The number of global email users is set to grow to a whopping 4.6 billion by 2025, email marketing now has become a must-have marketing tool, offering a powerful way for marketers and business owners to reach, engage and build relationships with prospective and existing customers.
Recent statistics show that 59% of B2B marketers consider email marketing their most successful and lucrative channel for generating revenue. This is unsurprising given the highly-targeted nature of email campaigns and their ability to deliver personalized messages to specific customer segments.
But how do you know that your email campaigns are performing?
Tracking and measuring your campaigns is the only way to ensure you get the desired results, and for that, its essential to understand the right metrics to go after. This data will allow you to determine whether your email campaigns are performing and moving your business in the right direction.
In this blog, we discuss what email marketing metrics are and why it is important to measure them. We’ll also outline the top email marketing metrics that matter in 2023.
What are Email Marketing Metrics?
Email marketing metrics are the key performing indicators used to evaluate the effectiveness of an email marketing campaign. These provide insights and data points, allowing marketers to monitor and evaluate email campaigns.
Also Read: Top Email Marketing Strategies For App Engagement in 2023
Why it is Important to Track Email Marketing Metrics?
If you can’t measure it, you can’t manage it. ~ Peter Drucker
By tracking the performance of email marketing campaigns, you can
- Understand your audience’s behavior and preferences better.
- Identify areas of improvement in your campaigns.
- Help tailor your engagement and content strategy to better serve your audience.
- Since email marketing is an investment in growing your business, it helps you make informed decisions to improve your email marketing strategy.
Email Marketing Metrics that Matter in 2023
1. Email Delivery Rate
The email delivery rate is one of the important metrics that measure the success of email campaigns. A 95% and higher delivery rate is considered good, but it varies from industry to industry.
Tracking delivery rate helps email marketers identify the issues that affect the success of email campaigns. It may be the server or email addresses.
Without ensuring the customer receives the email, there is no point in expecting any response or interaction. To ensure that emails are being delivered to their intended recipients, email marketers should regularly monitor their delivery rate.
2. Open Rate
The open rate is a key metric that tells you how many intended recipients have opened your sent emails.
This metric provides valuable insights into the emails’ effectiveness and whether or not your email has successfully convinced recipients to open them.
Subject lines play a crucial role in open rates. If it is eye-catching and exciting, it is more likely to encourage readers to open the emails. The average open rate of email is 18%, varying from industry to industry.
Perform A/B testing with different subject lines, and make the subject line engaging, personalized and relevant to improve email open rates.
3. Click-through Rate
The click-through rate is one of the essential metrics that measures how many times a link within an email is clicked concerning how many times subscribers receive the email.
Click-through rate helps in understanding how well a subscriber can connect with the content of an email. Segment your audience based on location, behavior, and demographics to increase the click-through rate. Deliver personalized and relevant content to your recipients.
Engaging, informative content and effective targeting with clear calls to action help in increased click-through rates. The average marketing email click-through rate is 2.6%.
4. Conversion Rate
The conversion rate metric indicates how many recipients clicked on the link in the email and performed a desired action. It is a great way to measure an email’s effectiveness in turning leads into customers.
The desired action could be anything from completing a signup form to completing a purchase.
By analyzing the conversion rate, business owners and marketers can understand what type of email subject lines and content are helping them bring customers.
5. Bounce Rate
As the name suggests, the bounce rate happens when the percentage of emails that fail to reach the targeted customers.
Bounce rate is of two types:
Hard bounce happens when the recipient’s email address is invalid, nonexistent, or permanently closed.
Soft bounce happens due to a full recipient mailbox or server issue.
It is important to monitor the bounce rate for any email marketing campaigns. The higher the bounce rate, the less effective the email campaign will likely be.
6. Unsubscribe Rate
The unsubscribe rate metric helps determine how many people have lost interest in receiving your emails. This metric can help you identify areas of improvement in your email campaigns, such as the type of content you are sending, the frequency of your emails, or the overall design of your emails.
Analyzing your unsubscribe rate can help you refine your email strategy and ensure to send more engaging and relevant mails to your audience.
Keep track of what types of emails people are unsubscribing from, and you can make necessary adjustments to your email strategy to reduce your unsubscribe rate.
7. Spam Score
Measuring the spam score or rate is essential to identify whether your emails land in the recipient’s inbox or spam folder. This metric allows you to assess the email campaigns’ significance and identify areas where you can improve.
If too many emails go to spam, your account can get blocked, and you cannot reach your ideal customers.
For example, if you have a high spam score, it might be a sign that your recipients are not valuing what you are sending them. It will also affect your brand reputation if your emails are frequently reported as spam.
8. List Growth Rate
The list growth rate is the number of new email subscribers added to your list. It helps you measure the number of new subscribers added to your list over a certain period.
This metric allows you to understand whether your email list is growing or shrinking and can help you identify potential problems with your email strategies.
Steady growth in your email list indicates your email campaigns are engaging customers, and a decline in your email list indicates inefficient email campaigns.
9. Forwarding or Share Rate
Sharing or forwarding your email to like-minded people, family, friends, and colleagues by email recipients is known as the email share rate.
The email share rate metric provides the level of engagement of existing subscribers with the email campaigns.
Understanding how likely existing customers are to share content with their contacts enables marketers to measure their campaigns’ success and understand which type of content subscribers like and share.
10. Email ROI
Email ROI, or return on investment, is a key metric that businesses use to measure the success of their email marketing campaigns. It indicates how effective their email strategies are in terms of reaching their target audience and generating revenue.
By tracking email ROI, business owners can identify the most successful campaigns and adjust their strategy accordingly to maximize their return.
Email ROI can also be used to compare the results of different campaigns and benchmark against industry standards.
Conclusion
Tracking the metrics mentioned above is essential for any email marketing campaign. It allows you to gain insights into subscriber behavior and make informed decisions about the content you deliver to them.
With the metric results, you can easily identify which campaigns are performing well and which are falling short. This helps you adjust your strategy to deliver more effective campaigns and decision-making.
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