How Do Your Emails Compare?
Industry email benchmarks are both a blessing and a curse.
On one hand, they let marketers and the like see where they stand against their competitors in order to continue the practices they are using or replace them with more effective ones. On the other hand, however, the effectiveness of benchmarks is very much dependent on the source.
Web professionals will not only want to find benchmarks from credible sources, but also those that have a large sample of customers/senders to pool from.
Website Magazine has pulled together two such sources - Listrak and MailChimp - to help you understand how your emails compare to your competitors.
With hundreds of customers, Listrak's Q3 2015 email campaign metrics are definitely worth a look. The digital marketing platform found that the average click-to-conversion rate of replenishment emails to be the highest of any other email type (31.65 percent), followed by back-in-stock emails (25.26 percent). Marketing emails performed the worst when it came to click-to-conversion rate (3.96 percent). This low figure is likely the result of batch-and-blast emails, as retailers typically offer nothing in the way of personalization for marketing email, whereas those emails with higher averages do.
When it comes to retail's email open rates, a similar story is told - those with some elements of personalization (abandonment, welcome, replenishment, etc.) perform better than generic marketing emails.
As for those outside of retail, MailChimp looked to its data to calculate the average unique open rates, average unique click rates, average unique soft bounces, average unique hard bounce and average unique abuse complaint rate by industry.
The business and finance industry, for example, has an average email open rate of 21.64 percent compared to insurance at 19.90 percent. Interestingly, those companies employing 1-10 people have the highest unsubscribe rate (.30 percent) likely indicating their marketing tactics have yet to mature or there is not a dedicated person to opimize those campaigns. Make sure to check out all the data here.