Further to the previous blog entry in the series, this post speaks to the idea of assessing KPIs (Key Performance Indicators).
Any KPI / metric you employ should be business focused, not operationally driven. However operational metrics will help refine the tactical delivery of the campaign in line with the company's objectives. To put it another way, while "click-through rates", "open rates" (etc.) will give feedback on how the campaign performed, you must link them back to the broader picture.
Examples of commercially-driven KPI's
- Increased sales - e.g. of your product or service
- Increased market share - e.g. relative to your closest competitor in a particular category or market segment
- Increased brand recognition - e.g. customers on your list immediately recall your brand as a provider of a particular product or service when asked
- Increased social media presence - e.g. a twitter account linked to your email newsletter results in x% increase in followers
- Increased subscription rates - e.g. click-through to landing page resulting in subscription to your newsletter or information campaigns
- Increased ROI - e.g. sales of products and services versus the investment cost in the email marketing campaign
- Reduced cost - e.g. of running a standard newsletter "awareness" campaign versus a direct mail equivalent, with the same reach and response
- Cost avoidance - e.g. running an email-based promotional campaign for a product or service rather than advertising for same via other more cost-intensive channels
Once you have defined the KPI, then you must develop a means of measuring it to ensure that your email marketing programme and campaign is aligned with your other channels, and coordinated to deliver to the overall company goal.
Below are some further examples of KPIs*
Finally - and not wishing to pour 'cold water' on the ideas above, remember that we live in a multi-channel world, where many different initiatives can influence the purchasing decision. Therefore it can be difficult to link any one sale back to a single mail or campaign.
The next post talks about aligning your program to your brand