Open rates are one of the key performance indicators (KPI) of any marketing campaign. From email marketing to performance marketing, it is important to know what the metric indicates and how to improve it.
According to Hubspot, 85% of marketers consider short-form videos the most effective on social media. But how to measure the success of your campaigns when it comes to automated marketing? By tracking specific metrics, brands can evaluate the performance of their marketing campaigns and fine-tune their marketing efforts even better. In this article, we look at open rates - one of the most widely-accepted metrics that can effectively evaluate the success of your marketing efforts. Read along to know more about how you can monitor your campaigns by using open rates.
Monitoring the open rates is a highly-popular method of gauging the effectiveness of your marketing campaigns. From emails to SMS campaigns - open rates give you a general indication of the measure of success of your marketing efforts. For example, email open rate refers to the number of users opening your emails from the total number of emails sent to the subscribers.
However, measuring the open rates is the first step towards understanding how relevant and appropriate your marketing campaigns have been. What matters next is not only how many people open your messages but also what percentage of them become a part of the sales funnel and ultimately become paying customers.
Therefore, it is always advisable to use the metric of open rate in association with A/B testing subject lines if your marketing campaign consists of a set of emails talking about your products or services. Apart from giving you a quantitative measurement of how successful your marketing campaigns have been, open rates are also reflective of your brand's goodwill and reputation.
When you see an increase in the percentage of open rates, know that your marketing team is doing a good job of convincing prospective customers and turning them into paying users.
Formula 1:
Open Rate = (Total no. of unique opens/Total no. of recipients) x 100
Here, we use two variables:
Total recipients - the total no. of people on the mailing list/total no. of people who are being exposed to the marketing campaigns
Total unique opens - the total no. of people who actually open the emails
Formula 2:
Open Rate = {Total no. of unique opens/ (Total no. of recipients - total no. of bounced emails)} x 100
Total recipients - the total no. of people on the mailing list/total no. of people who are being exposed to the marketing campaigns
Total unique opens - the total no. of people who actually open the emails
Bounced emails - the total no. of emails that do not reach customers' inbox
Email Open Rates:
If you are concerned about how effective your email marketing strategy is, the best way is to check your email open rates. This can help you find out the total number of users who actually open the emails they receive.
Following the formula, in the case of email campaigns:
Open rate = (Emails Opened/Emails Sent) x 100
Push Notifications:
As per Adweek, push notifications have a higher open rate which is at least twice the open rate of email marketing. The greatest plus points of push notifications are that they are scheduled, relevant and occur in real-time, serving customers on the go.
Open rate or click rate of push notification are the same. It is calculated by the number of notification clicks per 100 users who have received the push notification.
Push notifications open rates are highly important when you need to consider the growth strategy of your business and its profitability. The average open rate of push notifications is 7.8% and it is a great tool for brands to build cordial relationships with their users.
SMS Campaigns:
SMS open rates represent the number of times an SMS recipient opens and reads the marketing messages sent out to them.
Brands of all sizes rely heavily on SMS campaigns as a part of their overall digital marketing strategy. When you apply automated marketing to SMS campaigns, you create better opportunities to engage more with your customers and enhance the chance of successful lead conversions.
WhatsApp Marketing:
With WhatsApp transforming from a social media tool to a utility application, more than 500 businesses globally use this platform as a means to convey interesting details, special discounts or the latest news about their products and services. WhatsApp for Business supports seamless and real-time conversations between brands and their customers, with a higher open rate than SMS marketing.
When you choose the best marketing automation service in the US, you can reap the full benefits of your marketing automation investment. From segregating users into separate groups to perfecting the target audience - marketing automation companies collaborate with brands to drive sales and leads.
Therefore, measuring the success of a campaign becomes crucial to attaining predetermined goals and improving campaigns creating a more successful brand. If you are looking to gain customer insights and develop data-backed reports following a detailed study of your campaigns, avail Propel marketing automation service and accelerate your business growth.
Keywords - marketing campaigns, open rate, customer retention, customer engagement, marketing automation, automated marketing services in US
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