💰 Measure ROI Beyond Email Open Rates

Hey, it’s Ray.

Open rates are one of the first things we all look at in email.

They’re easy to track, easy to compare, and give you a quick pulse on performance.

But in 2025? They don’t tell the full story.

With privacy changes and auto-opens muddying the data, open rates have become more of a directional signal than a reliable metric.

If you're focused on real growth, revenue, retention and long-term value, you’ll need to dig deeper.

Here are the metrics that actually help you optimize, scale, and make smarter email decisions:

5 Email Metrics That Truly Drive ROI

Here are the metrics I recommend tracking beyond opens to get a clear picture of what’s really working:

1. Click-to-Open Rate (CTOR)

What it tells you: Are your emails driving action,  not just opens?

This measures engagement quality, not quantity.

If your CTOR is low, your content might not be relevant or your CTA is getting buried.

To fix a low CTOR, tighten up your copy, make the CTA crystal clear, and ensure your content directly supports the action you’re asking readers to take.

2. Revenue per Send (RPS)

What it tells you: How much money are you making per email sent?

This is the single best metric to judge profitability at scale.

 You want to know:

• Are my campaigns generating real dollars?

• Is my list growth translating to growth in revenue?

Tip: Track RPS across flows vs. campaigns. Flows often outperform.

3. Unsubscribe Rate 

What it tells you: Which emails are killing your list slowly?

People unsubscribe when emails:
❌ Hit too often
❌ Are irrelevant
❌ Feel bait-and-switch

Use unsub rate to spot what not to send again. A healthy range is under 0.3%.

4. Flow Completion Rates

What it tells you: Are your automations actually finishing their job?

Example: In a 5-email welcome series, how many make it to the last email?

If drop-off is happening early, fix:

• Timing

• Relevance

• Deliverability

Flows aren’t "set it and forget it." They’re a conversion engine, if built right.

5. LTV by Email Segment

What it tells you: Which segments are actually valuable long-term?

This is where the pros win.

Track customer lifetime value (LTV) based on how they came in:

• Welcome flow leads

• Abandoned cart converters

• Newsletter-only readers

You’ll find gold in these patterns and it’ll tell you where to invest more.

Your Next Step

If you’re still judging email performance by open rates alone, you’re probably not getting the full picture, or the full return.

That number might look nice in your dashboard, but it doesn’t tell you who clicked, who bought, or who’s likely to come back.

When you start measuring things like click-to-open rate, revenue per send, and flow performance, you’ll start seeing what’s actually driving growth and what’s just noise.

It doesn’t have to be complicated. You don’t need 12 dashboards and a data science degree.

You just need to track the right stuff and know what to do with it. If your current setup isn’t showing you the full story, it might be time to tighten things up.

Cheers,
Raymond Chen
Founder & CEO, 11 Agency

More Ways to Level Up Your Email Game

If this sounds like a lot to manage, don’t worry, I’ve got you covered.

There’s a lot that goes into building a high-converting email strategy. 

If you’re serious about optimizing your email marketing, let’s talk. 

Here’s what we can do:

✅ Done-for-You Email Strategy: If you’re ready to scale but don’t have the time, we’ll build out a full email system that maximizes your revenue. You can book a call with me here. 

✅ Or, if you just want to grab a free resource, get a FREE 10-page KPI audit and a 128-point health scorecard to optimize your email marketing. Get it here!

Extra Tips to Boost Your Email Strategy

If you’re up for boosting your email game, I’ve got a few more gems for you:

📺 Watch My YouTube Tutorial: Create a High-Converting Welcome Sequence in 2025
Ready to turn new subscribers into loyal customers?

In this video, I’ll show you how to build a high-converting welcome sequence that boosts engagement and email deliverability. Using Klaviyo, I’ll guide you step-by-step on optimizing your flows for success. Plus, I’ll share key tips for Shopify brands to drive more sales with email!👉 Watch it here: 

📝 5 Email Loyalty Marketing Programs That Drive Repeat Business
Many brands struggle to turn one-time buyers into loyal customers.

We’ve put together 5 proven email loyalty programs that encourage repeat purchases and build long-term relationships with your customers. Want to see the programs that actually work? 👉 Check out the full list here: 5 Email Loyalty Marketing Programs That Drive Repeat Business

💡 Let’s Connect on LinkedIn
I share daily email marketing tips, behind-the-scenes insights, and strategies that actually work. If you’re looking for extra value beyond this newsletter, let’s connect!👉  Follow me here.