Do you believe that you can maximize your ROI and generate more leads without the need to increase your in-flow of prospects?
Well, if you don’t, then you haven’t experienced the power of measuring your conversion rates.
It is important to measure and optimize your conversion rate as it allows for lower customer acquisition costs while generating more value from existing subscribers, visitors, and users. It is one of the sure fire ways to grow your business.
Conversion Rate Measurement
In order to measure the conversion rate, you need to divide the number of signups or purchases made by the total number of successfully delivered emails. Then multiply this number by 100. This conversion rate, of course, varies depending on the predetermined objective of a brand.
Macro and Micro Conversions
Before measuring conversion rates, you need to set up SMART goals:
It is important to schedule a little time out to fully comprehend which goals are important to you in terms of both macro and micro conversions.
Events that have an actual impact on the company’s profits are categorized and measured as macro conversions and include contacting the company, requesting a quote and accepting a proposal. On the other hand, a micro conversion is the metric that specifies the success potential but doesn’t essentially equate to success.
Macro conversions are straightforward but micro conversions can be characterized into 2 categories; process milestones and secondary actions.
1. Process Milestones:
When a customer views your product page or adds an item to their wish list then they are taking steps towards a macro conversion and are interested in making a purchase.
2. Secondary Actions:
These actions do not necessarily lead to conversions but show interest and engagement from the prospect in the site.
Micro-conversions include email newsletter signups, sites browsed, comments left, steps taken towards checkout, ebooks and whitepapers downloaded and content that has been shared on social media.
These might seem like an unimportant metric but when you track micro-conversions you get a fuller picture of your site performance, you will be able to identify areas that need to be focused on for conversion rate optimization and it will also help you in tracking the progress of your marketing strategy across multiple channels.
Another benefit of tracking micro conversions is that it helps in understanding customer journeys. On a B2B site, people don’t just head to the site, buy and enter card details. It is a much longer process which requires plenty of data and discussion before culminating in a purchase.
Email Conversion Rate
Despite the rise of newer communication channels, email remains supreme as it drives the highest ROI out of all B2B marketing strategies. But for it to truly reach higher levels of success, it is vital to understand how it compares to your competitors and other businesses in your industry. For the purpose of benchmarking data and statistics, you need to understand the email conversion rate (ECR).
Once measured you can begin comparing it to industry standards and if below average then implement conversion rate optimization techniques and continuously measure to determine which one works best. There are certain factors that affect your email marketing conversion rates.
1. Email Responsiveness
Users open emails on different devices and so it is vital that your email is optimized for each type. According to a recent study by Return Path, more than 55% of emails were opened on a mobile device which increases to 60% on the weekends.
If you have an unresponsive email, then all the effort you put into the design and layout will be futile as 70% recipients delete an email the minute it isn’t mobile friendly.
2. Segmentation and Personalization
Modern marketers need to take advantage of segmentation and personalization tactics and technologies in order to reach buyers and drive conversion goals. According to Campaign Monitor, marketers that employ segmented campaigns, report a 760% increase in email revenue and 96% believe that email personalization improves the marketing performance of emails. Through email personalization, email recipients can be convinced to convert.
3. Subject Line
After performing A/B tests, and deciding the best sender name, it is crucial that you work on the email subject line as it is one of the first things that gets read when a recipient sifts through their inbox. According to Super Office, 47% of users open emails based solely on the subject line.
4. List Health and Size
After years of working on your email list, you would have amassed a sizeable number of subscribers but how many of these emails are getting delivered successfully? As a result of a poor email list health, your conversion rate might be small even if your campaign size is big. This can also result in a high bounce rate which implies that a large portion of your email list isn’t even getting your carefully thought out emails.
A marketing email always contains some offer; educational or promotional content but it is important to communicate the value of the service or product offered. If you are reaching only abysmal rates of conversion then take a second look at your content and figure out whether it is highlighting the value you offer and whether it is from the customer’s point of view.
6. Landing Pages
Most of the time you might notice that you have a high click-through rate from your email to your site but poor conversion rates and this could be because of a poorly performing landing page. The landing page must make it easy for users to sign up and not ask for too much information before doing so.
There is a lot that needs to be kept in mind when it comes to email marketing and the best way to get the most out of it while still having time and resources to focus on your other marketing channels, is by outsourcing your email marketing to companies like us at Valasys Media.
Outsourcing campaigns to Valasys Media mean fresh ideas, detailed reports and no hassle when a change of strategy is needed. It also allows you to experience a competitive advantage that is a requirement for success. One of the benefits of using our email marketing service is that we can push you to implement strategies you wouldn’t otherwise consider due to lack of time, manpower and resources.
With Valasys Media, you can test out new strategies, tools, and tactics to figure which works best for your business.