Email marketing is the oldest yet most effective method to generate leads and promote new products. With over 4 billion active users, it has one of the highest customer retention rates, hovering around 40 times more than Facebook and Twitter. It speaks volumes about the effectiveness of a calculated email campaign for brands, businesses, and entrepreneurs.
However, not everyone can enjoy massive success without tracking down essential KPIs, and that's where MailChimp comes in. This versatile tool streamlines the data in a visually understanding manner to help you tailor your digital marketing strategy. However, setting up email marketing campaigns is only one side of the story.
Measuring the progress of your campaigns is equally essential to spot loopholes and improve your strategy over time. Therefore, we have compiled a list of top Mailchimp KPIs you should know to make your email marketing campaign a success.
Mailchimp is an AI-driven marketing platform that automates your marketing strategies, formulates targeted email campaigns, and analyzes your results for optimized performance.
Below are the few features that make this tool stand out:
Mailchimp's intuitive and easy-to-use interface makes it a go-to choice for beginners and seasoned marketers alike.
With Mailchimp, you can gain insights into valuable metrics, such as open rates, click-through rates, ROI, and conversions.
Mailchimp lets you categorize your audience based on their demographics, interests, or behaviors. It helps you personalize the emails for each set of subscribers.
Mailchimp offers integrations with numerous tools, allowing smooth monitoring of data and an enhanced success rate.
Mailchimp KPIs (Key Performance Indicators) are specific milestones or quantifiable figures you can measure over time to track the performance of your email marketing campaigns. By leveraging these KPIs, you can secure more than one benefit.
For one, they let you judge your subscribers according to their preferences and history with your brand. In addition, you can recognize errors in your digital marketing strategies based on your audience response rate. It helps you adjust your email subject lines, content, or formatting, increasing the quality of your campaigns in return.
Here's how you can find the right KPIs to suit your business needs:
More than 60% of consumers rate email as the preferred platform for receiving brand updates and reminders. That means it's still one of the most effective channels for start-ups, entrepreneurs, and industries to market their business. For that reason, Mailchimp offers perfect email marketing solutions to assess how your campaigns are performing among the audience.
However, you need to keep track of several KPIs to make the most of this app. Let's discuss them in detail.
The Open rate measures the percentage of people who open your emails compared to those who don't. For instance, 50% of the email open rate suggests that if you sent emails to 400 subscribers, only 200 opened them.
This metric is suitable for adjusting the content and subject lines that grab the maximum attention and compel your audience to engage with your emails at any cost.
The bounce rate represent the percentage of promotional emails returned by the recipient's mail servers. It mostly happens when emails are not delivered to a list of audiences in your mailing list. While a higher bounce rate harms the marketer's reputation, 2% or less is the optimal value that indicates a successful digital marketing strategy.
This KPI helps you keep track of your brand reputation and regularly update your marketing database or content quality for a lower bounce rate.
Marketers use different software tools to create mailing lists of the audience based on their demographics, interests, or behaviors. Tracking the number of subscribers or unsubscribers is the best way to see how well the marketing content resonates with the audience and what you can do to improve it.
More subscribers will indicate that your content has a reasonable reach and relevancy to broader audiences. The trick is checking this metric twice a week for good maintenance.
Click-through rate defines the number of times people click on the emails' call-to-actions after viewing them. This KPI allows you to keep up with the traffic specific emails brought to your target website, blog, or social media page. Likewise, you can distinguish the poorly performing email marketing campaigns from the successful ones by estimating the CTR value received by each.
The optimal value denoting a good CTR for businesses is less than or around 3%. It is possible to improve your CTR value by considering the following steps:
The number of audiences marking your sent email as spam refers to the spam rate. A higher spam score means that your emails lack the persuasive power to drive more click-through rates, which can result in better conversions. Hence, this scoring metric is one of the most fitting KPIs for measuring content quality or relevance.
Over 65% of the recipients spam the received emails due to poor subject lines. The trick is to personalize these subject lines based on each category of customers and earn more revenue.
Tracking the types of devices your audiences use has a visible impact on your digital marketing strategy. Not only does it help you optimize the emails to suit different device layouts, but it also lets you design the content to target a specific set of audiences. Let's further simplify the concept!
Each device provides users with a unique experience due to individual layouts. Therefore, the email formatting and content need personalization to strike the audience. For example, marketers should use a different strategy to design content for GenZ as they mostly rely on smartphones or tablets compared to the millennials, who still prefer PCs.
List growth represents the increase or decrease in the number of email recipients in the email marketing database over time. More people on the list imply that your content is reaching wider audiences, resulting in better reach and enhanced conversion rates. However, poor content or clickbait can negatively impact this metric, leading to a substantial loss of subscribers with time.
Some of the KPIs can estimate how your marketing campaigns affect the overall goals and business objectives. Let's have a look!
It measures the number of sales or traffic brought by a percentage of the audience completing your desired action, such as clicking on the hyperlink or filling out a web survey. Email marketing is the ideal source for securing the highest conversion rates for businesses worldwide and estimating the overall success rate.
Top global corporations enjoy a conversion rate of around 11-12%. Here are five ways your business can achieve an optimal conversion rate through marketing emails:
ROI estimates the profit you have generated from your marketing campaigns after investing a specific amount of money. You can calculate the ROI value by the formula:
Income gained – Investment cost/Investment cost
For instance, if you have earned $10000 on a $6000 investment, the ROI would be 0.66 or 66%. The litmus survey suggests you can earn $42 on average for each dollar spent on your marketing efforts. Hence, this KPI is an effective tool to measure your success against the overall cost, allowing you to set a suitable budget for an optimized digital marketing strategy.
Mailchimp is a powerful email automation tool to help businesses reach new heights. However, manual analysis, transfer, or visualization of the data can get tedious without a proper platform. Well! Loosen up because that's no longer a problem with Catchr by your side.
The seamless integration of Catchr and Mailchimp simplifies the complex data, leading to informed decision-making and better performance. From gathering your data into multiple tools, such as Google Data Studio or Google Sheets, to preparing captivating digital marketing reports, Catchr covers all your marketing needs with easy-to-use and user-friendly features.
Here's what you need to kickstart the process:
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