Sorry, but we lied.
Yes, we told you just how effective email marketing is. An oldie but goodie; we even gave you all the steps needed to build a targeted list and how to connect with them. But from here on, it gets harder. Remember you are fighting for your subscriber’s attention, with every email you send. You need to assess what you have done and how well it worked.
This is where many small businesses fail.
Without large accounting and compliance departments, small businesses tend to focus on only sales and revenue. Most have no idea what their ROI is, especially with marketing online. This can be difficult as fake YouTube views, fake Facebook Likes and even ‘customer’ emails to spam are easily bought online.
Despite that, it is relatively easy to track your email marketing efforts. Most email marketing platforms provide accurate, real-time tracking of the vital metrics. There are also many other third party apps like Litmus, Google Analytics etc.
With marketing making up between 3% to 20% of the annual budget of small businesses, it is very important to monitor spending. The following are Search and More’s steps to tracking and mastering your email campaigns:-
1. Have a Benchmark.
You should always start any marketing with a minimum goal; a benchmark of sorts. Learn the average open rate, click through rate and expected conversions for email, in your industry and base your new campaigns off that. Part of an initial marketing plan involves setting a benchmark to reach.
Adjusting for non-action takers and non-purchasers, you should be able to estimate how much emailing 1,000 prospects should earn.
2. Use Proper Segmentation.
Are you one of the 89%?
The 89% who send out the same email to their entire database. Remember you have a mix of warm and cold prospects on your list. Some are already customers, others haven’t purchased yet.
Studies show that 27% of people instantly unsubscribe if they get a non-targeted email. 60% of them delete the email and 23% flag your message as spam. You can segment your lists by purchase history, location, even interests.
Segmenting allows you target cold prospects with discount offers. For repeat buyers, you can offer them user guides; if your lists aren’t segmented, you will not have this insight.
3. Deep(er) Analysis.
Study your (now segmented) list to map their clicking patterns. The following data is vital to keep track of:
a) How many prospects did you send emails to?
b) How many emails were delivered to your customer’s inbox?
c) How many of the emails were opened?
d) Did the links in your email get clicked?
Figuring out these three rates will give you even more insights:
- Your deliverability rate – Total Emails Delivered / Total Emails Sent.
Your open rate – Total Emails Opened / Total Emails Delivered.
Your clickthrough rate – The percentage of email recipients who clicked a link in your email.
Now that you have clear end goals, how do you plan to use email marketing to reach them? It’s time to tweak your processes. 47% of marketing emails are opened on a mobile device, meaning your emails must:
- Catch their attention – Do this by making the text in the From field AND your subject line relevant. Both are key determinants of whether your emails will be read.
- Use responsive images, that are in line with the content you are sending. They can also help to break up the wall of text.
- Render correctly on mobile screens – Do this by using a responsive template that will adjust to fit any screen size.
When all is said and done, all your calculations are geared towards finding the leads generated and how much they are worth to your business. Accurate tracking of what is working is the only way to know if and how your business is moving forward. You need to be able to correctly evaluate the ROI of your campaigns.
With marketing making up a good portion of the annual budget, it’s important that you have a handle on what you are spending to make a profit. Let Search and More design and monitor email campaigns that generate a positive ROI from the get go. Contact us today.