Your email marketing campaigns can tell you more than you probably think. While email marketing is a popular choice because it gives you the ability to measure its success via the number of opens and click-throughs (and deliveries, let’s not forget!), there are a number of other metrics you can pull from your email marketing campaigns that may surprise you. So here are four ways to measure email marketing success that you may not be using already but should:
MEASURING THE COST PER CAMPAIGN
The next time you go to a budget meeting and have to ask for the funds to pay for enough resources to run a successful email campaign, it may be handy to have the actual cost of that campaign compared to the revenue it brings in. By understanding the economic impact your email campaign has, you can then break down the numbers to find out you ROI (Return On Investment) and how much each person on your marketing list makes for the business through sales.
IT’S NOT ALL ABOUT THE MONEY
Economic impact doesn’t just mean sales, it’s up to you to determine the outcome you want from your marketing campaign and then create a strong call to action to achieve it. That could mean choosing a call to action that saves you money but doesn’t generate income, such as saving you the cost of something you’d have to pay to receive but your email marketing list provides for free. For example, if site traffic is something you’re looking to increase, then your email marketing list will be invaluable. It may not increase sales at the same rate but it will save you the cost of an online paid search marketing campaign (number of email subscribers x cost per click/ad = total saving). Social media connections, new leads, all things that you’d have to potentially pay to source can be set as the desired outcome to a particular email marketing campaign, saving your business money in the long run.
Have you ever thought to analyse the data given to you by your entire list? Reviewing the metrics for the list as a whole allows you to target less-active segments with incentives. It will tell you how many people have ever opened an email you’ve sent them, not just whether they opened the one for this specific campaign or that one. By looking at your email list as a whole you can see if there’s areas where engagement is minimal across the board, rather than campaign specific and then target them with incentives or suppress that section.
WHO ARE YOUR EMAIL SUBSCRIBERS
Do you know who subscribes to your list? Do you know if the people who’ve subscribed the longest are the people who click on every email, or are they the ones no longer even opening them? You may find that the younger population responds best to your email campaigns, letting you know it’s time to target a different age group. Not only can this type of analysis help you determine areas you can target, it can help you successfully brand your marketing campaigns towards the people that are responding to them. Just make sure you email list is searchable across a variety of different demographics to save you having to break your list down into segments and then the sky really is the limit.
Don’t stop with the basic analysis for your individual email campaigns either, these measures work best in tandem to give you a clear picture of your email list as a whole and how your individual campaigns are working. If you’ve got a great handle on the classic ways to measure email marketing success, adding in conversion metrics like those above can help you analyse the big picture to pinpoint areas that can be specifically targeted, helping you to create better email campaigns. The Small and Midsize Business Email Marketing Survey 2013 reported that ‘91% of businesses said email marketing was either helpful or very helpful to their organisation’, now you can take your email campaigns to the next level.