Ever wondered if your email marketing lacks something? You have checked out other Title insurance companies with awesome email strategies but just can’t figure out what may be missing in yours. From your point of view, you have created a great email, added interesting graphics and yet have got poor results. Now, you are at a loss as to what to do next.
Well, you are not alone. Many Title insurance companies and their marketing folks face the same issue. Email is supposed to be easy, isn’t it?
Here’s the thing. It is easy, provided you have the right insights, the right metrics & the right data points to get you to where you want. Analytics & metrics – even though they may be hard to master – hold a lot of power to either make or break your email campaigns.
So, a critical step for a marketer is to identify and understand some of the key metrics/data points of an effective email campaign and to monitor them.
In this blog, we talk about 4 such effective data points for you to track to ensure that you get the maximum output from your email marketing.
1. Unique click-through rate: Simply put, unique click-through is the number of unique prospective customers who have engaged/ clicked on any links which you have in your email. And it is important – 73% of marketers think that unique click-through rate is the single MOST USEFUL METRIC for measuring the quality of the email. (Source: https://sleeknote.com)
2. Click to open rate: If you want to measure the quality of your content, Click to Open rate or CTOR is the parameter you should be tracking. Click to open rate tells you what percentage of your contacts opened your email and clicked on any link within the email. CTOR gives you a holistic view of how effective your email is. If you do not have a great CTOR then probably you have a great subject line but have missed out on the content in the body of your email. Now, do you see why it is such an important element to be tracked? Want to know how to develop great content for your emails? Get in touch with us by clicking here.
Once again, CTOR is the parameter you need to track if you want to know how appealing the content of your email is.
3. Bounce rate: You have done your research, prepared a killer subject line, followed up with a perfectly balanced content and a very effective Call to Action (CTA). All of that won’t be any good if you do not have a healthy database of contacts. The parameter which tells you if the emails addresses you have are valid or not is the bounce rate. It is the percentage of your total emails which could not be successfully delivered to the contacts in your database – meaning the email addresses have some problem.
There are 2 kinds of bounces to track
A soft bounce rate tells us that the email did not make it to the recipient. It is not much of a worry since it could be a temporary problem with your recipient, like a full mailbox or a problem with the server.
A hard bounce back, however, is a cause of concern since it is the result of an invalid or nonexistent email id. You must immediately remove them from your database since it will adversely impact your reputation and having too many hard bounces can make your company look like a spammer. This will adversely affect your IP reputation and your emails may end up in the Spam/Junk folder. You can check your IP reputation by clicking here.
4. List growth rate: Apart from the above-mentioned parameters, you have to keep a very close tab on your database growth and loss. You have to focus on growing your list in order to expand your reach to get new customers.
Use the below formula to find out your list growth rate:
([(Number of new subscribers) minus (Number of unsubscribes + email/spam complaints)] ÷ Total number of email addresses on your list]) * 100
This means you have to pay more attention to growing your subscriber list and keeping it at a healthy size.
So here’s the bottom line. In order to have a great email campaign which gives you the best ROI, you have to be knowledgeable enough to identify & track these key metrics and to improve them over time. Want to know how our email marketing services can help you get the right insights? Click here.
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