Email marketing is one of the most essential marketing approaches for many E-commerce owners in today’s market. Each process in this marketing method plays a different role, and measurement helps with clarifying things better.
Data, statistics, and numbers can be calculated with Google Analytics and owners will keep track of their audiences. You can also identify the number of new visitors and the target audience at the same time.
Learning about measurement is beneficial in the long run. The current data will be recorded, but that is not the best feature. Thanks to transparent statistics, you will know what is wrong with your business. By getting the cause, you eventually find a way to improve the operational system. Besides, we all aware that it is the most loyal and core customers that open your email most frequently. Therefore, email analytics allows you to identify them and treasure their engagement with the brand.
Catching up with the most popular email metrics terms.
Before getting into detailing guides, let’s review a wide range of common email marketing terms:
- Click rate: The proportion of total openers who decide on the link within your emails
- Open rate: The proportion of the total subscribers who opened the emails
- Unsubscribed: the number of people who decide to unsubscribe from your email list
After getting to know these terms, the step is learning to measure how your business is performing. Today’s article will review MailChimp to demonstrate the use of email analytics as it offers various stats and numbers.
1. What are your main business goals?
Open rates and click rates are important to a marketing campaign. However, it is even more crucial to have a clear business goal from the beginning. If the figures and stats are not heading to the common goal, they are worthless. Though it seems that they are working, they are not working effectively as you are not achieving anything.
Depending on different business targets, there are different approaches to your email marketing. It can be increasing sales, more traffics to the main page, or leverage the business brand to a new extent. Only by making your business goal align with this measure, you can call it a success.
2. Open rate
Open rate is probably one of the most integral figures that any marketers will try to optimize. The open rate illustrates the number of people who clicked on and opened your emails. According to several studies, nearly 17% is the average open rate of an E-commerce business, regardless of industry. In reality, however, the more the rate is, the more successful a business will be. When more people are willing to open your email, it is more highly likely that more traffic will convert to your website.
In addition, a better open rate also points out the fact of loyalty level from your customers. If it is high, the figure indicates that more subscribers are more willing to open your email with excitement. Therefore, knowing how to attract your customers with email marketing is of extreme importance.
3. Click rate
Besides the open rate, click rate is also a fundamental factor to show engagement from your customers. It indicates the level of success as well. If the open rate simply illustrates the number of people opening your emails, click rate is another story. That means your audience is further interested so they clicked to your website to find out more about a piece of information or simply buy a product. From the advertising side, you are doing excellently by putting the right call-to-action and attract suitable customers to the brand.
Normally, the average click rate is rather small, around 2 to 3%. But it does not show the disadvantage. In contrast, however, you are easier to identify the most loyal customers to your website by choosing the quality over quantity.
4. Conversion rate
When receiving the click rate, most people will stop there and assume everything is done. However, the true victory lies in how many conversions one can generate from the click rate. Or else, it does not matter eventually. For example, you are promoting a new cloth line in your store. After sending the emails to multiple subscribers to inform them, you receive a quite impressive click rate. But the real question is, how many are willing to click that “add to the cart” button. It is the conversion rate that eventually indicates how effective the campaign is. Thus, make sure to keep track of your email conversion regularly.
5. A hidden factor: Bounce rate
Along with the conversion rate, some will easily forget about one crucial rate: bounce rate. There is a certain number of people who get to the landing page then vanish without doing anything. It is crucial to measure the bounce rate since you are good enough to persuade them to get to the landing page, but you still lack something. The result is they are not ultimately happy to take action.
By taking good care of the bounce rate, you will find the gap to fix all drawbacks and show them how you can improve current situations.
6. The sales rate
This type of rate specifically measures how successful you are in terms of the revenue from sales. It shows you how many orders you earn from the email marketing campaigns, dividing into two types. One is the revenue per order and two is the total revenue you can generate from email marketing. A great tool to keep track of this rate is linking your email to MailChimp. The site will do all the calculations and stats for you and display all of them on the screen.
This kind of rate is essential for any marketer to measure the efficiency of an email campaign. It eventually adds up to the revenue of a whole business. Therefore, bear in mind to measure these exactly to get what you deserve. In the meantime, there are some awesome tools on the market like Shopify apps. Using them will reduce your burden on an E-commerce business and upgrade your productivity to a new level.