As a marketer, you know that email marketing is vital to your overall marketing plan!
Getting your message into your audience’s inbox builds connection & trust, but there is one struggle a lot of marketers face…
Your well-crafted campaigns could easily suffer if you don’t know what’s working & what’s not. That’s exactly why it’s necessary to know what you want to reach with your email marketing!
Why Setting Goals is So Important
Before we dig into how you could start setting goals for your business, let’s take a look at why setting aims is important in the first place, using real-life examples from real-life brands that have seen aim setting success.
How a Marketing Company Boosted ROI by 2000% with Goal Setting
Take one of marketing company DMN3’s clients. They set anaim to make a sale in the first month of their email plan.
Once they would set that goal, they put in place action steps to get them there that was based on building awareness & targeting existing customers.
First, they crafted a killer email subject line, they used words to communicate the value of their services in the body of the email. Finally, they made sure the emails were responsive (they quickly realized the majority of their consumers were viewing on mobile).
With this solid 3-step process in place, they reaped the benefits.
The first sale was made in the first 2 weeks, while the email campaign itself saw a 200% grow in email opens.
On top of that, the campaign generated a whopping 2000% ROI. That is a huge win. Huge!
See how powerful setting goals could be?
When you know where you are & where you need to be heading, you can improve each campaign to create an impressive & wildly successful email strategy.
As Jim Sterne, founder of eMetrics, says: “Without clear goals, there is no need to measure anything; without measuring, there is no way to know if the work you’re doing is helping to reach your goals.”
But, before we dive into how you could set achievable goals, let’s take a look at the email marketing metrics you could measure.
How a Finance Brand Boosted Engagement By 145%
Private financial life management company United Capital rebranded their newsletter but found engagement levels dropped.
They set anaim to boost those levels by expanding the scope of the newsletter to include the original content centered around what their audience wanted – which they learned via customer research.
This “value-added content” plan, which favored content by internal experts over curated content, saw engagement levels shoot up by 145% in a year.
For United Capital, that translated as people sharing posts, interacting on their site, clicking through on links 145% more times than the previous newsletter.
The Email Metrics You Need to Measure Success
Before you start planning out your aims, you need to know, firstly, what you can measure, and secondly, what you want to measure within your campaigns.
If you have a low deliverability rate, that might mean that your audience is not giving you the correct information, which ultimately boils down to a right issue.
Again, if you have a high bounce rate, that means the information you have on file for your audiences might be incorrect – or, worse, they may be marking your emails as spam.
A high open-rate means your subject lines are hitting the spot with your audiences& that they’re eager to read what you’re sending.
Clickthrough rate determines whether your calls-to-action are working & whether your offer is as compelling to subscribers as you think it is.
How many people unsubscribed from your plan? If you have a high number of unsubscribes, that might mean you are getting your messaging wrong.
How many people clicked on a link & completed an action, like downloading a book/buying a product? Most marketers covet a high-conversion rate, as this shows you are selling something your subscribers want to pick up.
What amount did you spend on your plan versus the amount you got back? ROI is a tricky one to measure, as this can include the time spent creating a plan as well as the monetary value of it, however, to boil it down to its basics, a high ROI means you’re getting back more than you are putting in.
Bear in mind that you do not need to pick just one goal for each campaign. There’re no favorites here.
For instance, with a launch campaign, you might want to convert at X%, but you might also want to grow the ROI of the campaign, too. There might be intangible results that come off the back of these aims, like receiving responses from recipients, boosting engagement or getting your content shared by the big-name influencer.
The ROI of email marketing is higher than other marketing methods. Source.