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In order to prove that your campaign was a success, you need metrics capable of demonstrating your success. That’s why tracking is among the most important aspects of your direct mail campaign. But if you’re new to direct mail, you may be unaware of the direct mail analytics you need to track. Below, we’ll provide you with some insight on the most valuable direct mail analytics to track along with a few methods for tracking these analytics.
What Are the Top Direct Mail Analytics to Track:
The most helpful marketing analytics help offer insight on how to approach future campaigns. They’re also capable of delivering insights on how your marketing efforts impact buying decisions and revenue. There are a variety of metrics that are capable of providing you with a compelling story regarding your efforts. Some key analytics that you should prioritize tracking in your next campaign include:
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Response Rate:
Everyone wants to avoid spending valuable time and money circulating messaging that doesn’t yield responses. That’s why tracking response rates is a must. Arguably the foundation for your direct mail metrics, your direct mail response rate is exactly what it sounds like. Here’s how to calculate your response rate. Just tally up the responses your mailer generates and divide by the number of mailers you sent during your campaign. Generally speaking the standard response rate for a campaign depends on your goals, along with your industry.
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Cost Per Acquisition (CPA):
All the money you spend on efforts to earn more customers amounts to your CPA, or cost per acquisition. Spending less to earn more customers has the potential to send positive ripple effects throughout the rest of your organization. And one of the biggest benefits of relying on direct mail is its ability to reduce your cost per acquisition. To calculate your CPA, divide your total ad spend by the number of new customers you acquire during your campaign.
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Return on Ad Spend (ROAS):
Return on Ad Spend is a great metric for showing how much of an impact your campaign has on revenue over a certain period of time. To determine the return on ad spend of your mailing campaign, you’ll divide the revenue your campaign yields by the amount you spent on your mailers. For instance, if it costs a landscaping company $5000 to execute a mailing campaign that delivers $10,000 in revenue your ROAS is 200%.
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Conversion Rate:
The goal of any direct mail campaign should be to convert more of your leads into active customers. That’s why tracking both response rates and conversion rates is important, as is remembering key distinctions between the two metrics. While response rates indicate how many recipients engage with your mailers, conversion rates identify how many recipients have become active customers as a result of your campaign. To calculate your conversion rate, divide the number of customers earned by the overall responses you received from your campaign.
How to Track Your Direct Mail Analytics:
Now you’re up to speed on what some of the most valuable direct mail analytics are. That means it’s time to shift gears and discuss methods for tracking them. What’s great about each of these tracking methods is their ability to capture the attention of audiences while providing you with valuable insights. Here’s how you can begin tracking the impact of your next direct mail campaign:
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Campaign-Specific Coupon Code:
If you’re hoping to get the attention of lapsed customers, or thanking repeat customers for their loyalty, this is a great way to gauge how those campaigns work out. Imagine implementing a campaign-specific coupon code on mailers you’re sending to an audience of leads that have signed up for your email list without ordering yet. Several recipients use the code, and once your campaign ends you can plug the numbers right into the formulas for ROAS and CPA.
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Personalized URL:
Nowadays, recipients expect to see a website whenever they receive a mailer. But adding a personalized URL and corresponding landing page where recipients can take your desired next steps provides key insight into how engaging your mailers are. At the end of your campaign, you’ll receive a report detailing how many recipients navigated to your personalized URL. And suppose recipients make a purchase directly from that URL. This makes calculating your conversion rate, CPA and ROAS easier than you can imagine.
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QR Code:
Including a QR code on your postcards are likely to quickly capture the attention of recipients that probably aren’t expecting to see it. And if your message is compelling enough, they’ll quickly snapshot it and navigate to your landing page. Adding a QR code taking recipients to a landing page where they can make a purchase provides you with a method for easily tracking valuable direct mail analytics.
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Unique Phone Number:
Let’s say for instance that you’re executing a direct mail campaign for an HVAC company. And for a summer special that you’re mailing audiences about via postcards you include a unique phone number instead of your typical hotline. This phone number enables you to track how many phone calls your campaign is responsible for. Additionally, once your campaign ends associating service visits with new customers from your campaign is simple. All you have to do is trace back which number recipients called to book their service date. This makes calculating your response rate, ROAS, and CPA a breeze!
Get More Insight on Direct Mail Analytics From GrowMail Marketing Experts Today!
Developing a thorough understanding of key direct mail analytics is a must for conducting campaigns that deliver the results you need. If you still have questions regarding the process of tracking direct mail analytics or getting started on your next campaign? If so, GrowMail can help. For more than two decades our knowledgeable, our reputable marketing specialists have helped businesses just like yours embark on a campaign that results in more new customers than you ever thought possible. If you’re ready to begin mailing, request a free printing quote today.