Module 2: Deliverability & Measurement · Lesson 5 of 5

Measuring Email Funnel Performance

Which email metrics matter, which mislead, and how to connect email to revenue.

1 min readUpdated 2026-09-26

Lesson objectives

  • Track click and conversion by sequence
  • Interpret open rates carefully

Open rates are less reliable than they were

Privacy features in some email apps can register opens automatically, inflating open rates. Treat opens as a rough trend, not a precise measure.

Metrics that matter more

  • Click rate: people who clicked a link in the email.
  • Conversion rate per sequence: subscribers who completed the goal (bought, booked).
  • Revenue per subscriber: revenue attributed to email ÷ list size.
  • Unsubscribe and complaint rates: early warning signs.

Action steps

  1. Add UTM tags to your welcome sequence links
  2. Record click and conversion rate for each email

Checklist

  • Each sequence has a goal
  • Links are tagged
  • I review results monthly

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