Setting targets in email marketing
It is the dreaded job in email marketing. How on earth do you know what the target should be? If the results comfortably exceed it then you set it too low. Fail to hit it and no matter how well the campaign went it will be seen as a failure. And you know who they will blame.
So what should you choose? More money would be sensible but that probably won't get past your boss. What about 5% or maybe 10%? But then spreadsheets make the ease of whole numbers rather redundant so why not opt for a figure that might give the appearance that you came by it scientifically: 7.38%? Now that would impress anyone.
In essence, the way you measure the success of a campaign should support your marketing ethos. So more than a previous campaign or better than your competitors. Everything else is window dressing. What it most certainly is not is a way to reassure you.
We are back to the original question: what should the target be?
Look at it from the other end and find out what returns you get. There are six specific figures:
• The number of emails sent
• The number received
• The number opened
• The number of click-throughs
• The number of forms completed or items sold
• The number of new subscribers and those who have ticked the unsubscribe box
It is fair to say that these are the basics of course and that email marketing software will give you an in-depth analysis, but they are more than adequate to enable you to set a worthwhile target, or rather targets.
Let us go briefly through the headings with the obvious exception of the first.
You might think that there is little you can do about bounces: the address either exists or it does not. However, a sudden significant change in the figures should be investigated.
The open rate is the first hurdle. Although it is vital to sort out problems, because there are so few parameters by which the email is judged it is one of the easiest to address.
If they have opened the email and done nothing more there is, obviously, something wrong with the design or the offer.
If they have clicked-through and you have then lost them then the landing page should be looked at with some degree of trepidation. They have shown an interest and then they have shaken their heads. The areas you have to study are limited.
The number of those who have done just what you wanted them to then has to be compared to the various other totals.
Subscribes and unsubscribes to your email lists should always be monitored closely. Any change to the norm should be scrutinised.
We now have numbers, very precise and meaningful ones, but they are wasted if they are not used as the tools they most patently are. You can now set a number of specific targets for subsequent email campaigns, ones that not only can be measured but will indicate what aspects can be worked on and if any changes or initiatives were worthwhile.
All your planning problems are answered in the statistics.
Questions and Answers
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Email marketing is a popular marketing strategy for online businesses. Several businesses use email marketing campaigns to boost their online business. If you carry out his strategy professionally, you can easily communicate your business venture to potential customers that are interested in obtaining information on your business products or services. Email marketing is not a time consuming strategy; neither is it an expensive one. Email marketing is one of the cheapest marketing strategies...
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