As you set up more entry points for your funnel and start building your list, you’ll need to monitor a few different metrics to ensure that what you’re doing works, as well as to find ways to improve. When discussing some of our top tips for email marketing two parameters to look for when it comes to your email list are email open rates and email link click-through rates.
An open means that your list member opened the email to consume the content. A click-through means that the list member not only opened the email and read it but also clicked a link that you provided to them.
To monitor open rates and click-through rates, you’ll need to check your autoresponder directions, but more than likely, you can find this information within the dashboard or back office of your system.
One thing to note about click-through rates is that you need to allow the autoresponder system to insert tracking on your links so that you can track that option. This is usually automatic simply by checking a box permitting them to track your links.
You don’t have to do anything special to monitor open email rates as that knowledge is already available to you through your autoresponder dashboard or back-office, depending on your system.
Know Your Industry Averages
Do some research on your industry to find out what the open rates and click-through rates are typically for your type of product or service. Many entrepreneurs and small businesses ignore this step.
You can also look at your autoresponder service’s benchmark information to find out how your numbers match up to what they say is the average. You want to shoot for average at least or above-average results.
Know Your Numbers
Regardless of what the industry averages are, you need to know your own numbers for open rates and click-through rates. You can gather that information by using your autoresponder dashboard.
Make sure you implement link tracking in your email messages for the best results. Each system works slightly differently, so always look for the directions.
Learn Tips and Tricks to Improve Your Email Marketing
Your autoresponder likely gives you some basic tips to improve your email marketing. They want you to succeed. Go through the training they provide and use some of the techniques they suggest on how to improve your open rates and click-through rates.
Focus on subject lines, segmenting your audience correctly, and including the right calls to action for the person who is consuming the email message.
Monitor Stats Regularly
Set up a schedule to monitor these metrics at a minimum of monthly but also before, during, and after any marketing campaigns or launches. When you notice an opportunity to improve your results, take the time to implement them. Don’t skip doing the essential things because every single tweak you make will add up.
Monitor, Improve, Repeat
As you move along in your marketing campaigns, building your funnel, and working on pleasing your ideal customer, you’ll want to use the information you learn from monitoring these metrics to do a better job targeting your ideal audience based on their intent for wanting the information you’re providing.
It’s a work in progress and will not be perfect ever because everything keeps changing. Your job is to monitor, tweak, improve, and repeat.
The more you focus on what’s important regarding your metrics, the more you’ll be able to reach and please your ideal customer.
Calculating What Your Subscribers Are Worth
You may feel as if you’re in the dark sometimes when you have an online business that relies on email and content marketing to get the word out about your products and services.
However, the truth is, you have even more power over your marketing and product creation than ever before because you can calculate what your subscribers are worth on average, which is going to inform the marketing methods you deploy as well as how much you spend developing the products.
Knowing your email subscriber value is a critical piece of knowledge that can help you make smart decisions.
To figure out how much your subscribers are worth you’ll need to gather the following information:
How Many Subscribers Do You Have?
Before you count your entire list, make sure you clean up your email list first. If you have people on that list who have not opened your emails for the last 120 days, don’t count them.
Only count your active average opens as your list number. You may have 100K people on your list, but if only 10K regularly open the messages, then you should only count the 10K.
Know Your Revenue Numbers for the Last Period
This can be tricky if you’ve not been in business very long. The best figure to use is the last year or an average of the years you’ve been in business.
These numbers are only estimating, but they will help you make better decisions about your expenses, nonetheless.
So, if due to emails you sent out, you made $50,000 during the period in question write that down. Don’t count sales that happened using other methods, only due to an email you sent.
Then You Divide
Now that you have your numbers determined, you can figure out about what your subscribers are worth.
The formula is: Revenue During the Period Divided by The Number of Subscribers.
For example, let’s say that you have a list of 20,000 subscribers (after cleaning the list), and you earned $50,000 during the period you’ve chosen.
Now you just plug in the numbers to the right place. $50,000/20,000 subscribers equal $2.50 dollars value per subscriber. That means every single subscriber you earn is worth about $2.50 each period.
So, if your revenues were from the last 120 days, you can potentially make that every 120 days, but if it was based on a year or an average of years, consider it potential annual earnings.
This information will help you make better choices when it comes to cash flow predictions, determining how much you can spend to get a new customer, how much you can afford to market, and more.
Knowing your subscriber value will inform your product creation budget as well. Plus, you can use that number to invest in raising that number. Maybe you need to sell more products, or charge a higher rate, or send out more offers.
Either way, you’ll have a lot more information to help you improve your email marketing campaigns. Try putting these tips for email marketing to use and you will start to see a vast improvement in your email marketing results.