Tackling the world of Email Marketing is a challenge in itself. From copy and visuals to segments and flows, there are many components in this type of marketing. But once all of this in place, how do you evaluate your email performance? Do you compare the number of results to each campaign or do you use Klaviyo’s reporting dashboard?
Klaviyo has really taken the time to create reporting analytics to help you assess the performance of your emails but when you want to compare their performance to others in the industry what can you do? The solution: benchmarks! In this blog, we’re going to talk you through these metrics, what can affect them and how you can use these in your Email marketing plan.
What are benchmarks?
A benchmark, by dictionary definition, is a standard or point of reference against which things are compared. In this case, our Email Marketing benchmarks will be an average cost or percentage seen across all Klaviyo Emails.
Benchmarks can also be defined by industry. For example, the apparel industry will have different benchmarks compared to the B2B industry. For this blog, we’re going to focus on all industries and the E-commerce industry to keep things simple. But if you want to find these benchmarks for your industry, there are loads of resources online or check out Klaviyo’s blog.
Klaviyo Email Benchmarks
When you look at Benchmarks online, you’ll often see there are 5 key metrics for evaluating email performance: Open Rate, Click Through Rate (CTR), Conversion Rate (CR), Revenue per Recipient (RPR) and Average Order Value (AOV).
Open Rate and Click Through Rate are commonly used by marketers as it shows how many people are opening and clicking on their emails. But if you’re looking to see how profitable your emails are Conversion Rate and Average Order Value are the way to go. When you choose your benchmarks, think about what’s best for your objectives, email types and email goals.
Flow Industry Performance
Flows are a series of emails sent to a subscriber based on a trigger or event. For example, if someone signs up to your mailing list, they may be added to a Welcome Series Flow. It’s easier to convert subscribers with a flow because they’ll only be sent an email if they meet the requirement for the trigger. This means they’ll only be sent emails that you want them to receive.
At Stack Outlet, we have a number of Flows pre-built to accelerate your growth. Our 3 core Flow bundle is the perfect place to get started. Read our blog to find out how our Klaviyo Flows give you more. Because each of these flows has a different purpose, they are the best flows to get started with Klaviyo or increase your return on investment, because of this each one also has its own set of benchmarks. Let’s break these down:
When a person signs up to your mailing list, what’s the first thing you’re going to send them? Most of the time they’ll be sent a welcome email. With impressive conversion and open rates, a welcome series is a great way to start your engagement with new subscribers and reach them when they’re most interested. Whilst it’s tempting to simply send an email detailing as much as you can about specific products, research has shown that providing a series of emails that educates the customer about your brand, values and products are most effective for conversion.
The averages across all industries is:
- Open Rate - 33.22%
- Click Through Rate - 5.10%
- Conversion Rate - 1.33%
- Revenue per Recipient - $1.18
- Average Order Value - $93.01
Browse Abandonment Flow
Alongside your abandon cart flows you could consider targeting people who have abandoned their browsing. Sending an email flow to those who have left your store without purchasing could be a smart way to recapture some of those potential sales, especially when they have an average open rate of over 50%. These flows are great for giving your subscribers a nudge in the right direction.
The averages across all industries is:
- Open Rate - 50.54%
- Click Through Rate - 8.72%
- Conversion Rate - 1.29%
- Revenue per Recipient - $1.09
- Average Order Value - $84.65
This Flow is your opportunity to demonstrate more knowledge to your Subscribers and gain an important first purchase from them in their first 30 days of subscribing. With the Stack OutletBrowse Abandonment Flow you could see a conversion rate 50% higher than this benchmark.
Cart Abandonment Flow
These are usually one of the first flows to be set up by an e-commerce store because of the significant impact they tend to make on the revenue of a store. If a member of a mailing list adds to cart, and then abandons it, these flows are designed to recapture the potential purchase. The subscriber has already shown high interest in your products, therefore, these flows are highly targeted, timely and have conversion rate 3x greater than other flows on average. It’s no wonder these are popular when we want to analyse our emails.
Here are the benchmarks across is industries:
- Open Rate - 39.17%
- Click Through Rate - 7.74%
- Conversion Rate - 2.89%
- Revenue per Recipient - $2.72
- Average Order Value - $94.65
Using our years of experience, we’ve developed a tried and tested Cart Abandonment Flow so that it will produce great results for any Shopify Store. By implementing this Flow, one of our clients saw an 8.15% Conversion Rate. That’s 3x greater than the Klaviyo benchmark. Read our blog to learn more about common Abandoned Cart Emailmiss conceptions.
Next Steps to Improve your Email Performance
In this package you will get the 3 best flows to get you started: Welcome, Browse and Cart Abandonment, that are tired, tested and proven to generate great results.
Try them out today for just $249 and see what difference Stack Outlet can make your business growth.