The Flu Season Is Upon Us…
Written by Franco Varriano.
Winter time in Canada is quite interesting. No matter how long you’ve lived in the country, you are still eligible for the flu or other symptoms caused by the cold. To stay healthy, we wear multiple layers of clothes and take additional vitamins to strengthen to make sure we’re always ahead of the game. Most importantly, we adjust our strategies along the way based on how we feel.
Email marketing is similar. No matter how long you’ve been communicating with your customers, you still need to stand out, despite the inbox overload. To increase your return on investment, you choose key metrics to follow and adjust your strategy along the way based on the feedback you’re getting. Those who don’t track metrics ultimately catch the flu .
At rare.io, we’ve been building tools to help email marketers increase their return on investment. Today, we are sharing 7 key vitamins that helps increase the ROI on your email marketing effort. We call them the power 7 of email marketing.
As you can see on the image, the 7 vitamins are: the number of emails sent, the open rate, the click-through rate, the conversion rate, the bounce rate, the unsubscribe rate and the rate of complaints. The power 7 strengthen your email marketing effort and help you strive all year long. Let’s dig deeper.
2. The Number of Sent Emails
This vitamin gives you an idea about the size of your audience. Ideally, you want increase your audience to increase your results. There are many ways to do it, most companies use newsletters. Writing quality ebooks and requiring users to enter their emails in order to download works wonders. Hubspot uses ebooks really well. The main point here is to increase the size of your audience to increase your results. Remember, email marketing has the highest ROI among digital marketing channels.
3. The Open Rate
This vitamin gives you an idea of how you’re doing inside the inbox against dozens, sometimes hundreds, of other emails. The open rate is important because your nicely crafted message resides inside the email. A trick to increase your open rate is to work hard on your subject line. Yes, there is an subtle art behind the subject line that makes people open or ignore the email. Another trick is the time you send the email. Predictive email adjusts the time based on customer’s behaviour, if you’re not using predictive email, you need to A/B test it. The goal here is to find the best combination of words and the best time to appear in your customer’s inbox and engage.
4. The Click-Through Rate (CTR)
This is the vitamin C of email marketing. Here, design is extremely important. By design, we mean everything from the look & feel of the email to the actual text. Your email should pass the scrolling test: how many time the reader has to scroll to finish the email on a mobile device. More than 3 times = fail. Good emails are concise and they are designed to optimize engagement. You’ve probably guessed it by now, design optimization will increase the CTR. On the message level, relevant content is key to success and does increase the CTR.
5. The Conversion Rate
Conversion rate is the goal and challenge of every digital marketing strategy. Good news, with an ROI of 38-to-1 on every dollar invested, email marketing has the highest ROI among digital marketing channels. In order to increase your conversion rate, you must have relevant content. If you’re an online store, you should leverage predictive email to send personalized product recommendations. Relevant content is key to success because it’s directly correlated with the conversion rate. Focus on what you can control, send relevant content, and let the predictive engine do its magic.
6. The Bounce Rate
The reason why you want to track the bounced rate is because it says a lot about the quality of your mailing list. If customers are using fake emails to access your content, perhaps they don’t perceive the value of your newsletters. Unlike the first 4 vitamins, you have to decrease this one to be as low as possible. Some companies go as far as explicitly writing “We don’t spam” in the sign up form. Make sure customers understand why they should give away their emails.
7. The Unsubscribe Rate
Is there something worse than a bounced email? You bet, if a customer clicks unsubscribe, you lose them permanently. Customers usually unsubscribe because of irrelevant content and/or inappropriate email frequency. We already talked about relevant content.
Email frequency really depends on your industry, most importantly, your product lifecycle. Just like the bounced rate, you want to decrease this vitamin to the minimum and maintain a relationship with customers. Remember, if you don’t get results via email, you’ll have to use other communication medium, which are usually more expensive.
Asking customers why they are unsubscribing from your mailing list is good, but today, we’re taking proactive action against the flu, so we recommend to prompt email preferences on the signup form (if you can) and do a deep research on the appropriate frequency based on your product. Having access to customers’ emails is a privilege and you want to keep them subscribed as long as possible.
7. The Rate of Complaints
Customers could have given you a fake email or just click the unsubscribe button, but they didn’t. They took time from their busy life to write a complaint. Although,you would like to decrease the amount of complaints, you also want to increase the amount of feedback you get from customers. Wether positive or negative, feedback helps marketers adjust their strategy. So you should encourage feedback from customers and most importantly act on them. A rate of complaints greater than 0% means you have an engaged audience. Work with them to become better.
There we go, the power 7 of email marketing. You now have the tools to fight the flu.
Rare.io makes it easy to start using automated email campaigns for common challenges like: Welcome Series, Abandoned Carts, Order Follow-up emails and more! You can learn more about our powerful email marketing automation features here or go ahead and get started right away by using Rare.io for FREE.
And if you’re one of the thousands of merchants who are already using Rare’s Smart Email Marketing software and want to see how our Customer Success Team can work with your brand to grow your revenue – feel free to book a call at your convenience here.