OPEN RATE RATIOS IN EMAIL MARKETING
The generally accepted definition of open rate is unique emails opened as a percentage of emails delivered. Some companies measure open rates based on total opens rather than unique opens (many people will open an email several times), leading to inflated open rates. Additionally, many companies report open rates based on the number of emails sent rather than emails delivered (delivered = sent - bounced).
Some marketers also wrongly assume that an "open" actually equates to an email being "read," which is often far from reality. For email marketers, what is important is to set a definition that works for your company, and then consistently benchmark against your program. Focus on how to get your open rate to 40 percent from its current 30 percent, and don't worry about reports of a 70 percent open rate.
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Many companies in the online space loudly proclaim that email "response" rates are several times greater than traditional postal direct mail. For example, one company claims response rates are commonly 5-15 percent for email versus 2-3 percent for postal mail.
The first problem is the definition of "response" rate. In direct mail, response rate is the percent of people who responded by taking some action -- calling, returning a business reply card, registering online, visiting a store, etc. In email marketing, the metric known as "conversion rate" is generally more consistent with direct mail's "response" rate. Email click-through rates typically range from 2-15 percent, with conversion rates (actions taken as a percentage of unique click-throughs) generally running in the single digit percent range. Rates can vary widely, however, based upon what is being offered, the strength of the landing page, etc. For ecommerce, for example, an email campaign with a conversion rate of 3 percent to 5 percent and 0.25 percent to 0.50 percent of orders sent is generally considered successful.
The reality is that email "response" rates may or may not be higher than direct mail. But because emails cost significantly less to create and distribute, email marketing generally produces a much greater return on investment. Ultimately, however, pitting email against direct mail is short-sighted and counterproductive. Smart marketers know that there is a role for both postal and email marketing. Integrating telemarketing, direct mail and email marketing together generally produces the best results for an organization's marketing dollar.
There are of course, many other myths or half-truths in email marketing, but these are among the most prevalent. The keys in email marketing are to resist benchmarking programs against the "industry average du jour" and to base critical campaign decisions only on facts, not assumptions. Email provides marketers with an incredible number of available metrics -- just be careful how you use them.
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