Key Email Marketing Goals to Track for 2024: Email marketing is an effective way to connect with leads, nurture them, and convert them into customers.
The first thing you need to set up your email marketing strategy is your goals. Clearly outline these goals by going through your complete marketing plan and evaluating the role email marketing plays in attaining your desired end result. Make sure that your email marketing goal(s) are smart and linked to your overall marketing strategy.
Knowing the goals of an e-mail marketing campaign and tracking metrics can help businesses work smarter and apply strategic email marketing protocols. The goals will serve as a guideline for follow-up email marketing decisions and actions. This is an avenue for entrepreneurs to understand what is working and what isn’t working in order to make informed decisions that will lead to good campaign engagement.
Here are the key email marketing goals to track for 2024.
1. Delivery rate
Email success cannot be evaluated if it didn’t reach the user’s inbox. The delivery rate is a measure of the percentage of people who actually received your email. Keeping track of the delivery rate of your e-mail campaign helps for improved email marketing results, so don’t overlook that.
2. Bounce rate
This metric helps you keep track of the percentage of your emails that are grouped under the undeliverable category by the mail server. When subscribers make a mistake in the email address provided while filling out the signup form, any message that you are sending out will “bounce” back to you since the email address provided was wrong.
3. Open Rate
The open rate provides insight into the effectiveness of your email marketing strategy by showing the percentage of recipients who opened your email. This metric helps brands understand whether their email content is engaging. When the email message is sent, what triggers a recipient to open it up is the relevance or urgency of the subject line. This is because that is the first thing displayed on the email message aside from the sender’s name.
To track and calculate the open rate of your email campaign, divide the number of unique views by the number of unique opens. Lastly, multiply the result by 100 to get the percentage value.
4. Click-through rate (CTR)
The CTR metric is a percentage metric that helps to measure the success of an email campaign, as it shows the number of users who clicked on a link or took actions after visiting what you shared.
5. Unsubscribe Rate
The percentage of users who opted out of receiving a sender’s email is what we call the “email unsubscribe rate.” A high unsubscribe rate is discouraging for businesses as it decreases brand reach, engagement, and return on investment (ROI).
If your brand is experiencing a high email unsubscribe rate in their campaigns, it suggests that there are touch-ups that need to be done. The unsubscribe rate may be a result of sending too many emails or sending email messages that are no longer relevant to your audience.
To calculate the email unsubscribe rate for your brand’s campaign, use the following formula:
Email Unsubscribe Rate = N/M multiplied by 100
Where N is the number of subscribers who have opted out (unsubscribers).
M = number of email messages sent out
6. Conversion Rate/Return on Investment (ROI)
Return on investment (ROI) is a key performance indicator used to measure the profitability of an investment. ROI gives you an idea of your email campaign conversion rate, and it helps you keep track of the effectiveness of your campaigns by estimating the financial return. This will go a long way in helping businesses make decisions about resource allocation in the future.
Formula to calculate Return on Investment: [(Revenue – Cost of the Campaign) / Cost of the Campaign] * 100/1
Choose the Right Platform and Tool for Your Email Marketing
Utilize the best tools and platforms based on your email marketing needs for an increased success rate. Here are a few things to consider when choosing a suitable email marketing platform for your brand:
1. Price
2. Ease of use and navigation
3. Email analysis
4. Contact management
MailDrip is one tool that meets the needs of every small business owner or solopreneur looking to build a concrete email marketing strategy.
Frequently Asked Questions
What is a good goal for email marketing?
A good goal for email marketing is to enhance open and engagement rates. The goal of e-mail marketing is to enhance conversion and ROI, and this can only be achieved with good open rates and click-through rates.
Which is the most important metric to track email marketing?
The most important metric to track email marketing is the click-through rate (CTR). This is the metric that evaluates engagement and campaign success
