Performance Metrics & Analytics
The Advanced SMS Marketing Guide
KPIs or Key Performance Indicators are metrics used to evaluate the performance of business results. There are a handful of KPIs that specifically gauge the success of your SMS marketing efforts. These metrics can be divided into two separate groups: campaign KPIs and keyword KPIs.
Campaign KPIs measure individual SMS marketing message performance. Key metrics here include redemption rates, clickthrough rates (when applicable), and a 24 hour trailing opt out rate.
Your redemption rate is simply the number of people who redeemed your offer vs the number of people who received the campaign.
Your clickthrough rate, while only applicable if your campaign contains a link, is the number of people who clicked a link in your campaign vs the number of people the campaign was sent to.
The 24 hour trailing opt out rate allows you to see how people react to individual campaigns, in terms of opt outs. A significant amount of opt outs immediately following a campaign signifies that you may not be providing enough value to your subscribers.
These three statistics give you clear insight into how your individual campaigns are performing, and will likely inspire you to do some A/B testing.
Keyword KPIs help you gain insight into your SMS marketing efforts and performance as a whole. Key metrics here include opt in rate, list growth, and opt out rates.
Your opt in rate highlights how many new subscribers you're acquiring on a daily, weekly, monthly or annual basis.
List growth considers your opt in rate, and also how well you're keeping your subscribers over time. For example, if you're losing subscribers at the same rate you're gaining them, your list growth will be flat. This is a key indicator that some improvement is needed.
Your opt out rate allows you to see how many subscribers remove themselves from your list on a daily, monthly, or annual basis.
These stats help you realize necessary improvements and allow you to fine tune your SMS marketing efforts. You may need to change the way people find out about your program, your initial sign up offers, or your lack of campaign value.