How do you compare your email metrics to industry standards?

Email metrics in 2024 are more than click rate and opens (we know opens are rubbish anyway). The metrics you should be looking out for are "did this email hit the goals I set?" Example: The goal of the email is to get 50 sign-ups on the website for a free trial. Then the metrics you should be most bothered about is that. Then you should focus on indicators that influence this like: how many people clicked, how many people made it to the website, how long did someone spend on my email, did this message reactivate any colder subscribers. I could go on and on. But focus on the goals and use the numbers as indicators.

Email metrics and industry standards are important for measuring your email marketing success. They show how people interact with your emails and provide benchmarks to compare with others in your industry. Key email metrics: Open Rate: How many people open your email. Click-Through Rate (CTR): How many people click on links in your email. Bounce Rate: How many emails couldn't be delivered. Unsubscribe Rate: How many people opt out of your email list. Industry standards give average values for these metrics across different sectors and regions. They help you see if your email performance is good or needs improvement. Comparing your metrics to these benchmarks shows you what’s working and what isn’t.

Email metrics refer to the key performance indicators (KPIs) used to measure the success of your email campaigns, such as open rates, click-through rates (CTR), conversion rates, and unsubscribe rates. Industry standards, on the other hand, are average benchmarks based on data collected across various businesses and industries. These standards offer a reference point for evaluating how your email marketing metrics stack up against others in the same sector.

- Know the Industry Benchmark *To truly measure your performance, start by knowing the industry benchmark. *It’s your compass—guiding you to see if you’re ahead of the game, just keeping pace, or falling behind. - Don't Rely on Averages Alone *A total comparison can be misleading since industries are packed with different niches and sub-niches. *Data fluctuates, so remember: standards aren’t set in stone. - Evaluate Your Performance *Industry benchmarks are like a scoreboard. You can’t track progress or know if you're improving without them. *They serve as a solid reference for measuring results, from average to exceptional.

Industry metrics are great but use them for directional guidance. It's essential to benchmark against your own metrics to track trends over time. Comparing current performance to past performance allows you to assess whether your email marketing efforts are improving or declining. This internal benchmark provides insights into the effectiveness of your strategies and helps identify areas for optimization. By reviewing industry benchmarks against your own, you can refine your email marketing tactics and achieve better results. Also, it's important to consider the source of the benchmark report, as the publisher might have a specific agenda they are promoting. Utilize multiple reports if possible to get a balanced look at industry trends.

Diving into email metrics and stacking them up against industry standards is incredibly valuable because it gives you context — like knowing whether a 20% open rate is a cause for celebration or if it’s just par for the course in your industry. You see, average open rates vary wildly, with hobbies attracting about 30.01% while daily deals hover around 13.37%. It's a competitive world out there, and understanding these metrics can help you optimize your campaigns, push boundaries, and ultimately stay a cut above the rest. Plus, it stops you from flying blind in your email strategy — no one wants to miss the mark when simple adjustments, guided by solid data, can skyrocket success.

Comparing your email metrics to industry standards isn’t just about seeing where you stand—it’s about identifying strategic opportunities for growth. Start by accessing reliable benchmarking tools like Klaviyo or Mailchimp, which provide detailed industry averages for key metrics such as open rates, click-through rates, and conversion rates. Analyze where your metrics diverge from these benchmarks and delve into the ‘why’ behind the numbers. Is it content, timing, or audience segmentation that’s influencing your performance? The goal is to turn these comparisons into actionable intelligence that drives better decision-making and ultimately boosts your email marketing ROI.

The benchmark reports created by ESPs and other 3rd parties are a good starting point if you have no idea what a good open or click rate might be. They can also be helpful in getting buy-in from decision makers about a change you'd like to implement: "Our competitors are outpacing us; let's try this to catch up." But keep in mind that each ESP may be reporting on metrics a little differently. And your email program may work very differently from others, even those within the same industry (type and tone of emails, targeting, frequency, your call-to-action, etc). So it’s best to benchmark against your past self and track your performance over time instead of comparing one-off campaigns against competitors.

Benchmarking your email metrics against industry standards is not just a numbers game; it's a roadmap to mastering your market. By understanding where you stand, you can fine-tune your strategy, engage your audience more effectively, and ultimately drive your business growth through informed, data-driven decisions.

Industry standard email metrics are irrelevant. You have no idea what others in your industry are doing, how they manage their marketing program, or how they define and measure their email goals. Benchmark yourself against YOURSELF.

You can find industry standards for email metrics by leveraging various sources and tools. Start by exploring reputable marketing research firms, industry associations, and benchmarking reports specific to your sector or niche. These resources give useful information and insights about email performance in different industries. Email service providers and marketing platforms can offer benchmarking data and comparative analytics based on industry segments. Use these platforms to access comparative data and see how your email metrics compare to industry averages. This will help you assess your performance and make informed decisions to improve your email marketing strategies.

Industry standards for email metrics can be found through various sources, including industry reports, benchmarking studies, email marketing platforms, and marketing research firms. You can also join industry associations or forums where marketers share insights and benchmarking data.

Klaviyo benchmark reports are a great way to start, just due to the sheer amount of data available from senders across the globe. They’re also split by industry which is extremely useful as metrics can vary a fair bit depending on your audience. Generally speaking benchmarks will give you a good idea of the numbers you would roughly be looking for, and therefore rule out any fundamental problems with your email marketing program (e.g. deliverability issues, product/market fit etc), but unless you’re way off from the industry benchmark, I’d always recommend to create your own baseline for performance and improve from there rather than chasing your competitors’.

For eCommerce, specifically, Klaviyo's benchmarking tools are invaluable as they allow you to see where your emails stand against industry averages. To effectively compare your email metrics to industry standards using Klaviyo, follow these steps: - Firstly, ensure you're eligible by having sent at least 25 emails in the last six months. Klaviyo updates benchmarks monthly, giving you recent comparative data. - Access these benchmarks through the Analytics > Benchmarks section. Here, you can view email performance metrics such as open rates and click-rates, compared with competitors. This comparison helps in understanding what adjustments are necessary to optimize your email strategies for better engagement and conversion rates.

To compare your email metrics to industry standards, first, gather your own email performance data from your email marketing platform or analytics tools. Then, find relevant industry benchmark data from reliable sources. Compare your metrics to industry averages or benchmarks for similar businesses or industries to identify areas where you excel or need improvement.

Once you've snagged the industry standards for your email metrics, it's like having a benchmarking toolkit at your disposal. Compare these standards to your own data by selecting the right metrics, segments, and timeframe. A simple calculation reveals how you stack up against the norm. Dive into the results and start unraveling what they mean for your email campaign performance. Are you above or below the norm? Is your performance consistent or does it vary over time or across segments? Understanding these nuances not only spots opportunities and challenges for enhancement but also paves the way for strategic adjustments to optimize your email marketing efforts.

Signing up for the brands you're comparing yourself to can give you insight into how similar their email program is to yours...sure, they may have a higher open rate, but is that because they're doing better than you in an apples-to-apples comparison, or because their email has a very different From address/subject line/preview text combo: either it's more specific or vague, more aggressive, more recognizable, etc? Or do they use more granular segmentation or personalization which may be leading to different results? Understand the similarities and differences before jumping to conclusions about what you should change to keep up with the Joneses.

Gather your email performance data and match it against industry benchmarks. Identify areas where you're excelling and where there's room for improvement, and adjust your strategy accordingly.

Although these standards can be useful directionally, no two businesses are ever exactly the same. Don’t become too attached to the industry standards and let that guide your decisions blindly. As en example: If you give away your popup incentive already on the popup, your welcome flow revenue might well drop below Klaviyo’s benchmark range, but at the same time, your business-wide conversions might go up.

It is important to contextualize benchmark data based on your unique business context and objectives. Start by understanding the nuances of your industry and target audience to determine relevant benchmarks. Then, compare your email metrics against these standards to identify areas of strength and opportunities for improvement. Make sure you pay more attention to the metrics that match your campaign goals, like open rates for engagement, click-through rates for content impact, and conversion rates for lead generation or sales.

Look at your own data first, and follow those trends! If you see something amiss within your delivery and engagement data (such as a low open or click rate, or an elevated spam rate), then check your past results and also see how the industry is doing in comparison. By taking a moment to step back and view the bigger picture, you'll be able to identify sudden spikes or drops in user engagement (indicating quick action might be needed). You'll also quickly identify when certain metrics are trending in the wrong direction slowly over time (suggesting a change in targeting may be needed). Also check to ensure you're abiding by the rules of mailbox providers (e.g. Yahoo and Google now require you to keep spam rates below 0.3% at all times).

Utilizing industry standards for email metrics is like using a compass in the vast sea of email marketing: it guides you but isn't the only navigational tool you should rely on. While comparing your email metrics to these standards can spotlight areas for improvement, it's crucial to recognize their limitations. These benchmarks, often based on aggregated data, might not reflect the nuances of your specific industry or niche. Furthermore, industry standards aren't always the ultimate measure of success and should be used judiciously, not blindly. Remember, these benchmarks are dynamic and evolve, so keep your email marketing strategy flexible and responsive to changes.

Industry standards offer a great starting point. Personally, I regularly track metrics against these benchmarks to spot trends and improve our planned campaign.

Simple. You do not. Industry metrics are waffle. Compare yourself over and over with your own goals and own metrics everytime. And remember, open rates are a joke metric!

Don't compare your email metrics to industry standards! Compare your email metrics to your *own* email metrics. Learn what your "good" looks like and improve on that rather than getting distracted.

Broad industry benchmarks can provide guidelines, but it’s important to consider your own industry and your specific business. Tailor your email strategies to the preferences of your specific audience rather than solely relying on broad industry data. Benchmarks aren't one and done. They are constantly changing. So you will need to update the benchmarks regularly. Additionally, consider context and feedback from your audience to complement the data from your email metrics.

I always say to compare metrics to your own – not industry standards. If you're looking at your data YoY, what is a good reach goal for you?