Online Marketing at Anon.
22 October 2008 16:33pm
I am analyzing my email marketing stats and would like to check that our software is using the correct data to work out conversion. It takes orders divided by clicks x 100. It also has the data for unique clicks however - so would it be a more accurate conversion figure to take orders divided by unique clicks x 100
The latter obviously gives a higher conversion. This matters a great deal in terms of benchmarking our performance!
Many thanks for any advice you can offer
E-Business Consultant at Dan Barker
22 October 2008 17:10pm
all clicks vs all orders - this tells you the likelihood of any one click on an email resulting in a sale. The flaw is - if you send out an email with 5 or 6 very clickable products in it, your conversion will go down.
unique clicks vs all orders - this tells you about your site's ability to convert an email recipient into a buyer. The flaw is - if I send an email to email@example.com & bob purchases, then bob forwards the email on to someone else who also purchases, most email tools will track that as one unique clicks vs 2 buyers.
The second would be more valuable for me & its flaw will crop up far less frequently. If I were you though I'd just track both.
Freelance at Emarketing Manager
23 October 2008 08:29am
There's some more aspects. Is this conversion for the campaign or conversion of new customers.
I'd have segmented the campaign into 2 parts - for aquisition and retention.
You need to calculate how many emails were RECEIVED [not hard bounced]. This figure is your BASE!
Next make sure all clicks can be tracked in text and rtf and potentially using any other analytical tool [like Google Analytics] to see who's clicked through.
I'd perform a check at conversion 1,2 and then 4 weeks [or the end of the quarter]. This ought to give an insight into the buying cycle of your market. Most sales happen 1-2 weeks after. I've seen buying processes take up to 1 month.
Per product you can gauge the clicks and reaction to different calls to action [buy now or more information].
For an overall view, I'd divide calls to action to convert via products/services to clicks and publicity -decision making. The latter are of little interest now, but later can provide scope to aim different campaigns later. The others are referrals - these need to be seperated. What you're really hoping to do is get traction from your database and to build this.
Bottom line CPA will be lower to calculate and obviously revenue generated.
Your real task is to send targetted emails based on past behaviour or stated preference. Then you can gauge more realistically what you hope to achieve!
Manager at Any Org
21 January 2009 13:05pm
If you want to look at email performance don't forget to keep testing the format and content before you start looking at the clicks and order value.
I would always recommend a subject line test with two or three different versions on about 10% of the total data. You may well find that what excites or motivates you in a subject line might now work for your recipients. Send out the different test versions and take your winner after 24 hours.
Once you have the right subject line for each email you know that you are maximizing the chances of getting clicks and orders. From there you can work out your email performance.
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