Email marketing can still be one of the most effective tools in your firm’s overall marketing strategy. However, many small firms fail with their emails simply because they aren’t utilizing the right strategy.
But how do you know whether or not your emails are working to begin with? We’ll show you how to figure it out.
1. Set Your KPI
What do you want your email to *really* do? Do you want it to be opened? Clicked? Do you want it to generate referrals? It’s important to understand what your end goal is first so that you can use data to inform whether or not it’s headed in the right direction.
2. Track the Appropriate Data
Your open rate is a great data point to have. If your goal is to have a 30% open rate (which is actually VERY high as most industries only average about 10-15%), then you should track your email’s open rate.
NOTE: Open rate doesn’t give you the most accurate picture. For example, when Apple enacted its new privacy settings, it began skewing email open rate data because email providers like MailChimp or Constant Contact can’t differentiate a real, human open versus a firewall bot checking for spam. We’ve seen this skew open rates by as much as 5%.
Additionally, there’s intangible value in seeing your firm’s name and subject line show up in someone’s inbox. That still counts as a touchpoint, even if they don’t open it.
Conversely, if your KPI is referrals, no email provider could possibly know that data. You’ll have to track that in your CRM.
3. Use Other Data Points to Inform Performance
If industry open rates hover around 12%, your click-through rate will be much lower (think only 1-2%). That’s okay! This gives you something to test when it comes to the content and/or subject line of your emails. What gets people to click through to your website? What kinds of content are they most interested in?
Additionally, keep an eye on your unsubscribe rate. You WILL have people unsubscribe with every email, but as long as it isn’t huge percentages, you’re going to be fine.
4. Calculate the Costs
How much time/money are you investing in your email newsletter? Even if you’re spending $1,000/month on it, if it generates a referral or two, which converts to a client worth thousands, then you’re getting an excellent ROI!
But even if you’re not generating that much business, don’t give up! Test different subject lines. Test different layouts. Test various other elements before you ever decide to pull the plug. Email marketing absolutely still works (especially for our clients!), so if you need help, contact us today to see how we can help.
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