Email marketing – Performance Tracking

The key to any successful email marketing strategy is in the numbers. How are you performing now, and how do you want to perform in the future? To really move the needle on performance, you need to drill down into your top metrics so you can set achievable targets for your brand.

After you start religiously tracking your performance, you’ll easily be able to demonstrate the value of email to the rest of your business. This data will allow you to confidently drive email as the champion of your marketing strategy – and once you can show the ROI, your business will boost your budget.

The metrics will also uncover aspects of your strategy that might not be working so well. Within just a few sent emails, you’ll be able to analyse what works for your audience and what doesn’t, allowing you to fine-tune your strategy and destroy your competition.

When we talk key metrics, we’re looking at some of the following:

· Segment sizes:

     From month to month, what percentage have they grown (or declined)?

· Time Sent:

     At what time of day are your best performing emails opened?

· Split testing results:

    Which split test performed better?

· Industry Benchmark for Open Rates:

     Plot the industry benchmark for open rates (which vary depending on flows).

· Goal for Open Rates:

    What is your goal for open rates?

· Actual Open Rates:

     How did your open rates actually perform?

· Industry Benchmark for Click Rates:

     Plot the industry benchmark for click rates (which, again, vary depending on flows).

· Goal for Click Rates:

     What is your goal for click rates?

· Actual Click Rates:

    How did your click rates actually perform?

· Revenue:

How much did you earn from your emails in the last 30 days (compare monthly)?

Putting all of these numbers together in one place will help you paint a picture of what’s working for your email strategy so you can refine with confidence.

Action points:

  • Identify your essential metrics and populate metrics dashboard
  • Audit your current performance and identify what is and is not working
  • Identify your baseline metrics and measure performance every 30-days
  • Monthly Email Performance Summary

Resources for you:

         •   Monthly email performance summary worksheet

 

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