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Last updated: October 29, 2026
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12 Email Marketing Metrics to Track (2027): Formulas and How to Improve Them
The email marketing metrics that matter most are the ones tied to results: click rate, conversion rate and revenue per email, plus health metrics that protect your sender reputation, such as bounce rate, unsubscribe rate and spam complaints. Open rate is still reported, but privacy features in some email apps load emails automatically, so treat it as a rough signal. Below are 12 metrics with formulas, a worked example and what to do when each one moves the wrong way.
- Focus on clicks, conversions and revenue rather than opens.
- Watch bounces and spam complaints to protect deliverability.
- Gmail and Yahoo ask bulk senders to keep spam rates low and to offer one-click unsubscribe.
- Compare metrics with your own past campaigns first.
- Most email tools report these metrics automatically.
The 12 metrics
| # | Metric | Formula |
|---|---|---|
| 1 | Delivery rate | Delivered ÷ sent × 100 |
| 2 | Bounce rate | Bounced ÷ sent × 100 |
| 3 | Open rate | Unique opens ÷ delivered × 100 |
| 4 | Click rate (CTR) | Unique clicks ÷ delivered × 100 |
| 5 | Click-to-open rate (CTOR) | Unique clicks ÷ unique opens × 100 |
| 6 | Conversion rate | Conversions ÷ delivered (or ÷ clicks) × 100 |
| 7 | Revenue per email | Revenue ÷ delivered |
| 8 | Unsubscribe rate | Unsubscribes ÷ delivered × 100 |
| 9 | Spam complaint rate | Complaints ÷ delivered × 100 |
| 10 | List growth rate | (New subscribers − unsubscribes − bounces) ÷ list size × 100 |
| 11 | Engagement over time | Share of subscribers who clicked in the last 90 days |
| 12 | ROI | (Revenue from email − cost) ÷ cost × 100 |
Worked example
A store sends a campaign to 10,000 subscribers.
| Data | Value |
|---|---|
| Sent | 10,000 |
| Bounced | 150 |
| Delivered | 9,850 |
| Unique opens | 3,940 |
| Unique clicks | 295 |
| Orders | 30 |
| Revenue | $1,800 |
| Unsubscribes | 20 |
| Spam complaints | 2 |
Results: bounce rate 1.5%, click rate 3.0%, click-to-open rate 7.5%, conversion rate 0.3% of delivered (about 10% of clickers), revenue per email about $0.18, unsubscribe rate 0.2%, complaint rate 0.02%. These figures are illustrations; your results depend on your audience and offer.
1. Delivery rate and 2. bounce rate
Hard bounces mean the address doesn't exist; soft bounces are temporary. A rising bounce rate points to an old or poorly collected list. Remove hard bounces immediately and confirm new sign-ups with double opt-in if problems persist. See email list cleaning.
3. Open rate
Opens are measured by a tracking image. Apple Mail Privacy Protection and similar features load images automatically, which inflates opens. Use open rate to compare subject lines within your own list, not as a success measure. See email subject lines.
4. Click rate and 5. click-to-open rate
Click rate shows how many recipients found something worth clicking. Click-to-open rate shows how compelling the content was for those who opened. Improve them with one clear call to action, relevant content and buttons that are easy to tap on phones.
6. Conversion rate and 7. revenue per email
These connect email to business results. Track them with UTM parameters on links, your store integration or your CRM. Revenue per email lets you compare campaigns of different sizes.
8. Unsubscribe rate and 9. spam complaints
Some unsubscribes are healthy; they keep your list engaged. A sudden rise means the content or frequency missed the mark. Spam complaints are more serious, since they hurt deliverability. Make unsubscribing easy, send only to people who opted in, and keep content relevant. See email deliverability.
10. List growth rate
Shows whether you're adding subscribers faster than you lose them. Track sign-ups by source to see which forms and offers work. See how to build an email list.
11. Engagement over time
The share of subscribers who clicked recently tells you how healthy the list is. Segment inactive subscribers and run a re-engagement campaign before removing them.
12. ROI
Compare revenue from email with the cost of your tool, design and time. Even small lists often cover a tool's cost with a few sales, but track it so you know.
What to do when a metric drops
| Problem | Likely causes | Fixes |
|---|---|---|
| High bounces | Old list, typos, imported contacts | Clean list, double opt-in |
| Low clicks | Weak offer, too many links, poor mobile design | One CTA, better content, mobile test |
| High unsubscribes | Too frequent, off-topic, list fatigue | Segment, adjust frequency |
| Spam complaints | Unclear consent, hidden unsubscribe | Clear sign-ups, easy unsubscribe |
| Low conversions | Landing page mismatch, weak offer | Match email and page, test offers |
Benchmarks: use with care
Published benchmarks vary widely by industry, list type and how each tool counts opens. Use them as rough context. The most useful benchmark is your own last 10 campaigns.
Where to find these metrics
| Tool | Reporting highlights | Free plan | Entry paid price |
|---|---|---|---|
| MailerLite | Campaign and automation reports, click maps | 250 subscribers | Comfort from $12/month |
| Klaviyo | Revenue attribution, flow performance | 250 active profiles | Email plan about $30/month at 1,000 profiles |
| Mailchimp | Campaign reports, audience insights | 250 contacts | Essentials $13/month (12-month intro offer) |
| ActiveCampaign | Campaign, automation and contact reports | No | Starter about $15/month at 1,000 contacts (annual) |
| Omnisend | Sales per campaign and flow | 250 contacts | Standard from $16/month (500 contacts) |
Stores benefit most from Klaviyo or Omnisend because they attribute revenue to each email automatically. See best email marketing software for small business.
Start Klaviyo free → Revenue reports for every email and flow · Affiliate link
A simple monthly report
| Metric | This month | Last month | Note |
|---|---|---|---|
| Emails sent | |||
| Click rate | |||
| Conversion rate | |||
| Revenue from email | |||
| Unsubscribe rate | |||
| Spam complaints | |||
| Net list growth |
Fill this in monthly and add one line on what you'll change next month.
Common mistakes
- Judging campaigns by open rate.
- Comparing with benchmarks from other industries.
- Ignoring spam complaints until deliverability drops.
- Not tagging links, so revenue isn't tracked.
- Looking at averages without segmenting.
Setting up tracking
Turn on your email tool's ecommerce or CRM integration so orders and deals are attributed automatically. Add UTM parameters to every link (most tools do this with one setting) so your analytics shows email traffic and conversions. Agree on an attribution window, such as five days after a click, and keep it consistent.
Metrics for automations
For flows such as welcome or abandoned cart, look at each step separately. Track how many contacts reach each email, its click rate and the conversions that follow, then fix the weakest step first.
See also: Best Time to Send Emails.
Our verdict
Track the metrics that connect email to results, namely clicks, conversions and revenue, and keep an eye on bounces, unsubscribes and complaints to protect your sender reputation. Compare with your own history, change one thing at a time and review monthly.
How we compiled this guide
Formulas follow standard email marketing definitions. The example is an original illustration. Tool details come from official pricing pages checked October 30, 2026.
FAQ
What is the most important email marketing metric?
Usually conversion rate or revenue per email, because they connect email to business results.
Is open rate still useful?
As a rough signal for subject line tests; privacy features make it unreliable as a success measure.
What is a good click rate?
It depends on your audience and content; compare with your own past campaigns.
What is the difference between CTR and CTOR?
CTR divides clicks by delivered emails; CTOR divides clicks by opens.
How do I track email revenue?
Use your email tool's store integration or UTM-tagged links with your analytics.
What spam complaint rate is too high?
Keep it as low as possible; Google's sender guidelines ask bulk senders to stay well below 0.3%.
How do I measure email ROI?
Compare revenue attributed to email with the total cost of your tool, design and time.
Should I report opens to my boss?
Report clicks, conversions and revenue first; mention opens only as a rough indicator for subject line tests.
How often should I check metrics?
After each campaign for a quick look, and monthly for trends.
Sources
Standard email marketing metric definitions; Google sender guidelines; official pricing pages of MailerLite, Klaviyo, Mailchimp, ActiveCampaign and Omnisend, checked October 30, 2026.