7 Key Email Metrics You Should Be Tracking
I'll never forget the day I sent out my first email marketing campaign. As I hit the "Send" button, a mix of excitement and anxiety washed over me. Would people open it? Would they engage with our content? How would I know if the campaign was successful?
That's when I realized the importance of tracking email metrics. It's about understanding how your subscribers interact with them and using that knowledge to improve your campaigns.
But with so many metrics available, which ones should you focus on? And how can you use these metrics to improve your email marketing strategy? Let's dive in and explore the key metrics anyone sending emails should be tracking.
Why Track Email Metrics?
Before we get into the specific metrics, let's talk about why tracking these numbers is so crucial for your email marketing strategy.
- Measure effectiveness: Metrics help you understand if your emails are resonating with your audience.
- Identify areas for improvement: By analyzing metrics, you can pinpoint what's working and what's not in your email campaigns.
- Optimize content: Use data to refine your email content, subject lines, and sending times.
- Segment your audience: Metrics can help you identify different groups within your subscriber list for more targeted messaging.
- Improve ROI: By understanding what works, you can focus your efforts on strategies that deliver the best return on investment.
Now that we understand the importance of tracking metrics, let's explore the key metrics you should be focusing on.
7 Essential Email Metrics to Track
1. Open Rate
The open rate is the percentage of recipients who open your email. It's a fundamental metric that gives you a quick insight into how compelling your subject lines are and how engaged your audience is with your brand.
How to calculate: (Number of emails opened / Number of emails delivered) x 100
Why it matters: A high open rate indicates that your subject lines are effective and your subscribers are interested in your content. If your open rates are low, it might be time to revisit your subject line strategy or the timing of your emails.
Industry benchmark: According to Mailchimp's benchmarks, the average open rate across industries is around 35.63%.
Pro tip: Experiment with personalized subject lines, emojis, and sending times to improve your open rates. A/B testing can be a powerful tool here.
2. Click-Through Rate (CTR)
The click-through rate measures the percentage of email recipients who clicked on one or more links contained in your email.
How to calculate: (Number of clicks / Number of emails delivered) x 100
Why it matters: CTR is a strong indicator of how engaging and relevant your email content is. It shows whether your calls-to-action (CTAs) are compelling enough to make subscribers take the next step.
Industry benchmark: The average CTR across industries is about 2.3% and a good rate is anywhere between 2-5%, according to Campaign Monitor.
Pro tip: Make your CTAs clear, compelling, and visually striking. Use action-oriented language and create a sense of urgency to encourage clicks.
3. Conversion Rate
The conversion rate measures the percentage of email recipients who clicked on a link within an email and completed a desired action, such as making a purchase or filling out a form.
How to calculate: (Number of people who completed the desired action / Number of emails delivered) x 100
Why it matters: This metric directly ties your email efforts to tangible results. It helps you understand how effectively your emails are driving the actions you want your subscribers to take.
Industry benchmark: Conversion rates can vary widely depending on your industry and the specific action you're measuring. However, a good conversion rate for email campaigns is typically between 2-5%.
Pro tip: Ensure that the action you want subscribers to take is clear, easy to complete, and valuable to them. Consider offering exclusive deals or limited-time offers to drive conversions.
4. Bounce Rate
The bounce rate is the percentage of your emails that couldn't be delivered to the recipient's inbox.
How to calculate: (Number of bounced emails / Number of emails sent) x 100
Why it matters: A high bounce rate can hurt your sender reputation and affect your email deliverability. It can also indicate issues with your email list quality.
Industry benchmark: A healthy bounce rate is typically below 2%.
Pro tip: Regularly clean your email list to remove invalid or inactive email addresses. Use double opt-in to ensure you're collecting valid email addresses from the start.
5. Unsubscribe Rate
The unsubscribe rate measures the percentage of recipients who opt out of your email list after receiving an email.
How to calculate: (Number of unsubscribes / Number of emails delivered) x 100
Why it matters: While some level of unsubscribes is normal, a high unsubscribe rate could indicate that your content isn't meeting your audience's expectations or that you're sending emails too frequently.
Industry benchmark: A good unsubscribe rate is generally below 0.5%.
Pro tip: Pay attention to which emails trigger higher unsubscribe rates. This can give you insights into what content or frequency your audience doesn't appreciate.
6. List Growth Rate
The list growth rate measures how quickly your email list is growing.
How to calculate: (Number of new subscribers - Number of unsubscribes) / Total number of email addresses on your list x 100
Why it matters: This metric helps you understand if your list is growing fast enough to offset natural list decay (people changing email addresses, losing interest, etc.).
Industry benchmark: A healthy list growth rate is typically between 3-5% per month.
Pro tip: Implement lead magnets or opt-in incentives to encourage new subscribers. Also, use social media and other channels to promote your email list.
7. Email Sharing/Forwarding Rate
This metric tracks how often your subscribers share or forward your emails to others.
How to calculate: (Number of clicks on share/forward button / Number of emails delivered) x 100
Why it matters: A high sharing rate indicates that your content is valuable enough for subscribers to want to share it with others. This can lead to organic list growth and increased brand awareness.
Industry benchmark: While there's no widely accepted benchmark for this metric, any sharing is generally considered positive.
Pro tip: Include social sharing buttons in your emails and explicitly encourage subscribers to forward your emails to friends who might be interested in your content or offers.
How to Use These Metrics to Improve Your Email Marketing
Tracking these metrics is just the first step. The real value comes from using these insights to optimize your email marketing strategy. Here's how:
- Segment your list: Use open rates and click-through rates to identify your most engaged subscribers. You can create segments for these users and perhaps offer them special promotions or exclusive content.
- Refine your content: If certain types of emails consistently get higher open rates or CTRs, focus on creating more content in that vein.
- Optimize send times: Analyze when your emails get the highest engagement and adjust your sending schedule accordingly.
- Improve subject lines: A/B test your subject lines and use the open rate data to understand what resonates best with your audience.
- Enhance your CTAs: If your click-through rates are low, experiment with different CTA placements, designs, and copy.
- Clean your list: Use bounce rates and engagement metrics to regularly clean your list of inactive or invalid email addresses.
- Personalize your emails: Use conversion rates to see which personalization tactics (like using the subscriber's name or referencing their past purchases) are most effective.
Conclusion
Email metrics are the compass that guides your email marketing strategy. Tracking these key metrics and using their insights, you can create email campaigns that resonate with your subscribers and drive results for your business.
Keep in mind that each of these metrics represents real people — your subscribers and customers — and their level of interest with your brand. So, you should use them as a tool to better understand and serve your audience.
Whatever strategy you go with next, always keep testing and iterating. What works today might not work tomorrow, and what works for one segment of your audience might not work for another. Stay curious, stay agile, and let the data guide you.
Happy emailing!