If Mailchimp is your email service provider, you may not be using Mailchimp reporting to your full advantage. But you’re not alone. In fact, you may be surprised to learn that while 51% of small businesses do acknowledge the importance of reporting marketing analytics, only 45% actively track this data. Email marketing always delivers, often outperforming the return on investment (ROI) from social media marketing and paid advertising. However, understanding ROI is essential for any marketing strategy.
It’s no wonder so many businesses neglect to track marketing analytics—data reporting can seem tedious and time-consuming. Trust us, it’s worth the trouble. Getting into your Mailchimp reporting gives you valuable insights about subscriber behavior, purchase patterns, and engagement levels. These insights go beyond mere numbers on a dashboard and act as a guide to identify successes, areas for improvement, and untapped opportunities.
Regularly monitoring and evaluating email marketing analytics provides real-time feedback on the performance of your campaigns, promoting more efficient marketing practices.
By understanding which strategies resonate, which fall short, and where you could achieve the highest ROI, you’ll be able to allocate resources more effectively. This refinement aligns strategies with the needs and preferences of your target audience.
Using email marketing ROI as a guiding metric empowers campaigns and future marketing efforts, ensuring that each email sent delivers tangible value to both the sender and the recipient. Join us as we discuss how and why to use your Mailchimp reporting to nail down your email marketing ROI, its calculation, and strategies to enhance it.
What Mailchimp Reports Can Tell You
Before we get deeper into tracking email marketing ROI, it’s helpful to understand exactly what kind of Mailchimp reporting is available and what those reports are saying.
Landing page reports in Mailchimp show you metrics on your landing pages—like views, clicks, list signups, and revenue.
Mailchimp ad reports show you how your ads perform. These reports include metrics like acquired customers, views, clicks, and overall ROI.
Finally, Mailchimp automation reports measure the success of your automated email series and individual email statistics.
All of these metrics play a part in figuring out your email marketing ROI.
Calculate Your ROI
Calculating email ROI is simple—take the net profit from the campaign, divide it by the total cost, and multiply by 100. The result is the profit you make per dollar spent. This insight can be used to plan better campaigns, allocate funds, and adjust strategies. If your ROI is positive, you’re on the right track. A negative ROI means it’s time for a change.
Here’s an example. If you put $1,000 into an email campaign, and it makes $5,000 through 50 sales, after a product cost of $2,000, your ROI is 200%. This is a winning campaign, and you can use what worked to plan your future efforts.
But remember, no matter how successful your campaign is, continuous improvement is key. Testing, tracking metrics with tools like Mailchimp reports, and responding to change all contribute to a strong ROI.
Interpreting Your Mailchimp Reporting without Flipping Out
Numbers are meaningless without context. Before attempting to interpret your Mailchimp reporting, make sure you have a thorough understanding of the history of your business and the intricacies of your market.
Is This a Good Time?
If your business sells swimwear and you notice fewer opens in the winter, don’t worry. It’s clearly a seasonal fluctuation. Benchmarks like the list average for opens and the performance graph help distinguish between weather-related trends and signals for necessary changes.
Does Anything in Your Mailchimp Reports Stick Out?
Look out for instances where metrics significantly rise or fall. These are deviations that can indicate resonating messages or external factors influencing audience behavior, such as a spike in engagement or list sign ups due to a trending hashtag.
Why the Spikes and Dips in Mailchimp Reporting?
Watch those spikes and dips in your reports to identify anomalies. Investigate why any anomalies occur. Outliers, like holidays or major news events, can impact metrics, while inliers, such as subject lines or promotions, directly influence customer behavior—and are in your control to improve upon.
What Have You Tried?
Continuously conduct A/B testing and iterations to pinpoint specific causes of data fluctuations. Use this information to inform your decisions. Once you gain clarity on your reports and contextualize your business, make informed decisions about the next steps. For example, if you aim to improve a stagnant metric, hypothesize potential changes, test them, and use reports to evaluate their impact.
Using Mailchimp Reporting Data to Test in Five Steps
Understanding your reports and their importance to your business is key to making smart decisions.
Let’s say you want to boost a key metric. You can use your Mailchimp reporting data to make an educated guess at what changes might help.
- Guess what the result of the change will be.
- Test that guess.
- Check your reports to see if the change helps.
- If it works, keep doing it.
- If it doesn’t, try something else until you find something that works.
For example, if fewer people are opening your emails, you might try adding promotional details in your subject line. Keep track of your Mailchimp email reports to see if this makes a difference.
To do this test, you’ll need to put promotions in your subject lines, run a few campaigns, and see if more people open your emails compared to emails without promotions in their subject lines.
Your Mailchimp account has plenty of reports to help your business grow. Understanding these reports, figuring out what they mean, and using that data are all crucial to getting the most out of your Mailchimp reporting.
Leveraging Mailchimp Reporting Data to Boost Your ROI
Now that you have a handle on Mailchimp reporting data, it’s time to turn that data into action. There are many ways to use the information available in your Mailchimp account to tailor each email to the right audience at the right time.
Use Mailchimp reporting data to group your email list by things like age, buying habits, or how often they engage with you. This way, you’re not sending the same email to everyone, but instead, you’re delivering content that is meaningful to them.
More specific emails can lead to more opened emails, more interaction, and ultimately, a bigger return on your investment. Plus, you’re less likely to send someone an email they don’t want, which could cause them to unsubscribe or mark you as spam.
There are a number of ways you can segment your list.
- By age, gender, location, or job.
- By what they’ve done before, like previous purchases or interactions with your emails.
- By how often they interact with you—regular engagers vs occasional ones vs inactive ones.
- By where they came from—maybe they found you through a webinar, a social media post, or a pop-up on your website.
Grouping your email list like this means that every email you send can be more personalized, making it more relevant and more likely to get results.
Use your Mailchimp reports to gather as much information about your list as possible for personalization. A simple email can go unnoticed, but a personalized one makes an impact. The recipient feels special and more likely to engage, leading to higher customer loyalty and more transactions.
Simply put, personalization changes a bland message into a custom chat, strengthening the bond between you and the brand.
Here are some popular personalization tactics:
- Using first names
- Sharing tailor-made content and product suggestions
- Adjusting parts of the email based on who the recipient is or how they behave
- Sending automated emails triggered by specific actions, like when a shopping cart is abandoned
A/B Testing—Again and Again
We’ve touched on this before, but A/B split testing deserves its own paragraph. A/B testing, or split testing, lets you use Mailchimp reporting to compare two versions of an email to see which one does better based on things like clicks, conversions, and other set goals. It’s a smart tool for decision-making in email marketing.
For instance, if you try out two different subject lines, you can find out which one gets more people to open the email. Or, if you compare different calls to action (CTAs), you can see which one gets more clicks.
In short, A/B testing clears up any guesswork in email marketing and shows what actually works with your audience. By continuous testing and tweaking, it ensures your emails are as effective as they can be.
Mailchimp Reporting and Other Analytics Tools
To get the most bang for your buck with email marketing, understanding and using the right tools is key.
- Conduct market research to see how you’re doing compared to others in your industry.
- Check your open and engagement rates to see how you stack up.
- Lastly, use analytics tools to check how well your email marketing is working.
These tools give you insights that you can use to make your future marketing strategies even better. This ongoing measurement keeps your marketing fresh and effective.
Mailchimp Reporting—Because Knowledge Is Power
Data has a bad reputation for being boring and time-consuming to interpret… which is why many businesses end up not tracking analytics. While it may be common to overlook Mailchimp reporting, putting in the time can lead you to marketing success. Investing in Mailchimp report analysis isn’t just about tracking numbers; it’s about unlocking the full potential of your email campaigns, optimizing your strategy, and staying leaps ahead of the competition.