It can be hard to decide on the right marketing strategy. If you are anything like most marketers, your decisions will be based on which channels have the highest success rate.
This is a smart way of evaluating your options. However, it can be hard to find the right data to help you make informed decisions about any online marketing channel. It is easy to find it and understand what it means.
This article will show you how to calculate the return on investment of email marketing for your company.
Call us for a quote or to speak with a strategist about email programs from Kobe Digital. Continue reading to learn more about the factors that impact your company’s marketing strategy.
1. Add your costs
To determine the value of any marketing channel, you must first decide how much you can afford to invest. Both your email marketing platform and content creation are important.
If your agency handles email marketing services in Miami, this is an easy step. These costs will be added to your monthly billing.
But, if your responsibility for email marketing is to be viewed as a business, you need to consider your monthly spending.
Next, estimate the cost of creating content for your emails. This cost can be lowered if you do it every day or if someone on your team does it regularly.
2. Assess your goals
Now that you’ve determined the cost of email marketing you can start looking at the return.
Track clicks on product pages and goal conversions if your email campaigns are aimed at driving direct sales.
If your primary goal is to develop customer relationships, you should monitor open rates, customer response, clicks to informative web pages, and other metrics.
It’s essential to make sure your emails are targeted to your goals before you can measure success.
You can increase sales by using email marketing. Coupon codes can be used for both online and in-store purchases.
If you want to build long-lasting customer relationships, your email marketing strategy should be different. You can instead use lifetime email marketing to create content that’s tailored to your interests and needs.
These announcements can be company announcements or industry news.
3. Keep an eye on your analytics
After you’ve made sure that your content is optimized for email marketing, you can begin tracking the metrics that matter most to you. You can use data from both your email marketing platform and Google Analytics to see how you’re achieving your goals.
Analytics to Support Immediate Sales
Google’s URL Builder can be used to drive sales. Google’s URL builder allows you to create campaign-specific URLs. This will allow you to track what users do after visiting your website via a particular URL.
You can easily track the number of customers who have purchased your products, and the revenue generated by setting the right conversion goals.
This allows you to divide your email marketing revenues (typically for one month) by the amount you spent on it during that same period.
Kobe Digital allowed us to expand digital footprints in Central PA, the mid-Atlantic, and across the Continental U.S.
Analytics to develop long-term customer relationships
It’s more difficult to quantify your return when you want to build long-lasting customer relationships.
It is less likely that you will underestimate the value of a goal if revenue is only collected from paying customers. You can track how much they spend by signing a monthly contract or making a purchase.
It is difficult to calculate the monthly ROI of these purchases and contracts because they are often the result of months of marketing and contact.
Let’s say that a subscriber to your email newsletter is a customer. They receive the newsletter each month, but they don’t take action until one year later. They wouldn’t know it was until they made the purchase.
Don’t count only major transactions. Instead, assign value to actions on your website such as viewing pricing pages or submitting leads.
Are you looking to improve your company’s email marketing strategy?
Email marketing is a powerful tool that can help your business achieve its goals.
Kobe Digital has extensive experience in creating and managing successful email marketing campaigns. Kobe Digital can help your company do the same.