If you want to grow your understanding of how your email marketing is performing, it's important to have access to as much analytics as you can. Monitoring subscriber behaviors and studying analytics is an important part of learning what works best for your audience so that you can improve upon your marketing methods.
Modern Email Marketing Software Has What You Need
The truth is, most good email marketing software programs already offer really good in-house analytics software that will do most of what you need to do. Combined with Google Analytics you've got a pretty powerful system in place already.
Email is still and probably will be for a long time a very profitable way to market to your audience, but you always can get more tools to help you know exactly what you're doing that is profitable and what you're doing that is simply not getting results. The only way to find that out is with access to the right analytics.
You Control the Message – Do You Know What It Should Be?
Email marketing offers you a tremendous amount of control over your marketing. You are in full control of the message so that you can drive sales on specific products and services. It's important to also analyze what is happening with your messaging and how your audience is reacting to it. The very best data that you can study should be metrics that are particular to that channel. Pick and choose what to track based on the goals of a particular campaign.
Does Your Software Offer the Capability Already?
Before buying an outside program, be sure to find out if your email marketing platform already offers the same ability. Also, try to understand why you need to track something. Just because someone told you that you need to track something doesn't mean that you do. By tracking that particular metric, what will it show you; what would you change about your behavior if you knew the answer, and how will that affect return on investment?
Do You Have Time to Do It Yourself?
If not, but you've identified that you should have that information, then it might be time to hire someone who will use your platform to do the analyzing of the data for you. Sometimes this is the best way to go when you've determined that the information is important but you simply cannot stretch yourself any thinner.
Hiring an expert will help you take the numbers and turn things around so that you can take even more control of the results, and it will be worth every penny as long as you're going to follow through.
The answer to the question of should you or shouldn't you pay for better email data is dependent upon whether or not you already have access to that data, whether it's already available on the platform you are using, and whether you plan to act upon the data once you analyze it.