As any savvy firm will know, one of the best and most efficient forms of marketing is email. Email marketing—the means of targeting your audience through electronic mail—allows you to send your database, and an infinite number of prospective clients, personalized communications directly to their inbox.
However, many of these organizations are not making the most of the data that can be collected through email marketing. If you want to get the most for your efforts and budget, look at the analytics.
So often we get clients telling us that the reason they never use the analytics is because they don’t understand it.
We’ll tell you what we tell them: Don’t let the fear of the unknown hold you back.
MailChimp conducted a survey which found that in the business and finance industry, the average email open rate was 20.97%
Don’t get me wrong, email analytics can become complicated. But, most analytics programs use simple-to-read reporting that’s accessible to anyone and more than adequate for your needs. It only becomes next-level stuff when you have to start using the statistics it throws up, like how many people opened your email or clicked on a link that you added in.
We recently wrote a blog on automation, and in it we listed 6 CRM (Client Relationship Management) systems that we recommend for SMEs. Every CRM system has a different reporting process, but most of them give you three primary stats that will help you succeed providing you pay attention to them:
- Open Rate — the number of people who opened your email
- Click-through rate (CTR) — the number of people who clicked on a link IN your email
- Bounce Rate — the number of people who DIDN’T receive your email
- – Soft bounce is when their inbox is full or the email was too big for the server
- – Hard bounce is when the email is invalid or doesn’t exist
You’ll find these analytics in almost any CRM system, free or paid. They enable you to optimize the emails you send to increase their success rate. So, to avoid ‘half-marketing’ you just need to be asking yourself the right questions:
- Do you know what the average open-rate and CTR’s are for your industry?
MailChimp conducted research on a variety of different industries, looking into their average click-throughs, open rates and soft bounces. They found that in the business and finance industry, the average open rate was 20.97%, see here for the full study. Using these statistics, you’re able to focus on targets you know are achievable.
- Do you notice when an email does well and why?
We recently sent out a client email with the subject line ‘Quick question [First Name]’, which yielded an open rate of 37%. With such a high percentage for it’s industry, we looked into why it was so successful and concluded that the familiar tone and personal touch really resonated with our audience.
- Do you listen and react accordingly to your analytics?
We continued to implement this familiarity in our subsequent emails and most have seen similar success. If you’ve noticed something going well or not so well, react accordingly, and tailor your emails to your prospects’ habits to get the most out of your emails.
- Are you aware of what’s trending in your industry that might help or hinder your email marketing?
Look at what’s hot in your industry and use it as a point of discussion in your emails. Chances are your audience will already be aware of topical issues, and will welcome deeper insights and conversations around them.
In our next blog, we’ll be exploring these questions more to help you further optimize your email marketing.
Think you know everything there is to know about email marketing? Avoid falling into the false sense of security by practicing ‘half marketing’. Get in touch and a member of the JTN team will talk you through the best ways to optimize your firms’ marketing strategy to drive results.