Month: July 2019

Tips to Track Revenue Generated Through Email Marketing

When you invest time and efforts into drafting an email and sending it to your subscribers, not to forget the monetary aspect, you ought to know whether or not your email was effective. It is important for you to be able to justify the spend on email marketing.

At this moment, as we are talking, 82% of the B2B and B2C companies are using the email marketing technology. A lot of these companies are adopting automation software to make the transition to email marketing easy and comfortable.

The reason being: automated emails get 70.5% higher open rates and 152% more click-through rates as compared to the regular emails.

Businesses are spending a lot of time, as a result, trying to carve a good campaign, which will win over the audiences, and turn their subscribers into customers.

However, the question remains- how will you measure the effectiveness of the campaign? What are the metrics that you will look up to get the much needed revenue?

Let’s have a quick look at the metrics that play an important role in measuring email marketing effectiveness.

The Metrics that Matter

#1 Open Rates

When you send out an email, the first thing that you measure to know whether or not the campaign was effective, is the open rate. How many of those who have received the email from your list, have actually opened the emails. It is important to also check how many of the emails you sent bounced back, which will also help determine this metric.

#2 Click-through Rates

It is not necessary that the person who has opened your email, has actually clicked on the call-to-action button and taken the necessary action. You need to check this metric as well, as that will give you an insight into the number of people who actually felt the email was relevant, and went on to read the contents and click-through the buttons.

#3 Unsubscribe Rate

How many, from your subscribers list, unsubscribed after they received an email from you? It is important for you to understand that there are different reasons why people tend to unsubscribe. Either they expected fewer mails from you or, they found that the mails you sent them were irrelevant.

#4 Complaint Rate

It is important you track the complaint rate for the emails you have sent, and check for the reasons why you have received complaints against the emails sent. It could be due to the fact that you bought the list or, you have not added the unsubscribe link to your email. The complaint rate can also help you understand the level of your brand

#5 Delivery Rates

It is important for you, as a marketer, to make sure you reach every one in your target market. A good deliverability rate essentially means that you have spread your wings across the target market. If you have not been able to achieve a good delivery rate, then you need to work on your subscriber list.

#6 Bounce Rates

Imagine not having reached the receiver’s inbox or, worse still being told that the subscriber does not exist. This means you need to rework on your email list, and if you don’t do this immediately, it could affect your email marketing campaign.

#7 Conversion Rates

This is the most important metric, one that also helps you track the revenue generated via email marketing. You ought to take this metric very seriously. A successful conversion happens when the subscriber clicks on the button and takes the necessary action to become your customer.

Now that you are aware of all the metrics that you need to know, let’s take a look at all the different ways in which you can track revenue generated through email marketing.

Tracking Revenue through Email Campaigns

#1 Sales Generated by Direct Click

Every email comes with a link that takes you to the part of the site where you can take the action. In this method, you tend to track the revenue that was generated when the user clicked on the link, and went to the website and completed the sales. There are coded links that tend to track this part.

How this helps? You get to track the immediate sales generated by email marketing. However, if the subscriber was interrupted while taking the action, and comes again via another channel, then the sales would not be counted as click-through sales. So, the revenue thus generated would not be attributed to email marketing.

#2 Match-back analysis of sales

The sales that occurs minutes after the email was sent via other channels is analyzed, and the customers converted are credited to the email marketing revenue generation. This method uses time-frame technique to analyze the sales that happened, and attributes all the sales within a particular time frame from the email to email marketing campaign.

The flip side of this technique is that the sales that did not occur due to the email marketing efforts made by you will still be credited to email marketing.

#3 Code redemption tracking

A lot of brands tend to send offer codes as part of the email campaign. These offer codes, when used, are tracked and a record it maintained. Every time an offer code sent in an email is redeemed, it will be considered as a revenue generated via email marketing. There are chances that the codes that you have sent via emails have been leaked to the coupon sites, and a lot of people are redeeming these coupons from the affiliate sites. At this point, you wont know whether the coupon strategy was effective due to emails or not.

If you feel the revenue generated by the email marketing efforts is not up to the mark, then here are a few things you might want to reconsider while sending emails.

  • Time your emails perfectly so that you get a good open rate. For instance, if you know that the people in your target group tend to open an email at 12PM, make sure you time your email campaigns accordingly. There are some safe time zones, when you will be able to maximize your open rates. Research the time, and send your emails during those hours
  • The email should be relevant to the subscribers. Make sure your subject line gives a hint on what the email is about. The topic of the email is also important if you want to gain better conversions with your email marketing effort. If the subject is neither relevant nor personalized, then your campaign may be rendered ineffective
  • To ensure better click-through rates, you ought to test your anchor test, and make sure you have a strong CTA, which makes the user want to complete the action. Powerful words in the CTA will definitely up your revenue
  • Finally, you need to work on the subject line. If it is not precise, attractive and meaningful, then your open-rate suffers majorly.

Wrap up

You need to identify your email marketing goals, and adhere to them when designing your email marketing campaign. Make sure you know which metrics to track for your campaign, and what metrics match your need to measure the effectiveness of the email.

You should sign up for at least one strong revenue tracking method, which will help you understand where the sale is coming from, and how effective your email campaign was.

In order to maximize your efforts, don’t forget to send the emails on a particular time.

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6 Effective Tips for B2B Email Marketing

Email marketing is considered one of the most crucial strategies when it comes to B2B marketing. From generating and nurturing leads to accelerating conversions, B2B email marketing does it all. This is the reason B2B emails have open rates higher than B2C emails. While B2B emails come with an open rate of 24%, B2C emails have an open rate of 22%. Therefore, if you haven’t already started harnessing the power of B2B email marketing, it is high time you do it. Here’s a look at a few critical tips that can help you design B2B email marketing strategy that drives sales and generates ample ROI.

1.   Come up with a great subject line

Having an impeccable subject line can set you apart from your competitors. In fact, if we go by statistics, it is believed that 35% of recipients open an email based solely on the subject line. So, opting for a great subject line is all you need to have an edge over the competition. Here are a few pointers to help you make your subject line game top-notch. Take a look.

  • Keep it small, precise and to the point. A subject line with 50 characters or less can drive customer’s attention easily. This is the reason 82% of marketers send emails with subject lines of 60 characters or less.
  • Including time-sensitive phrases such as “limited Stock”, “the deal ends today” can work wonders in driving your click-through and open rates. The sense of urgency in the subject line will help you leverage from the customer’s tendency of FOMO i.e. fear of missing out. It can serve as a great way of accelerating your sales further.
  • Incorporating numbers and emojis is another unique way of driving customer’s attention while standing out amidst the clutter of emails in their inbox.

2. A clean email list is always a yes

Having a huge email list is of no use if your subscribers aren’t active. Therefore, it is significant to clean your email list once in a while and keep it updated with active subscribers. It will have a huge positive impact on your deliverability and open rates. However, before you start the cleaning process and remove the idle subscribers, you must opt for a re-engagement campaign. It would help the inactive customers to decide whether they want to be a part of your subscription list or not. You can do it the way Typeform did it. Take a look.

Besides, make sure you clean up your email list consistently. A consistent cleanup schedule is not only going to save you on time and resources but will also help you target your active subscribers in a proactive way.

2.   Optimize your sending time

With 73% of marketers sending emails weekly, it is quite clear that optimizing your email sending time is the need of the hour. You can do this by analyzing and evaluating email metrics. It will include testing various days and times along with paying precise attention to peak activity that affects the overall click-through and open rates. There are a lot of Email Service Providers (ESP) that can help you do the needful. It maintains a list of customer’s behavior analysis with the help of its send time optimization feature. It derives and concludes an ideal email sending time based on a consistent customer engagement pattern.

3.   Maintain a single CTA

From securing a call and registering for a webinar to driving a customer to a landing page, B2B email does it all to entice a customer to take action. This is where a call to action button comes in handy. However, make sure you go for a single CTA button and not include multiple CTAs. It can distract and confuse the customer resulting in unaccomplished email goals. So, go for a single, simple and creative CTA to get the desired results. Take some inspiration from HEADSPACE and see how it has kept its CTA simple yet enticing.

4.   Segment your target audience

55% of customers prefer receiving emails that contain relevant offers and information. This is the reason customer segmentation is necessary. You can segment your audience based on their buying behavior, purchase history, sales funnel position etc. and send them relevant emails in accordance with their needs and preferences. In addition, opting for personalization is another great tool for accurate segmentation. According to HubSpot, the chances of a customer opening an email is 75% higher if it’s individually personalized. Strava does a great job on segmentation by leveraging the personalization strategy. Here’s how it did it.

5.   Go for A/B testing

A/B testing is another great tool to evaluate what works best for your email marketing campaign. You can do this by testing your subject line, optimal send time and CTAs by sending emails to a small group of a selected audience. Their response would tell you how your email is performing. Based on that, you can further send or modify your email to suit the needs of a larger chunk of your audience.

6.   A welcome email is always welcomed

We all know how the first impression always matters. That’s why it is important to send a welcome email as soon as a customer subscribes to your email list. You can send it easily with the help of an autoresponder. It automatically sends welcome emails to customers who come on board with your brand. All you need to do is compose a well-crafted and promising welcome email that genuinely makes the customer feel special and welcomed. See how Evernote sends its welcome email in a simple yet unique way.

Further, you can even take your welcome email a level up by including a freebie within it. After all, gifts are loved by everyone. It wouldn’t only make the customers feel welcomed but also help you pave new avenues of a long enduring relationship with the customer.

Wrap up

In conclusion, an impeccable email marketing strategy is all you need to drive your B2B sales like never before. So, incorporate the above-mentioned tips and cut through your competition with high engagement rates and better results.

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