Firstly, why are email marketing metrics important?
Are they something only the specialized email marketers should know about?
Are metrics something that only the measuring geeks are interested in?
No, definitely not. Why?
Because everyone must know how email subscribers are interacting with their email campaigns. Not knowing and measuring what happens between your emails and your email list is like investing blindfolded in companies you know they exist, but you never know if they can turn you a profit.
I know, that’s a very scary comparison, but you are wasting your money with email marketing if you don’t care enough to measure a few metrics.
In this article you will learn what email marketing metrics you should care about, why and how can measuring and following these metrics help you understand better your email subscribers.
1. Email list size or Total number of email subscribers
It’s not necessarily a performance metrics, but it helps you get a sense on how many people are interested in your products and can be converted into new customers or hot leads for your business.
Knowing how many email subscribers you have, helps you plan campaigns and include your list in your marketing efforts.
Building and email list helps you diversify your leads, so yeah, I think that matters a lot for you, to have a big, healthy stream of prospective customers. Wouldn’t you agree?
2. Email list growth rate
It is a very important metric that goes hand in hand with your total number of subscribers. Why?
Like you’re interested in knowing how your profits are growing, is as of the same importance for you to know how big and how fast your email list is growing.
Let me give you an example based on my own situation.
Knowing that my email list was growing by 30 new subscribers/day helped me define a pitching plan in order to sell the banner display areas of my blog.
So yeah, counting how many people subscribe per day or per month, depends on how specific you want to get, it’s important because you can use that number in your projections.
So the first two were historical metrics, that give you a sense on how your list evolved in time.
Now we should focus on metrics that measure direct interaction between email campaigns and email subscribers.
3. Open Rate
This is the first one you should care about because it tells you how effective your subject line was.
The bigger the open rate is, the better it is. Ok? Cool, glad we agree on that.
Because open rate is such a big deal, because it gets your message read by your subscribers, I recommend you focus on writing better subject line and always use A/B testing to test subject lines against one another.
In time you will define your own formula for writing magnetic email subject lines.
I’m sure of it.
4. Click through Rate
So now that we know how many people are opening your emails, now we should care about how many people are actually clicking your links or clicking your call to action.
It’s not enough people open your emails, it’s mandatory that they click on your offer; that they get through the link/call to action to see the product, or what are you selling.
Measuring CTR is easy. CTR = how many people opened your email/how many people click on your first link/call to action.
5. Revenue per email or conversion rate
Depending on your email marketing campaign goals you will want to follow how your emails are converting.
If you are selling stuff, you will obviously care about revenue.
If you are trying people to convince to download your ebook, you will follow how many people downloaded your document and compare it to the overall open rate of your email campaign.
So measuring conversion is simple: open rate/how many people did the planned action*100.
If you 100 people opened your email and 30 people bought your yoga mat, you have a 30% conversion rate. Multiply 30 with the 40$ price/mat and you have a total revenue of 1200$/email campaign.
See how easy it was?
6. Social sharing rate
Even though I’m not a fan of measuring everything that can be called social, I think this metric is important now more than ever.
Why? Because it gives you insight on how shareable is your email content.
I really believe you should care about social sharing rate because you want people to share with their friends, colleagues or Facebook/Twitter friends your offers. It builds trust for your brand and it increases the chance of acquiring new clients.
I’m sure you would like that. Plus, the social proof or the social endorsement you get helps you increase your brand’s reach and awareness, and social media is a great tool to make your brand known.
So including Like or Tweet buttons or social media badges, really helps you reach new people and also social proofs your emails.
7. Unsubscribe Rate
Last but not least, knowing how many people unsubscribe from your email list can help you detect problems in your content or offer.
Did you attract the wrong subscribers?
Did your offer wasn’t good enough?
Do you send many emails?
Knowing the number of people who unsubscribe from your email list helps you answer this kind of questions.
One power tip. Before people unsubscribe from your list, give them the chance to resubscribe if it was a mistake and also ask them nicely to complete a feedback form.
Usually adding these unpainful, but somehow necessary steps, can help you learn more about why people hit the unsubscribe link in your emails.
There are a few other metrics you can consider, but for now I think you should focus on the above mentioned 7 metrics.
Also, I spared you the trouble of learning more advanced metrics and other geeky stuff, and I really believe that with this article we got the basics cleared.
If you want and need, we can go more in depth, because the guys behind PadiAct are masters of measuring results, that’s why they built a great tool that helps you target specific visitors.