How do you know if your SMS marketing campaign was successful? What if it flopped? Is there anything you could do to make it better? The answer is YES.
You can and must track your KPIs to evaluate your Bulk SMS marketing performance.
What are SMS Marketing KPIs?
A KPI, or key performance indicator, is a measurable value that shows how effectively a business is achieving its main objectives. KPIs are used to track progress towards the set objectives.
Tracking your KPIs allows you to improve your marketing campaign and see more return on investment.
The following are some of the KPIs to implement in your business:
1. Growth rate of subscribers.
A consistent growth curve on graphs in your subscriber list shows that you are efficiently working towards your set goals. This also indicates that the content, messaging and frequency of messaging the marketing team is putting out is appropriate to your audience. Whenever it’s weak, then you need to reevaluate your marketing strategies with your team.
2. Click through to Rate.
When the click-through rate is high, then the return on investment is also high. This measures the number of subscribers that clicked onto a link that you put in your message for the call yo action. You can use analytics tools like Google Analytics to track campaigns metrics like this.
3. Conversation Rate.
This shows how many recipients made the purchase from your marketing campaign or became customers after the campaign. It is determined by dividing the number of subscribers that took the action( for example, subscribing to your messaging) by the total number of subscribers in the campaign.
4. Attrition Rate.
This is the total number of people that opt out of your list after receiving text messages from you. It is normal to lose subscribers, but when subscribers from your target market opt out then talk to your marketing team to help retain subscribers in the future.
5. Acquisition Cost Per Subscriber.
Subscriber acquisition cost shows how much money you are spending to get more buyers and helps evaluate if its worth it. Calculating this cost helps you make the right decision, which in turn leads to lowering this value. You will end up spending money efficiently leading to higher profits.
6. Return On Investment.
Return on investment measures your success. This is calculated by dividing the amount of money spent on the campaign by the amount of money put into the campaign. When the results are higher, than your return on investment is good.
7. List Size
This is the number of people on your sms list. It obviously does not reflect the number of customers reached since some messages may end up not being opened or even bounced back. It just gives the number of people subscribed to your messaging.
This is a summary of the most important key performance indicators for your SMS marketing campaigns. You should analyze your KPIs and find ways to optimize all the important ones and you will see a change in your business.
Success in Bulk SMS marketing is partly contributed by how the Bulk SMS provider you select during your process.