Metrics relevant to making money with an email list
Want to know how well your email marketing campaigns are performing?
These are some relevant metrics that you should track regularly if you want to maintain a healthy email list and improve the ROI of your campaigns. Paying attention to the right metrics will help you analyze and improve your marketing campaigns.
6 Crucial Email Marketing Metrics to Measure
Bounce rate
Are your emails reaching the intended audience? True, email marketing isn’t as engaging as social media marketing, but it’s powerful because emails reach the intended audience and they have a remarkable staying power.
An email will remain in the inbox until it’s deleted. This makes email more effective in staying in front of your reader for longer periods of time.
Unless that email bounces, meaning it can’t get to the recipients’ inboxes. These can be “soft” bounces—temporary problems because of server problems or they can be “hard” bounces from invalid email list addresses. Several hard bounces will make your ISP to flag you as a spammer, hurting your marketing efforts. Thus, always delete invalid email addresses from your list as soon as you notice them.
Track your bounce rate if an email list is unresponsive. If your email isn't getting to the subscriber, you need to know that so you can fix the problem.
Unsubscribe Rate
You may notice your conversion rate is high, and recipients are opening and clicking through your campaigns, what you may not see is the number of subscribers you’re losing.
People are going to leave your list. You can't please everybody, and it's a part of doing business. What you want to keep track of is how many unsubscribe and when they did it.
Was it immediately after you sent out an email series? You have to constantly monitor your email list to make sure you're not doing something that is driving subscribers away.
What you can do is to provide a form on the unsubscribe page that asks them to tell you why they left. It can be hard to hear some of the feedback, but if you see a pattern, there is an opportunity to fix any problems that you weren't aware of.
Another thing you can do to nurture a responsive email list is to make sure to include an invitation in every email you send to contact you with questions and feedback. Taking time to interact with your readers will help to keep the people on your email list.
Click-through Rate (CTR)
This is arguably the most important metric worth measuring. Whether you’re promoting a blog or registering subscribers for a new online course, you’ll want recipients to click on links and the share button in your emails. Right? Engaging email campaigns generate more clicks. So if your CTR is low; this means your message needs improvement.
Your click-through rate varies depending on the size of your email list, and the content of your email. But a healthy CTR is in the 15% range.
So, your CTR is an indicator of how valuable your email’s content is to your audience and the call to action associated with it.
Forwarding Rate
Once a recipient shares your email with someone else, they become a part of your forwarding rate. You can calculate this rate by taking the total number of subscribers and determining the percentage of those who forwarded your email campaign.
Forwarding rate is an interesting metric because it shows how enthusiastic your subscribers are about your content. So, if someone shares your email, it shows they consider the content to be relevant.
You can track this rate using your email marketing service. Most of them allow you to add a Forward to a Friend link in your emails, which offers data on how many subscribers used it.
Time Spent
This metric helps to figure out the time a subscriber spent checking out your email. Your email marketing service adds these times to get an average, which is the rate of time spent on your emails.
Usually, the more time recipients spend on your emails, the better. This means they’re paying attention to your content; they find it relevant, and they’re more willing to convert.
Google Analytics can help you measure this metric by going into the Audience, then the Overview section on your dashboard. Here, look out for the metric that says Avg. session duration.
Email Campaign Profitability
This metric gives you a deeper insight into your campaign value.
Just like any other marketing campaign, take your sales revenue and subtract the cost of running the campaign and the costs of goods sold.
This is a useful metric, and you can use it on each campaign you run and on each list you send to. For each campaign, figure out how much it is costing for your email service provider and hosting costs for the period of the campaign.
Take the size of your list - the number of people who are going to get the email in their inbox - and total up all of the sales you make. You now know how much you made on average for each subscriber.
Subtract the cost as noted above, and you will know how profitable your campaign was. Do this with every campaign, and over time you will get to know what is working with your list and what to avoid doing in the future.
Do you include the costs to create, test and send your newsletter? Or do you include the cost of building your email list? What about other expenses such as wages for the people who manage your marketing or sales?
If you track and test, you will improve your email list profits and the effectiveness of every promotion you send out. If you're not doing it now, get started and you'll soon see the results.
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