence is a sequence of emails that you send to all your new subscribers. An email sequence will explain to your readers what they can expect from you, what the benefits are of reading your emails and why being on your list is so super valuable. You can also explain what your brand is all about. By sending readers a welcome sequence, they will be more exited about your future emails and therefore more likely to read them! This article will talk about how to create a great welcome sequence.
Once people open your emails, the next goal of your emails is to get people to click back to your website / landing pages, so they will buy from you. The best way to get people back to your website is by adding links to your emails. The average click through rate of an email campaignis low, around 2% to 3%. Boohoohoo. This means that you’ll need quite a big list in order to get a decent amount of traffic to your website. You can check out this article by mailchimp if you’d like to look at specific stats for your industry!
So let's boost that click through rate (CTR). Here's how you can do that:
More emails = more chances for people to click through to your site = more revenue! Interestingly enough, research has shown that companies that send out MORE emails, get HIGHER click through rates as well. So not only will you have more chances to get your readers to click through to your site, but the actual chance per email that they will click through will also go up. I found that quite counterintuitive, but maybe it helps you get over the idea that you shouldn’t sent too many emails. There is of course a fine balance between not sending enough emails, and overdoing it and causing email fatigue or even worse, causing people to unsubscribe from your emails.
So how can you increase your email frequency? By sending more emails. Haha. So how can you send more emails? You will need to come up with more relevant, high quality content. More about that in future articles :-).
Last but absolutely not least: how much sales are you getting through your email marketing? If you use Google Analytics on your website, then you should be able to track the sales that come in through your emails (if you sell on your website, that is).
Book an Email Marketing Strategy Intensive with Paulien Pierik, Business Coach and Social Media Expert, and walk away with the right system, your lead magnet and your email welcome sequence!
Or read more on this blog about email marketing.
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