Email Campaign Metrics and How to Improve Conversion

Email metrics are indicators that help you assess how users interact with your emails at every stage — from delivery to completing a target action. Without understanding these metrics, it's impossible to evaluate whether your campaigns are working.

Email campaign metrics are indicators that allow you to evaluate how users interact with letters at each stage: from receipt to the target action.

Without understanding the metrics, it's impossible to evaluate whether the letters are working, whether they generate leads, and where clients are being lost.

Many companies limit themselves to viewing open rates, but that's not enough.

Key Email Campaign Metrics

Analyzing metrics helps understand exactly where users are being 'lost' and which elements of the campaign need improvement.

Each metric reflects a separate stage of interaction, but the real effectiveness of an email campaign can only be evaluated by looking at all indicators together.

Open Rate

Open Rate shows what percentage of recipients opened the letter.

This metric is directly related to the first impression: the subject line, sender name, and sending time.

If the open rate is low, it signals that the letter isn't attracting attention or is arriving at the wrong moment.

Formula: OR = Number of opens / Delivered letters × 100%

Click Rate (CTR)

CTR (Click Rate) shows how many users clicked on links inside the letter.

This indicator reflects interest in the content and offer. If users open the letter but don't click — the problem is in the content, structure, or offer.

Formula: CTR = Link clicks / Delivered letters × 100%

CTOR (Click-to-Open Rate)

CTOR shows the ratio of clicks to opens — that is, how many people clicked after opening the letter.

This metric allows you to evaluate the quality of the letter itself: how well it holds attention and motivates action.

A high CTOR indicates that the letter's content matches the user's expectations.

Formula: CTOR = Link clicks / Number of opens × 100%

Conversion Rate

Conversion Rate shows how many users completed the target action after clicking through from the letter.

Conversion is the key metric for email campaigns, as it reflects the real business result.

Formula: CR = Target actions / Letter clicks × 100%

• lead submission
• purchase
• registration

Bounce Rate

Bounce Rate shows what percentage of letters were not delivered to recipients.

This is an important metric, as it directly affects the deliverability of future campaigns.

Formula: BR = Undelivered letters / Sent letters × 100%

• low-quality base
• address errors
• domain or sending configuration issues

Unsubscribe Rate

Unsubscribe Rate shows how many users unsubscribed from the campaign after receiving the letter.

If the indicator is growing, it signals that the letters are irrelevant, too frequent, or overloaded with sales content.

Formula: UR = Number of unsubscribes / Delivered letters × 100%

Spam Rate

Spam Rate shows how many users marked the letter as spam.

This is one of the most critical indicators, as it directly affects domain reputation and letter deliverability.

Even a small number of complaints can cause letters to start going to spam.

Formula: SR = Number of spam complaints / Delivered letters × 100%

What Are Considered Good Metrics

Email campaign metrics can vary depending on the niche, audience type, and letter format.

Average market values:

• Open Rate — 20–40%
• CTR — 2–5%
• CTOR — 10–20%
• Conversion Rate — 1–5%

These values help understand whether your campaign is within the normal range or needs improvement.

The main goal is not just to 'hit the norm', but to gradually improve metrics from campaign to campaign.

How to interpret metrics

It's important not just to look at numbers, but to understand what they mean.

Each metric shows a separate stage, so they need to be analyzed together.

• low Open Rate — problem with the subject line, sender, or sending time
• normal Open Rate but low CTR — the letter is being opened but isn't engaging
• high CTR but low conversion — the problem is already on the website or in the offer

Why you can't rely solely on average values

Average metrics are only a guideline, not a universal standard.

Results are influenced by the business niche, base quality, audience warm-up level, and campaign format.

For example, in B2B the open rate may be higher, while in mass campaigns — lower.

Growth in metrics within a project is a more accurate indicator of effectiveness than abstract average values.

Why Campaigns Don't Deliver Results

If email campaigns don't generate leads and sales, the reason is usually not a single factor, but a breakdown at one of the stages of user interaction.

Email marketing works as a chain: delivery → open → click → target action.

If a problem arises at any stage, results drop sharply.

Email campaigns don't work not because the channel is ineffective, but because the entire system of user interaction hasn't been built out.

Low open rate

The first barrier — the user doesn't even open the letter.

As a result, the letter simply gets lost among others and receives no attention.

• weak or unengaging subject line
• irrelevant base
• inappropriate sending time
• low trust in the sender

No clicks

The next stage — the user opened the letter but didn't click on any links.

The user doesn't understand what to do next — and simply closes the letter.

• unclear or weak offer
• overloaded or complex text
• absence of a clear call to action
• mismatch between the subject and the letter content

Low conversion

Even if the user clicked through, they may not complete the target action.

The warmest users are lost at this point.

It's important to look at the entire chain: open → click → action. Only this approach allows you to understand exactly where users are being lost and what needs to be improved.

• inappropriate or weak offer
• unconvincing landing page
• complex or lengthy action process
• mismatched expectations after the letter

How to Improve Email Campaign Metrics

How to increase open rate

To improve email campaign effectiveness, it's important to work not with a single metric, but with each stage of user interaction.

Open rate depends on whether the letter interests the user before they even read it.

Even small changes to the subject line can significantly increase open rates.

• test different subject line variants
• use personalization (name, company, interests)
• choose optimal days and sending times
• work on sender name and brand trust

How to increase click volume

If the letter is being opened but not clicked — the problem is in the content.

The user must quickly understand what they are being offered and what to do next.

• formulate a clear and specific offer
• add a clear call to action (CTA)
• make the letter structure simple and logical
• highlight key elements (buttons, links, benefits)

How to increase conversion

Conversion depends not only on the letter, but also on what happens after the click.

It's important that the expectations formed in the letter fully match what the user sees after clicking through.

• improve landing pages
• make the offer maximally relevant to the letter
• simplify the path to the target action
• segment the audience and send more precise offers

How to Calculate Email Campaign Conversion

Calculation formula

Email campaign conversion is an indicator that reflects how many users completed the target action after receiving the letter.

Conversion is calculated using the formula:

conversion = (number of target actions / number of delivered letters) × 100%

• lead submission
• purchase
• registration
• transition to the target page

Calculation example

Suppose you sent 1000 letters, and 30 users submitted a lead.

conversion = (30 / 1000) × 100% = 3%

Sometimes conversion is calculated from clicks rather than all letters. That's why it's important to understand which conversion you're analyzing: from delivered letters — shows overall effectiveness; from clicks — shows the effectiveness of the page or offer.

Conversion is the key metric for email campaigns, as it is directly linked to the business result. Opens and clicks show engagement, but only conversion answers the main question.

Email campaign metrics allow you to understand how users interact with letters at each stage and exactly where potential clients are being lost.

Without analyzing metrics, email marketing turns into sending letters 'blind', without understanding what works and what doesn't.

Only systematic work with metrics allows you to improve campaign effectiveness and achieve stable growth in leads and sales.

The Holymailer team will help you set up analytics, build a campaign system, and improve email marketing effectiveness from the first launches.

• analyze key email campaign metrics
• track open rates, clicks, and conversions
• test different scenarios and hypotheses
• manage email campaigns from a single interface