As you know, the key to success in email marketing is tracking and measuring the Key Performance Indicators (KPIs) regularly. But before starting the analysis of your performance with the metrics you should know clearly what is the difference between metrics and KPIs.
Anyone hesitates that they are a really useful and essential tool in business as they help to reach your target audience and know how your email campaign is working.
What is a Metric
A metric is a quantifiable measure that tracks a process or activity and measures its success or failure. Therefore, anything that is measurable can use it as a metric.
You can measure all the metrics that you desire but in reality, maybe, it would be too much data. Because of that the companies choose the Key Performance Indicators to measure and from then collect the accurate data to make decisions.
What are the KPIs
KPIs are quantifiable values that indicate how effective you are in achieving a business goal. For this reason, you should define a set of values against which the metric is measured.
Moreover, they should be:
- Specific: you should define it clearly and express in detail the performance that you want to measure. It can be categorized into activities measures, target measures, project measures or outcome measures.
- Measurable: it should be measurable, so, your target has to be a number that you would like to achieve. Depending on the type of measure it would be the type of target. For example, if your measure is a percentage, then, the target has to be too.
- Attainable: the target has to be possible to achieve, and should be valid, and realistic.
- Relevant: to your business. They have to give you the necessary insight to see if your strategy is working. Moreover, that information should be accurate and verifiable.
- Time-related: the goal or objective has to be within a defined time period.
Do you need professional help to track Email Deliverability or Email Marketing KPIs?
Furthermore, if you are interested in knowing which are the most important KPIs that you should be tracking in terms of email campaigns check out this article. Moreover, if you are only interested in KPIs related to email deliverability you could find more information here.
What is the difference between a Metric and a KPI?
Both are important and are quantifiable measurements of strategic or tactical activity though there are some differences.
KPIs are used to track the goals or objectives of the business. Moreover, they should have the features mentioned above such as be specific, time-related, measurable, relevant, and attainable.
Meanwhile, metrics are used to track the process or activities of the business. Furthermore, they don’t need to have all of the features mentioned above (except being measurable which is needed).
Finally, it is important to mention that every KPI is a metric but every metric isn’t a KPI. The KPIs are the most relevant and important metrics for the company goals and their performance.
Metric and KPI examples
To make it clearer we are going to give examples. Metrics:
- Increase in web traffic: the number of people who visit your website. It helps you to define your strategy but it is not relative to an objective or goal as a KPI would be.
- Revenue growth: increase or decrease in the company's sales over a given period of time.
- SEO Keyword Ranking: analyse the keywords’ ranking will let you know the success or failure of their use. And, as well as the metrics mentioned above it does not follow a business objective.
KPIs:
- Inbox Placement Rate (IPR): is the percentage of emails that land in the targeted inbox instead of landing in the junk folder or spam folder. Check out this article to learn more about it.
- Click-through rate (CTR): The click-through rate is the percentage of people who click a link in your email. It is an important metric because it gives you insights into how the engagement is going. You can read in detail about it here.
- Unsubscribe rate: is the percentage of recipients that unsubscribe from your email list. It is a really good opportunity to see if a re-evaluation of your strategy is needed.
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