SMS Marketing is claimed to be one of the most effective means of generating leads and ensuring your messages make it to the masses. But, like with all the other marketing tools, measuring the success of SMS marketing campaigns is almost impossible without the right metrics.
Track the performance of your marketing efforts and improve it with each campaign. Here are 5 key metrics that can help you understand the results of your SMS marketing campaigns.
1. Conversion Rate
Formula: (Number of Conversions / Number of Sent messages) x 100
The conversion rate is the metric that determines the number of subscribers completing the intended action upon receiving your text messages. Some of the common forms of actions include redeeming a coupon, signing up to a list, or recovering an abandoned cart is portrayed as a percentage of the ratio of the total number of conversions and the number of messages sent out.
A high conversion rate means that you have formulated a decent strategy for your campaign, and on the other hand, a low interaction rate calls for reiterating your strategy.
2. Delivery Rate
Formula: (Number of delivered texts / the total number of texts sent) x 100
The delivery rate helps you understand the ratio of messages actually reaching your target. The message might not make it through owing to carrier errors, incorrect numbers or information, spam filters, and so on.
By tracking your delivery rate, you get a better understanding of the quality of your database. A low delivery rate indicates the need to update your customers’ database.
3. Customer Acquisition Costs(CAC)
Formula: (Total campaign expenses / total new customers)
Customer Acquisition Costs are a metric to evaluate the amount you spend to add one new customer. It’s a ratio of your campaign expenses and the number of customers you have gained.
High Acquisition Costs are an alarming aspect of any marketing campaign. If your marketing campaign comes with a high acquisition cost, there are quite a few things you might want to reconfigure. Irrespective of whether the costs are rising because you aren’t pitching to the right audience or you can’t get your message across to the users, CAC offers guidance on making adjustments and improvements.
The three metrics mentioned above are just the tip of the iceberg. If you wish to make the most of your SMS marketing campaign, it’s about time you turned to the professionals. At SMS Solutions, we take care of it all. Whether it’s tracking the metrics or making the necessary changes to the SMS marketing strategies.
Hire SMS Solutions Australia professionals and enjoy unprecedented ROI on your SMS marketing campaigns.
