Grow your email marketing using Klaviyo benchmarks
Klaviyo benchmarks allow you to compare your Campaign & Flow performance as well as your overall Business performance against brands just like yours. Klaviyo compares your data to 100 similar brands based on industry as well as business characteristics like average item value, revenue per month and YoY growth rate. By regularly utilising the benchmark feature, you can easily spot areas for improvement to make sure you are using Klaviyo to its maximum potential to boost your revenue. Heads up... you will need to have sent at least 25 emails in the last 6 months in order to access Klaviyo benchmarks.
How to effectively use Klaviyo benchmarks to audit your account
Benchmark data is available on the 10th of every month and it is best to review benchmarks monthly to make sure you are regularly assessing your account performance.
The Overview tab within benchmarks is a good place to start, showing you a quick summary of your best and worst performing indicators. Your best performing metrics show your strongest areas and your worst performing metrics show your bottom five areas for improvement. Focus on your worst performing metrics. Can you see any consistencies? Are you mainly underperforming in your Campaign emails or Flow emails? Are your open rates underperforming mostly or your click through rates?
When you click into the Business Performance, Campaign Performance and Flow Performance tabs, the metrics are broken down in more detail, allowing you to dig deeper into more specific data. Each performance indicator is rated from 'Excellent' to 'Poor'. You should focus on any metrics that are rated at 'Fair' or 'Poor'. Again, do you notice any consistencies?
It is important to learn from your benchmark data and make necessary improvements to grow your business. For performance indicators that rank as 'Fair' or 'Poor', dig deeper into why that is and try out the various best practices for performance metrics improvement listed below:
% of orders returned: Try setting up reviews and reward your customers for reviewing your products.
Average cart size: Set up upsell and cross-sell flows to encourage customers to fill up their basket and complete checkout.
Average order count: Send personalised nurturing flows (Welcome Series or Thank You) or set up a loyalty programme to increase customer retention.
Average order value: Utilise average order value data to target high-value, VIP customers with content specific to their shopping habits.
Open rate: A/B test your subject lines. Try adding personalisation with the use of the customer's first name or relevant emojis.
Click through rate: Make sure your CTA is clear and that your email has one single objective to avoid confusion.
Placed order rate and email revenue per recipient: Make sure you are sending mobile-optimised, triggered flow emails. These emails tend to drive the highest RPR because they are relevant to the customer's most recent behaviour.
Bounce, Unsubscribe and Spam complaint rates: Clean out your list and try sending to highly engaged segments per country.
Need help getting started with Klaviyo? Get in touch today.