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Marketing Automation software is worth it. Marketing automation uses software to automate monotonous marketing work. Tasks like SMS marketing, email marketing, social media posting, and even ad campaigns are automated by marketers to improve efficiency.
The traditional marketer will tell you that they have systems that have always worked. Therefore, there is no need for automation.
Marketing automation is what marketing automation does to get your email, deliver web information automatically, and send social and text messages to your customers through workflows.
Marketers and sales personnel commonly use marketing automation to control a company’s online marketing activities. For example, campaigns help reduce the chances of human errors and are an excellent labor-saving technique that maximizes efficiency and effectiveness, thus delivering maximum revenue for the company-the overall goal. If you need to measure your return rate on investment, you have Marketing automation at your disposal; it's timely, cost-saving, and grows the organization/business as fast as possible because promotions are provided for, aiding lead generation and scores. Of course, a good company goes along with good marketing automation.
Critical Metrics for Evaluating Your Marketing Automation Efforts
Marketing automation software feeds on data. The numbers and information in the software help management and business managers make decisions that benefit their companies. These decisions are made from an informed point of view, powered by marketing automation software.
1. Open rate, Click rate, Unsubscribe rate
Marketers spend a lot of time on email, tailoring them to speak in a different language to their various clients and recipients. They do this to save time and improve their prospecting. However, a well-coined email copy needs to be doing its intended job. Opened, read and converted. Privacy, customization and automation have made email marketing a darling trend. Email gives a personalized connection and shows the recipient that you took time and thought about them. This makes the reader gain some glimmer of interest.
Developing an email newsletter list is a good marketing strategy that can get you heavy conversions once done as annual practice. An email newsletter list is a robust list of people you send emails to. Unfortunately, email newsletter lists get corrupted by about 25% almost every year. This means that you have to continuously get more people to replace the lost ones and those that could have unsubscribed.
An email open rate indicates the number of subscribers that open up a particular email you send compared to your mailing list's total number of subscribers.
To use some Mathematics, if your subscriber list has ten subscribers and out of the 10 to whom your emails are sent, 4 open the emails, your open rate is 40%. An email is only counted as opened when one of the following occurs:
The reader enables images in your email to be displayed in the preview pane or a full view of the email.
The recipient clicks a link in the email.
Having an email subscriber list is one thing; whether the email sent are open or not is another thing. Your email open rate gives you a picture of how our email marketing strategy works out.
Click-through-rate is the percentage of people clicking on and opening links included in the content of the email. The open and click-through rates are essential marketing automation metrics because they indicate that the email body and the subject line have been well crafted, making them exciting and relevant to prospective customers.
Higher open and click-through rates indicate that email marketing campaigns have positive results. On the other hand, unsubscribes suggest that clients are not interested in what you are selling, hence leaving. An unsubscribe rate below 1% is a good thing. Once it starts rising above 1%, you need to look into improving your content marketing.
2. Conversion rate
The conversion rate is one of the most vital metrics for sales and marketing teams carrying out automation. Marketing teams nurture leads and hand them over to the sales teams. A high conversion rate is an indicator that the nurturing process is working.
Generic marketing is not directed to anyone, and hence it might not get you conversions. There are so many things to focus on when communicating with your customers. The more relevant the message is to the customer's needs, the more the reader's attention is drawn closer, and they are likely to keep open your mails consistently. This encourages a higher conversion rate. Sending relevant emails improves open and clickthrough rates.
The marketing team is tasked with formulating goals for their marketing automation campaigns, and these should be in line with what the organization is looking to achieve. These goals can include signing up for a newsletter, filling out a form, and purchasing a product/service.
3. Site traffic
If your marketing automation campaigns are converting, there should be an increase in the traffic to your website. On the other hand, if the traffic to your website is falling despite employing marketing automation campaigns, you should rethink and draw up new strategies. This marketing automation metric is an indicator of the effectiveness and efficiency of the emails sent to prospective customers.
4. Revenue Generated
Revenue generated is a question of how effective your marketing automation is in converting to actual revenue. Revenue is the most tangible metric of marketing automation. It is the best measurement to justify Return On Investment (ROI).
The amount of revenue generated by each customer indicates the quality of leads generated from marketing automation. High-quality leads translate to significant profits. In addition, revenue generated can identify redundancies in the marketing automation system and rectify them.