You’ll need to calculate your total ROI in order to determine whether or not your current email marketing strategy is generating the revenue you intend. Fortunately, this isn’t as difficult as it sounds.
You can do so with the following formula:
ROI = net return on investment/cost of the investment x 100
So, your equation might look something like this:
Email marketing ROI = $20,000 in sales/$4,000 investment x 100 = 500
The ‘500’ in this scenario is a percentage, meaning this email marketing campaign generated a 500% return on investment.
As previously mentioned, overall goals will vary from business to business. As long as you’re meeting or exceeding the expectations, though, you’ll know that your email campaigns are on the right track.
If you fall short of these numbers, it’s best to take a look at the content you’re sending while simultaneously performing more-involved research on your audience.
5. Click Rate
As the name suggests, the click rate metric refers to how many recipients of your email click a link within the email. This is a notably objective way to determine how effective your email marketing efforts are.
It’s important to note that having a high number of clicks doesn’t always equate to a high number of conversions. But, sending emails with a low number of clicks is far less favorable.
This brings us to the…
6. Conversion Rate
In marketing, a conversion is an action that you intend for consumers to take. So, it could involve making a purchase, downloading a free eBook, etc.
Since you already have their contact info, though, email marketing conversions are generally centered around sales.
In order to generate the most revenue possible, your marketing emails should be centered on optimizing your conversion rate. You can help facilitate the number of people who take the intended action by including a powerful CTA at the end of the message.
The format of your email also plays a role, with more streamlined, scannable formats being botim database favorable over blocks of text.
7. Deliverability
This term refers to the total percentage of emails that were actually delivered to subscriber inboxes. While the bounce rate plays a large role in determining this matter, soda spam filtering, Internet service providers, etc. To calculate your deliverability rate, you simply need to use the following formula:
number of emails sent – number of emails bounced = Deliverability Rate
In general, you’ll want to shoot for a deliverability rate of at least 85% in order to remain competitive in your industry.
Understanding Email Analytics Can Seem Complicated
But the above information will make the process far smoother. From here, you’ll be able to ensure that fully understand the relevant email analytics and are able to make the necessary changes in the future.
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