New Metrics to Track Your Email Program’s Performance
It's safe to say we can add another item to that which is unavoidable in life — death, taxes and reams of data from your email program. Fortunately, all of this data isn’t a negative by-product of running a program. Rather, it’s something that's often not used enough.
The usual email marketing metrics have long been benchmarked and trended — delivery, open and click rates in particular. Clearly, other metrics make the short list on a lot of marketing managers’ dashboards, too, including conversion rate, unsubscribe rate and click-to-open rate. However, there are three additional metrics that can help further inform the performance of your program on an even more granular level.
Consider these three metrics the next time you think you've measured everything in your email program:
1. Loss-to-conversion ratio. For email campaigns where the primary goal is conversion, this metric is easy to calculate. It’s the ratio of file loss — due to unsubscribes and spam complaints — to the conversion rate for the send.
If the subscriber loss rate is .10 percent and the conversion rate is .30 percent, for example, the loss-to-conversion ratio is 33 percent. In other words, for every record lost there were three conversions. Good? Bad? That depends. Evaluate your “normal” rate and track it over time, evaluating which campaigns have a ratio that proves too costly.
Note that this is a directional metric only. Additional pieces of data (notably the total revenue of the campaign and/or the value of the addresses that are lost) can further enrich this metric.
Related story: 5 Ways to Win Back Lapsed Customers With Email