Marketing efforts shouldn’t exist in a vacuum. Every initiative needs to be connected to the big picture plan and play off each other to ultimately drive success.
This holds true for marketing emails that make their way into inboxes every day. The emails we produce are a product, and a product shouldn’t be created and finalized without a little research first, such as evaluating what the competition has that is benefiting its users.
Even if you can’t necessarily have a first-hand look at the high-performing emails others in your industry are sending out, with StoneShot, you easily have access to average industry stats for benchmark purposes, and that’s a great start.
By seeing how your email efforts stack up against others in your industry who roughly have the same target audience and goals as you do, you can start to appreciate what you may be doing well (even if you weren’t aware that you were actually doing well) or identify areas that you could improve. It’s all a numbers game – and we have the numbers so you can get started.
Types of Email That Receive the Most Attention
The emails that we see receive the highest levels of engagement are those that affect the recipient directly such as survey and competition emails. These emails are likely to have a subject line that draws the user in and as they’ll need to click through, this produces higher click rates in comparison to other types of email.
A close second are campaigns that relate to an event, such as, event confirmations, reminders and follow up emails. These emails provide important information that directly affects the recipient and therefore create high click rates.
The emails that see the lowest levels of engagement are market commentary and fund update emails – so don’t be alarmed when these numbers don’t exactly match your survey or event-related emails. These campaigns are mostly just glanced at and contain minimal calls to action, so it is therefore important that they are built to be easily skimmable.
When to Send Your Emails
The most popular day we see in our industry for email opens and clicks is a Thursday, this could be because it’s nearing the end of the week, and people want to see what’s been happening in the financial markets before the week comes to an end. However, most emails are sent at the beginning of the week (on a Monday or Tuesday) which are the days that actually see the least amount of engagement. Something to think about and experiment with when launching your next campaign.
It’s not surprising that when it comes to the time your email is sent you’re very unlikely to gather much activity before 7am. During office hours activity grows as your contacts settle into their working day and have both desktop and mobile devices accessible to them. There is, however, a sharp dip in activity when it reaches the lunchtime hours, this is good to keep in mind as professionals may want to switch off during these times, so they are less likely to engage with financial marketing material.
Link Placement Tips
Email campaigns that have the highest click rates have CTA’s cleverly placed in a number of different areas. Placing a bulletproof CTA in the top left area of an email increases the likelihood of a click as it’ll be displayed clearly in the viewing window of most email providers. When placing links on images it’s important to also have the same links elsewhere within the email as we’ve seen images receive the least number of clicks, the reason being that many recipients automatically have images turned off in email or have chosen to turn them off.
The Importance of Building for Mobile
It’s more important than ever to build responsive emails as over a third of recipients will open an email on a mobile device. Like websites, users expect email to advance and adjust to their smaller screens and touch interfaces. The majority of users will delete emails if they aren’t mobile responsive which could also then trigger them to unsubscribe.
Mobile use is most popular before and nearing the end of the working day and during the weekend as contacts are likely to be checking their emails during their commutes on mobile devices and are less likely to be using their desktop computer when not in a working environment. Most clients send emails in the afternoon and they need to be responsive to engage the contacts who are checking their emails after the work day comes to an end.
How to Check Your Stats Against Benchmarks Using Campaign Reporting
Recently, we’ve released an update to our campaign reporting dashboard so you can access better and more relevant reports and statistics around the emails you send. Part of this update includes industry benchmarking figures so you can see how your emails stack up against others in the industry.
You’ll easily be able to see your averages over a certain time frame, and right below see the industry benchmarks. You’ll also be able to check the benchmarks based on category and audience if you’ve categorised your campaigns.
Summary of tips and tricks
Let’s review what we’ve discussed so far. For your next send, keep in mind the following:
- Make sure your emails display well on mobile. Test, test, test!
- Be aware of where your links are placed, make sure they’re repeated – maybe it’s time to look at updating your templates?
- Be mindful of the time of day and week you send, as this can have a subtle yet important effect on your email engagement
- Review how you stack up! It’s important to not exist in a vacuum, use the benchmarks on our reports to keep an eye on how your emails are faring against the competition, maybe you’re performing better than you think, or maybe you’ll find some areas for improvement.
Now go forth and send your emails – and if you have any questions or would like to learn more about us and our solutions, we’re here to chat.