In email marketing there are many ways to measure the success of a campaign; open rates, clickthroughs, and of course conversion rates. With all the data from these metrics we often lose sight of the most important metric of them all, ROI. When it comes to marketing your Return On Investment is the most important measure to keep sight of. If your ROI is where you want it to be than the other metrics have to be on track by default.
ROI evaluates the efficiency of an investment in terms of cost coverage. ROI is calculated as the benefit or return divided by the overall cost of the investment. The result is expressed as a percentage or ratio.
The return on investment formula:
(Gain from Investment- Cost of Investment) / Cost of Investment
In simple terms ROI reveals how effective a marketing campaign is in generating sales. In order to determine your ROI it is imperative to have the appropriate data trackers attached to your email and landing pages. Attaching Google analytics to email campaigns and landing pages will give you all the necessary data to determine your ROI. The industry average for conversion rates is between 2 and 4%, but by implementing a conversion optimization program you can increase your conversion to 10%.
Optimize your landing pages
Be sure that the links in your email lead your customers to a landing page that is clear and effective. Make the process of purchasing easy to understand and efficient. Test your landing page on your target market before you release your email marketing campaign.
Copy Counts
If you have a copywriter on your team use them. Copywriters have an in depth understanding of how to effectively communicate to consumers. If you don’t have a copywriter take the time to educate yourself of the do’s and don’ts. Once you or a copywriter has written the copy, test it until you get an effective response.
Test and Test Again
Once you release on email marketing campaign your job has just begun. Once you receive the data from your analytics it is time to dissect them and readjust your campaign to receive even better results. Tweak your campaign and rerelease it to your target market until you get the results you desire. Once you have created a supercharged campaign take notes of the changes you made and how they affected the results. With this knowledge you can replicate the pieces for future campaigns.
For help developing a conversion optimization program for your email marketing campaign contact us at YellowBox LLC, home of the largest opt-in email list. For a free consultation and pricing contact us at www.yellowboxllc.com
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