Creating composite indexes involves selecting the right metrics that align with your marketing objectives. Here are the steps to create a composite index for email marketing:
Identify Key Metrics: Choose metrics that are crucial for your campaign's success, such as open rate, click-through rate, and conversion rate. Assign Weights: Assign weights to each metric based on their importance to your overall goals. For example, if conversions are your primary objective, you might assign a higher weight to conversion rate. Normalize Metrics: To combine different metrics, normalize them to a common scale. This can involve converting percentages to a 0-1 scale. Calculate the Index: Multiply each metric by its corresponding weight and sum the results to get your composite index.