According to some statistics by the Radicati Group, 269 billion emails are sent and received daily.
Needless to say, the chances of your email are getting missed or unnoticed are on the higher side. This can hit a dent in the effectiveness of your emails and your campaign ROI. You might be following the best practices in crafting your email, but at the end of the day, what matters is whether you hit your goal.
To harness the full potential of email marketing, B2B marketers must do more than just hit "send" and hope for the best. They need to dive deep into their email campaigns, dissect the data, and glean actionable insights to refine their strategies continuously.
Tracking email marketing metrics is the key to achieving this. These metrics offer a window into how your emails are performing, allowing you to optimize your campaigns, enhance engagement, and, ultimately, boost your bottom line.
Here’s a comprehensive guide that explores six essential email marketing metrics that every B2B marketer should track with their significance in the overall marketing campaign ROI.
The open rate, expressed as a percentage, reveals the proportion of recipients who opened your email. It's a critical metric as it indicates the effectiveness of your subject lines and the appeal of your content. A high open rate suggests that your emails are resonating with your audience, while a low rate may signify issues with your subject lines or targeting.
Additionally, it also suggests what is the best time and day to send the mail based on the open rate.
The average open rate for B2B emails is around 15%. However, benchmarks can vary by industry, so it's essential to gauge your performance against your specific sector.
"Click-through rate is the compass of your email campaign. It shows you where your audience is most engaged." - Chad White, Litmus
CTR measures the percentage of recipients who clicked on one or more links within your email. It's a vital metric because it indicates the level of engagement your content is generating. A high CTR suggests that your email content is compelling and relevant to your audience, encouraging them to take action.
It also tells how optimized your emails are in delivering your message.
According to AudiencePoint, the average CTR for B2B marketing emails is around 2.6%.
The conversion rate signifies the percentage of email recipients who took a specific action, such as making a purchase, signing up for a webinar, or downloading a resource. It's the ultimate measure of an email campaign's success, indicating how effectively it moved prospects through the sales funnel.
On average, email marketing conversion rates for B2B tech hover around 2.4%, as reported by Ruler Analytics. However, successful campaigns can achieve significantly higher rates by delivering tailored content to the right audience at the right time.
Bounce rate represents the percentage of emails that were not delivered to the recipient's inbox. There are two types of bounces: Hard bounce and soft bounce.
A hard bounce is when the email address has been closed down permanently. This usually happens when the recipient has switched jobs. In this case, you should stop sending more emails to this address. A soft bounce is when the email address is temporarily invalid. This happens for two reasons: the recipient is facing server issues, or their email box is full. In this case, you should re-send the email at a later time.
You should continuously maintain your bounce rate to the lowest possible percentage to ensure a clean and active email list.
According to Campaign Monitor, the acceptable bounce rate for B2B email campaigns is typically below 2%. Beyond this threshold, it's crucial to investigate and address the underlying issues, such as outdated email addresses or list hygiene.
Unsubscribe rate reflects the percentage of recipients who opted out of receiving further emails from your brand. While it's natural to see some unsubscribes over time, a sudden or sustained increase can signal problems with your email content or targeting.
The average unsubscribe rate for B2B emails is around 0.2%, according to GetResponse. To mitigate unsubscribes, focus on delivering valuable content that aligns with your subscribers' expectations.
Sometimes your emails might seem obtrusive or irrelevant to your target audience, in which case they would just mark it as spam. You should follow email best practices continuously to ensure minimum spam rates (no higher than 0.1%).
Consistently high spam rates can get you into trouble with your email service provider.
Note: There have been times when, in the case of high spam rates, your email service provider starts categorizing your emails as spam, rendering your email address useless.
"A growing email list is an asset that enables you to reach a broader audience and drive more conversions." – Optin Monster
Your email list is the lifeblood of your B2B email marketing efforts. The list growth rate measures the rate at which your email list is expanding. A healthy growth rate ensures a continuous influx of fresh leads to nurture and convert.
Aiming for a list growth rate of at least 10% annually is a reasonable goal.
Email marketing a powerful tool for building relationships and driving conversions in B2B marketing. By tracking these seven essential email marketing metrics, B2B marketers can gain valuable insights into their campaigns, make data-driven improvements, and achieve more significant success.
Remember, email marketing is not a one-size-fits-all endeavor. Benchmarks and best practices can vary widely by industry and audience. Continuously monitor your metrics, test different approaches, and tailor your email campaigns to meet the unique preferences and needs of yourB2B audience. In doing so, you'll be well on your way to unlocking the full potential of email marketing in the B2B realm.