How Good is Good?
If you're a retailer wondering if your open rate, click-through rate or conversion rate is good, bad or ugly, look no further than last month's Internet Retailer study. Over 400 ecommerce providers weighed-in on the results of their email marketing programs.
The study below asked leading retailers what their open rate and click-through rate were:
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The same retailers were also asked about their email-driven conversion rates. Those numbers are shown to the right. The interesting thing is that 27.8% of repondents reported that their email program is generating higher conversion rates than it did twelve months ago. One third of those who have seen an improvement in this metric have seen a conversion rate increase of greater than 10%. |
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So are these numbers exemplary of any cross-section of retailers? It's hard to say. If you look at the Fireclick Index, for example, you'll see email-driven conversion rates in the vicinity of 1.5%, which would be considered low for over one-third of the respondents in the Internet Retailer study.
I guess the data collection method is the most important factor. I would place more credibility in methods like the Fireclick Index and the Coremetrics LIVE Benchmarking Index because they are measuring all of the retailers by the same standards. One thing I learned in the analytics industry was that different marketing teams have different nuances in the way that they take measurements. Still, no matter how you benchmark your results, it's always good to compare your KPI's against some kind of baseline.
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