After the hectic red and green blur of the retail holiday season, the end of Q4 is often a huge relief. However, the new year inevitably brings new challenges. With the holiday rush now coming to a close, the time comes to evaluate your annual metrics.
In this blog, we’ll highlight several of the key measurements to pay attention to as you go through your annual metrics for both your email remarketing strategy and your website.
Emails Emails Everywhere
When it comes to email, the numbers don’t lie. We talk a lot about optimizing your email remarketing campaigns, but how can you know if your strategy needs adjusting? Several statistics can point to where your strategy is working and where it’s lagging behind. In examining these statistics, there are three key metrics to keep in mind when reviewing your annual metrics.
1. Open Rate
The most basic and fundamental metric in email remarketing is your open rate. After all, your emails can’t convert a customer who hasn’t opened any of them. On average, marketing emails are opened a little less than 25% of the time. While this may seem low, the point of the email remarketing is to cast a broad net while targeting as specifically as possible. Generally, an open rate consistently falling below 20% is unideal, and below 10% is highly problematic.
2. Click Through Rate
Ultimately, the goal of email remarketing is for people to engage with your content, which we mostly measure with Click Through Rates. CTR, for the uninitiated, is the percentage of people who click a link or image in the emails you send, thus sending them back to your site.
On average, click through rates hover around 3%, which is considered the industry standard. If your rates are below 2% consistently, it might be time to change up your content strategy.
3. Click-To Open Rate
Although it’s been often seen as “The New Kid in Town” in email metrics, Click to Open rate is increasingly being seen as a vital measure of success. C.T.O.R. is simply an amalgam of the two previous measurements. It’s found by dividing the number of unique opens on a message by the number of unique clicks. The point of such a metrics is to determine the effectiveness of your content. These rates tend to be around 20%-30%.
Bounce Rates
Another important aspect to reflect upon is your website itself and whether its design and formatting are appealing to visitors. A key measure for this aspect is your homepage bounce rate – which is based on the number of people who leave your site without visiting a second page. Generally, bounce rates for landing pages average around 40%-60%. A bounce rate higher than 70% is cause for concern – as is one below 15%-20%, as it may indicate an error in calculation methods.
Bounce rates on other pages vary- but one way to think of ecommerce bounce rates is as a funnel with 6 stages.
-Home Page
-Category Page
-Product Page
-Cart Page
-Checkout
-Conversion
Bounce rates for pages beyond the home page vary widely from site to site. However, one goal to keep in mind is an overall conversion rate of 2.5%-3%. If your site is below that threshold, it’s important to look at bounce rates for each of these groups of pages to determine where your problem areas are.
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