Jeanne Jennings of AlchemyWorx recently wrote about a simple but insightful metric to use to track email marketing list growth from your website. Posted on the Only Influencers blog, Jeanne talks about the importance of tracking where your subscribes are coming from – and starts with the website. For example, do you know how well is your website is performing for you for your in-house marketing list? (assuming you have a sign up form on your website… right?!) The metric is called the Website Email Conversion Rate. Here’s how it’s calculated: divide the number of email signs ups by the unique new visitors to the site. (Jeanne uses new visitors number instead of total visitors to help identify and remove already subscribed during the calcuation.)
So what’s a good rate of conversion? She says she’s seen this metric as high as 80%,”but that was for a microsite with the sole purpose of lead generation”. But I’m also seeing this metric below 1% – which means there was a huge opportunity for improvement.”
So what should your goal for this metric be? “Most of the clients I work with have Website Email Conversion Rates between 5% and 20%. There’s no right answer to this – and remember that this doesn’t take into account quality of the subscriber (meaning do they open, click and act on your emails when they receive them after signing up.).”
So how do you set your goal? Jeanne suggests you figure out your current baseline and then make it a goal to increase that by 10%. Fo, if you’re average right now is 10.2% (from the example above), set your new goal at 11.2%. Then start testing to get the best results.
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