Once you start sending your emails, it is crucial to know where you stand. You need to keep track of some metrics that might be helpful to evaluate your performance and see how you’re performing in your business.
Yet, despite all the calculations, in order to have a clear stand point, it is equally important to be aware of some benchmark statistics to compare your performance with the rest. All in all, the more you know, the faster you succeed 😉
Luckily, there are lots of reports available that track the data and calculate average open rates, bounces, conversions, response rates etc. In this post, we will share some numbers to give you a rough idea on where you stand as well as what you should expect. So, scroll down if you want to find out whether you are above or below average!
As we mentioned earlier, open rates are very useful in evaluating your email marketing campaign. A high open rate indicates that your email has an attractive subject line and successfully reaches your target. As of March 2018, one of the most recent benchmark statistics calculated by Mailchimp (https://mailchimp.com/resources/research/email-marketing-benchmarks/) show that average open rate for all sectors is 20.8%, regardless of the industry. According to their analysis, emails that include hobbies, government and art content have the highest open rates, 27%, 26% and 25% respectively.
It is also crucial to be aware of the way your target read your emails- most importantly, the type of device they read it on! – Are they using mobile devices, tablets or PCs? It may sound trivial however the shift in email marketing from desktop to mobile devices can no longer be ignored. According to a study (https://www.campaignmonitor.com/resources/guides/email-marketing-trends/) open rates from mobile devices have grown by more than 100% since 2011 and the percentage of open rates from mobile devices continues to grow each quarter! Therefore, if your open rate lags behind the average, one way to improve might be to structure your email campaign as well as your content for mobile devices and tablets.
Another important metric, the click rate – a percentage of your delivered emails that got at least 1 click- is more about the content you offer. Higher click rate indicates that the message content of your campaign is relevant to your audience. Average click rates have also analyzed by Mailchimp, and according to their findings, the average click-through rate for all industries is approximately 2.43%. The top 3 industries with the highest click rates are hobbies, media and publishing and government with rates 4.7%, 4.5% and 3.6% respectively.
It’s been suggested that providing more effective links is one way to improve your click rate. If your campaign includes the generic ‘click here’ phrase, it is less likely that people click as it is unclear where it goes. Also, as mentioned earlier, by suggesting clicking via a mouse, it neglects the readers who view their emails on a touchscreen. Therefore, try to provide more descriptive and accessible links or even better, give the key information in images!
Lastly, the key element in your strategy- your conversion rate. Also known as the indicator of your return on investment, it is the percentage of subscribers who take the action that your email has asked them to take! Although the numbers differ by industry, studies show that the average landing page conversion rate is approximately 3%, yet the top 25% are converting at 5.31% or higher. Therefore, anything between 5- 10 % can be considered as a good achievement!
One of the major factors that affect the conversion rates is identified as email responsiveness. If your emails are not mobile friendly and responsive, then there is a 70% chance that email recipients will delete your email immediately. Therefore, besides the layout and design you create your campaign, the easiest way to improve clicks and conversions is by offering an incentive through multiple lead magnets.