Let’s find out how well you’re doing with your email marketing, shall we?
To make the most of your digital marketing efforts, brokerages and agent teams should be tracking baseline metrics around open rates and click-through rates and know how they measure up to industry standards.
After all, your database of leads and clients is your lowest hanging fruit for new deals. This business is built on repeat and referral business. Tracking your email metrics, and comparing them to real estate industry benchmarks, will help you understand whether or not you are effectively reaching and engaging your database with your email marketing efforts.
|Real Estate Email Benchmark Data Source||Median Open Rate||Click-through Rate|
|Silverpop Industry Benchmark||21.4%||2.8%|
|Mailchimp Industry Benchmark||22.12%||2.68%|
Benchmark email marketing metrics for the 2014 for the real estate industry show a healthy open rate and fall at the high range of the typically anticipated 1-3% click-through rate benchmark for email in general.
If your current email performance falls below these real estate industry benchmarks, you should revisit how you’re approaching your email marketing to see if you can fine tune for better results.
Here are five areas to consider that can help improve the email marketing open and click-through rates for your real estate business:
1. Subject Lines: The subject line is your first impression – make it count! If you do not A/B test already, this can really help improve your overall email metrics.
For example, consider A/B testing two different subject lines on 10% of your database – 5% with one subject line (List A) and 5% with another (List B). You send the same email body copy with two different subject lines to see which one gets the higher open rate. The one that wins the A/B test is the one that then goes out to the remaining 90% of your list.
As an extra aside, keep in mind that you can also A/B test your email copy and call to action button size, button placement, or button text to see how this impacts your click-through rates. You can also use different tracking codes on your email links to see where people are clicking the most if you have multiple calls to action pointing to the same landing/destination page.
It is important to think about the ways you want to be able to target messaging to your clients and prospects. For example, buyer vs. seller, customer vs. prospect, geography, budget, and so on. Use your real estate CRM and real estate email marketing software to your advantage by leveraging the data you have in your database to customize and personalize your email communications.
So whatever real estate marketing software you use, make sure it offers integration between your MLS, email marketing (tools, templates, and automation) and CRM within one ecosystem. This will help you more intelligently execute your email marketing and see better results and higher levels of engagement.
We hope you found this blog article helpful! If you likes this, you may also be interested in our Email Marketing Infographic.
Benchmark Data Sources: