There are a lot of components to measuring success in marketing.
Unfortunately not all of these measurements are black and white. For
example you can easily send out a 200 email blast and check the open
rates. But what about the click through rates, website visits, website
bounce rates or conversion rates? Often times, those numbers are the
ones that matter but end up out of focus.
The reason these take a back seat is frankly psychological. Just like any other measurement in the world we start with a larger measuring scale and then work our way down to the details. For example we use Miles, yards, feet, and inches when measuring distance. In marketing we often measure with a lead scoring, then some smaller pieces make up that total lead score. For example a contact may open an email and move an inch, then visit the website and move a foot, then convert to a lead and move a yard, finally they may convert to a customer which is really finishing up that mile.
Some of the things you want to measure and why.
Email Open Rate: If your open rate is about 20% you are on par with the rest of the world. Start here and decide how good your lists are. If you're well below a 20% open rate your lists are most likely outdated.
Click Through Rate: Clicking a call to action, including your website is more rare then a simple open. If your click through rates are roughly about 5% you are right where you should be. This is where the psychology takes hold and you realize your 1,000 contacts is worth about 50 individual clicks.
Website Bounce Rate: Out of that 5% that may be hitting your website, you want to check out the website bounce rate. This is how long a visitor is on your website, if they simply open it and close it, that holds no meaning. If they were on the page for longer then a few minutes they most likely are interested in some fashion.
While email marketing is easily the most demoralizing way to market - measurements show that it is still very effective, closely followed by referral leads.
Sources:
Open rate statistics: http://www.marketingprofs.com/charts/2013/11850/email-open-rates-and-click-rates-fell-in-2q13
Email Marketing Conversion rates: http://www.marketingcharts.com/wp/wp-content/uploads/2013/01/Optify-B2B-Conversion-Rate-by-Traffic-Source-in2012-Jan2013.png
The reason these take a back seat is frankly psychological. Just like any other measurement in the world we start with a larger measuring scale and then work our way down to the details. For example we use Miles, yards, feet, and inches when measuring distance. In marketing we often measure with a lead scoring, then some smaller pieces make up that total lead score. For example a contact may open an email and move an inch, then visit the website and move a foot, then convert to a lead and move a yard, finally they may convert to a customer which is really finishing up that mile.
Some of the things you want to measure and why.
Email Open Rate: If your open rate is about 20% you are on par with the rest of the world. Start here and decide how good your lists are. If you're well below a 20% open rate your lists are most likely outdated.
Click Through Rate: Clicking a call to action, including your website is more rare then a simple open. If your click through rates are roughly about 5% you are right where you should be. This is where the psychology takes hold and you realize your 1,000 contacts is worth about 50 individual clicks.
Website Bounce Rate: Out of that 5% that may be hitting your website, you want to check out the website bounce rate. This is how long a visitor is on your website, if they simply open it and close it, that holds no meaning. If they were on the page for longer then a few minutes they most likely are interested in some fashion.
While email marketing is easily the most demoralizing way to market - measurements show that it is still very effective, closely followed by referral leads.
Sources:
Open rate statistics: http://www.marketingprofs.com/charts/2013/11850/email-open-rates-and-click-rates-fell-in-2q13
Email Marketing Conversion rates: http://www.marketingcharts.com/wp/wp-content/uploads/2013/01/Optify-B2B-Conversion-Rate-by-Traffic-Source-in2012-Jan2013.png
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