Email marketing is a tedious thing to do. A lot of blood, sweat and money goes into crafting those oh-so-appealing email campaigns. Hence, it is crucial to determine whether your email marketing campaign was effective or not.
As per a 2019 report by the Content Marketing Institute, “87% of marketers used email marketing to disseminate their content.” Email was the third most popular distribution channel, close following social media at 91% and the company website or blog at 89%. A major chunk of these email marketers relies on automation since automated emails offer as much as 70.5% higher open rates and 152% more CTRs compared to the regular emails.
These dynamics make email marketing a tough battle to win despite automation being a great ally. That being said, the most common objective of an email marketing campaign is generating revenue for the brand, directly or indirectly, that’s a different story.
Today, we will look at some of the crucial KPIs (key performance indicators) that help you track down all the moolah email marketing makes for you.
Click-through sales
Click-through sales are the default route where revenue is tracked when a click from an email lands the user to the site for the ultimate conversion. This tracking process deploys a host of web analytics tool to trace the coded links like UTM parameters which can trace down the buyer’s journey from the email to the website, and to the eventual purchase.
Click-through sales track the sales from an email immediately. However, they fail to trace or predict the potential impact which that email could have made if the buyers take a different route for the purchase. For instance, if a shopper was in the middle of making a purchase and got a phone call in between. The shopper can later return through a Google search and complete the purchase. However, the email that triggered the purchase in the first place would not get the credit.
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Single-touch attribution
Web analytics go a great length to trace down the sales to a proper marketing channel. The most common single-touch attribution methods are “First touch” and “last touch.”
1. First touch - It refers to the cycle when a lead clicks on a search ad, which takes them to your site, and they subscribe to email. They then receive an email after some time and make a purchase. In this case, the revenue is attributed to the search ad.
2. Last touch - This method attributes the revenue to the action that was immediately taken before a conversion was made.
Match-back analysis
Match-back analysis technique does not need web analytics. In this method, the entire revenue generated between a specific period after an email campaign is compared against all the email recipients. Revenue is attributed to the recipients that made a purchase.
Match-back analysis covers the entire potential sales because of an email campaign. However, the downside is that email campaigns are overrated by this method as not every sale is email-driven.
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Code redemption tracking
Most brands send offer codes as part of their email campaigns. These codes can be later tracked when they are redeemed. However, often the codes get leaked to the coupon sites, and multiple users redeem the same coupons from affiliate sites. Hence, it becomes impossible to know whether the strategy to send coupons via emails was effective or not.
If the revenue from email marketing is not matching up your expectations, then you need to up your email game. Make sure that your emails are relevant to the subscribers. The subject line should be a teaser of what the email is about. You also need to pay attention to the topic of the email for gaining better conversions with your email marketing effort.
Moreover, to achieve better click-through rates, a strong CTA is imperative. It compels the user to complete the action. Hence, don’t refrain from using powerful words in the CTA to get higher conversions.
Wrapping up
Every email marketing campaign caters to a different audience and hence, has a different goal. It’s essential to stick to that while mapping your campaign. You need to be clear about which metrics to track and what do they reflect about your email marketing campaign.
You need to adhere to at least one impeccable revenue tracking method. It would trace down your revenue channel and the effectiveness of your entire email marketing campaign.
Stick to the methodologies mentioned above but to be specific, you need to know your audience and your campaign out and out.