MetricsSeptember 2019

5 Important Candidate Marketing Metrics and how to calculate them easily 

  • All business activities should increasingly be led by the analysis and interpretation of data, knowing how to measure and constantly monitor your activities’ performance is the only way to understand their level of success and their subsequent value.
    As Peter Drucker once said; “You cannot improve what you don’t know how to measure”. In order not to make decisions based on gut feelings, it’s important to learn to identify the metrics and KPIs, which are most suited to any business activity, monitor them, analyze them and improve based on your findings.This of course also goes for candidate marketing. Let’s take a look at what’s critical for you to measure. And we promise you to start easy. No reason to make it complicated. Candidate marketing doesn’t have to be. 

  • 1 Opening rate:
    Opening rate is the percentage of the total number of candidate leads who opened an email, a message or a campaign. These rates can vary depending on the subject line and the relevancy of the subject matter for the candidates, but a healthy open rate is typically in the 20-40% range.
    The formula to calculate it is: (Emails opened / Emails delivered) * 100

    2 Click-through rate
    This is the number of clicks on the links contained in a message, divided by the number of messages delivered. If a good open rate is indicative of a good subject, the click-through rate is determined by the email’s content – images, copy and especially calls-to-action.
    To improve this crucial KPI, it is important to carry out frequent A/B tests on the wording and the style of CTAs as well as on the content layout and images used.
    The formula to calculate it is: (Emails clicked / Emails delivered) * 100

    3 Unsubscribe rate
    Keeping track of subscription trends is important, but knowing how many candidate leads unsubscribe is equally important. A healthy unsubscribe rate should stay at low levels, less than 2%, and the number of unsubscribed users should always be lower than the number of new candidates.
    If this value rises or hits peaks and valleys, it is time to ask yourself a few questions. Re-evaluate your sending frequency or your messages’ content and run several tests to identify – and correct – whatever may be the cause.
    The formula to calculate it: (Unsubscribed users /Emails delivered) * 100

    4 Bounce rate
    The bounce rate is the percentage of email addresses that returned an error after being sent. Errors can be either permanent (hard bounces) or transient (soft bounces). Hard bounces include non-existent or invalid email addresses that will never deliver the message. Soft bounces, on the other hand, include full inboxes or temporary server issues – in these cases, delivery will commence if the issue is resolved.
    Monitoring bounce rates is above all crucial for ensuring that correct message delivery takes place. 
    The formula to calculate it: (Number of emails bouncing/Emails sent) * 100
    5 Conversion rate
    Every email has (or should have) a clear objective that corresponds to the action you would like your candidates to carry out. Some examples of objectives are: read an article on your website, fill out a subscription form or sign up for an event or a webinar.
    The conversion rate is the metric that measures how effective your message is in relation to your objective. Conversions are intertwined with a call-to-action’s quality: this is why experimenting with and frequently testing CTAs is fundamental for guaranteeing their maximum effectiveness.
    The formula to calculate it: (Number of candidates who have completed the action / Emails delivered) * 100
    Without the right technology in place, it can be immensely difficult to track these 5 metrics. Talentree’s platform, of course, incorporates tracking mechanisms for all above-mentioned metrics to make our customers continuously smarter in how they work with talent pipeline building.

    Reach out if you’re interested. We’d love to help you get smarter in your communication with your talent pipeline.

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