Jewelry ECOMM Tech
Understanding ECommerce Data #5: Email Conversion Rate November 13, 2019 (0 comments)
"Understanding Jewelry ECommerce Data" Series Chapters: Part 1: Customer Lifetime Value Part 2: Sales Conversion Rate Part 3: Average Order Value Part 4: Cart Abandonment Rate Part 5: Email Conversion Rate (you are here) Part 6: Social Media Conversion Rate Part 7: Revenue By Traffic Source Part 8: Customer Acquisition Cost Part 9: Percentage Of Returning Customers
Did you know that email converts 175% more conversions than social media?
It's true! So this is clearly an area of importance. When we think about email marketing, we're usually thinking about our monthly/weekly email newsletter. We often focus on opens, click-throughs, new subscribers, and unsubscribers. These things are important, but ultimately we need to tie everything to REVENUE. There is a simple formula to determine how many sales are being achieved through email efforts.Calculating Your Email Conversion Rate
Email Conversion Rate = Number of Sales From Emails / Number of Total Email Delivered
Improving Your Email Conversion Rate
The easiest way to improve your email conversion rate? Ironically, it's to actually stop "pitching" your products so much.
We need to start by increasing how many people actually open our emails. Simply put, people won't open your emails if they're boring or irrelevant to them. So put a lot of thought into each of your email campaigns.
It's a great idea to mix in some fun or interesting blog posts or other content with your "sales pitch". I get a weekly email from a graphic supply company. Each email gives me a few free design tools to use. Mixed in these downloadable resources are ads to buy their products. I will always open these emails because I get great stuff each week. It makes sure I keep seeing the ads they're trying to show me. Additionally, I am never annoyed by their emails or the ads in their emails because Im always genuinely getting something useful from each of them.
Think of your email efforts as a way to give something really cool to your audience. Then slip the ads for your products in subtly and unobtrusively.