It can take most of your study time and effort in keeping up to date on your J2534 reprogramming to limit false DTCs and ensuring your Gas Exhaust Analyzer is BAR 97 (EPA ASM) and OIML R99 Class 0 standard compliant to learn an entirely new language of process and output email marketing metrics. However, it’s not that difficult when you grasp the basics… and you’ll find that it’s a lot easier than figuring out what to do when you get an OBD-II of “P0106 Manifold Absolute Pressure / Barometric Pressure Circuit Range / Performance Problem!”
Learn to Interpret the Two Basic Types of Metrics
Your email service provider will give you all of the basic data you need to determine the success of your email marketing campaign, all you have to do is to refer to their reports section and read the data they have included. These basic metrics are divided into two types, process metrics and output metrics:
The process metrics are the ones which allow you to track and analyze behavior over an extended period of time. Each of these benchmarks allow you to comprehend how each aspect of your email marketing strategy is contributing to the campaign in its entirety. The primary process metrics are:
Open Rate – The number of emails that were actually opened by the recipient expressed as a percentage of the total number of emails sent. This metric can be graphed over time to determine the effectiveness of your subject lines and preheaders, and how your customers react to and trust your company.
Click-Through Rate – The number of recipients who actually respond to your call to action by clicking on the link as a percentage of the subscribers who have opened the email. This metric shows you how effective your marketing strategy is in offering your customers what they want to see.
Bounce Rate – This represents the number of emails that were not able to be delivered vs. the total number you sent. There are two types of bounces: A soft bounce is when it’s not your fault: the recipient’s inbox is overfull or there is some type of internal internet traffic problem; A hard bounce is when the email address does not exist or has been blocked. It is absolutely imperative that you never ever resend to an email address that has hard bounced as that will decimate your email reputation and make future emails almost impossible to deliver.
By using your process metrics and integrating them with the financial results from the campaign, you can arrive at these basic output metrics. You’ll have to pull out the calculator as you will have to do some simple math to arrive at these factors:
Total Generated Revenue – This one is super easy: How much money did the entire campaign make?
Revenue per Delivered Email – How much you earned divided by how many emails were actually read.
ROI per Email – Return On Investment (ROI) rate per email can tell you how effective and profitable your latest campaign really was.
Total Orders per Email – The total number of orders you received in a campaign divided by the total number of emails you sent. This will be a very small decimal number well below 1.
Order Size per Email – This metric measures the total number of orders you received divided by the number of emails that were actually delivered.
Share of Wallet – This one sounds strange but look at it this way: The Share is the percentage of a customer’s expenses for a specific product (the wallet). So if a particular customer is incurring $800 a year of mechanical repairs and they’re spending $400 of it in your shop, your Share of Wallet is 50%.
In the email world, metrics are not the same as scratching your head trying to figure out why neither your 1/4″ or 7/32″ wrench will properly fit a 6 mm bolt head. Email metrics are an indispensable benchmark that will allow you to obtain current, vital and important data as to the overall performance of your entire email newsletter campaign!
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