Email Marketing Benchmarks 2023: How Your Industry Stacks Up
Email marketing has continued to be a reliable marketing tactic for businesses, especially in this pandemic era, where a lot of the marketing methods have moved online. It’s no secret that email marketing can be successful in generating leads, enhancing customer engagement, and boosting sales. However, email marketing campaigns are only effective if they are well-crafted and targeted towards the right people. In this article, we will examine the email marketing benchmarks of 2023 and how different industries are faring with their email campaigns.
What Are Email Marketing Benchmarks?
Email marketing benchmarks are essential metrics that help both individuals and businesses to evaluate whether their campaigns are successful or require improvement. These metrics could be applied in a variety of ways depending on industry, but there are some general email marketing benchmarks worth paying attention to. These include:
i) Open rate – this refers to the percentage of people who open an email after receiving it.
ii) Click-through rate (CTR) – the click-through rate measures how often people click through the content in the email and visit the website.
iii) Conversion rate – the percentage of people who act on the email, whether it be through making a purchase or filling out a form.
iv) Bounce rate – the number of emails that couldn’t be delivered for various reasons.
Email Marketing Benchmarks Across Industries
1. Retail Industry
The retail industry has always relied heavily on email marketing to reach its customers. Email campaigns that center around sales, promotions, and clear calls-to-action can help drive engagement and bring customers back to the website. In 2023, the average retail industry metrics were found to be:
– Open rate: 18.77%
– CTR: 2.56%
– Conversion rate: 1.81%
– Bounce rate: 0.77%
2. Non-profit Industry
Non-profit organizations have different needs when it comes to email marketing. Their goal is often to build a strong community, update on campaigns, and inspire supporters. In 2023, the average benchmarks for the non-profit industry were found to be:
– Open rate: 20.39%
– CTR: 2.05%
– Conversion rate: 0.55%
– Bounce rate: 0.36%
3. Financial Industry
The Financial industry requires trust and confidence when it comes to email marketing campaigns. They require a different approach than other industries, so it’s essential to personalize content and send targeted emails to specific audiences. In 2023, the average metrics for the Financial industry were found to be:
– Open rate: 18.17%
– CTR: 1.70%
– Conversion rate: 0.34%
– Bounce rate: 0.53%
4. Healthcare Industry
The Healthcare industry might have some of the most specific policies around email marketing, but it doesn’t stop organizations from reaching out to their patients. In 2023, the average benchmarks for the healthcare industry were found to be:
– Open rate: 25.01%
– CTR: 2.80%
– Conversion rate: 0.60%
– Bounce rate: 0.69%
5. Education Industry
Institutions in the education industry are always trying to keep in touch with students, teachers, and parents. Email marketing campaigns can help send updates, information about events or courses, and more. In 2023, the average benchmarks for the education industry were found to be:
– Open rate: 19.97%
– CTR: 2.54%
– Conversion rate: 1.26%
– Bounce rate: 0.95%
In conclusion, it’s essential to understand your email marketing benchmarks based on your industry. What works for one might not work for the other. Regardless of your industry, there are always ways to improve email campaigns, but tracking the right benchmarks will help know where to start.
1. What’s the best time to send emails?
Answer: While no specific answer exists, the best time to send emails might depend on your industry and demographic. E.g., 2 pm is a good time for the education industry, but it might be different for others.
2. How can I personalize emails better?
Answer: Personalizing emails involves segmenting your email list, addressing the recipient by name, and placing related products or services in the email.
3. How many emails should I send in a week?
Answer: This depends on your industry and content; find what works for your target audience and avoid overwhelming subscribers with too many emails.
4. How often should I refresh my email marketing content?
Answer: It’s essential to refresh your email marketing content to keep it engaging and informative, but it’s best not to do it too often. Update your content every 6 to 8 weeks to keep the email fresh.
5. How can I reduce email bounce rate?
Answer: Reducing email bounce rate involves keeping a clean email list, removing inactive subscribers, and using double opt-in for subscribers.