SaaS Email Marketing Metrics

Email marketing is one of the most critical points of marketing strategies for any business. Even though email marketing seems fairly an easy and simple form of marketing, it actually requires a lot of attention and background knowledge. Understanding and mastering email marketing metrics, thus, should be your priority if you want to successfully write different types of emails such as welcome emails and to ensure an effective marketing strategy.

Most of the time business owners complain about their email marketing and how it cannot create value for their product/service. However, in most cases, unsuccessful email marketing is associated with misunderstanding and inexperience of email marketing metrics. To use emails as marketing tools, you need to identify and choose specific metrics in relation to your goal. Without deciding on what you want to achieve with your emails, you cannot write goal-focused emails and use those emails to their fullest potential.

To have a successful email marketing strategy, first, you need to understand what email marketing metrics are. Email marketing metrics are important data points that you should track to analyze how your customers are receiving and responding to specific emails. They can provide you with valuable information about customer behaviors, preferences, and life cycles. Therefore, extracting data about email metrics is the key to getting the most out of your email marketing.

Email Marketing Metrics: 6 KPIs for Emails That Rock - Essence of Email
From Essence of Email


Return of Investment (ROI), in general, is the measure to assess the profitability and efficiency of an investment. As an email marketing metric, ROI is the measure of the profitability of email marketing. In other words, you can think of ROI as dollar for dollar: How much you, as the business owner, spend on an email, and how much you gain in return. Email marketing has one of the highest ROIs, with an average of $44 gained to $1 spent, across all businesses and marketing strategies. Therefore, tracking and understanding your ROI is vital to enhancing your email marketing.

To analyze ROI, you need to be aware of how much you spent and how much you earned through email marketing. By looking at these figures, you can have a general idea of what your current ROI is and how you can improve it. If you have a low ROI, you need to consider revising your email marketing strategy and identifying any possible problems in your marketing that could cause this. If you have a high ROI, you should also check the possible areas that help you to have a high ROI. By analyzing different email marketing metrics, you can understand your ROI and take data-driven actions.

ROI = (Gain – Spent) / Spent

Open Rate

Email open rate is the number of people who open your emails. However, an email is counted as open if the following occurs:

  1. Images are enabled in the email
  2. A link in the email is opened

As you can understand, just clicking on the email isn’t counted as an open email. Therefore, not engaging with the email is actually a passive action, not affecting your open rate. This could be detrimental in the long run because if your customers are not engaging with the content you’re providing, you cannot get value from email marketing.

Tracking open rates can help you to distinguish between “active” and “passive” customers and give you an idea about your weaknesses and strengths in your email marketing. In 2020, the average open rate for B2B businesses was 21.3%, which was less than in previous years. This doesn’t mean that email marketing is coming to an end. Historically speaking, a decrease at the open rate is most of the time followed by an increased period. Therefore, tracking and improving your open rate should be one of your priorities.

Open rate is also crucial to understand whether the message you want to convey through emails is successfully passed to your customers. If you can collect data about open rates, you can make effective plans to how to improve your open rate and ultimately your whole marketing strategy.

Email open rate = (Number of Emails Read / Number of Delivered Emails) x 100

email open rate by year
From SuperOffice

Click Rate

Click rate is the percentage of successfully delivered emails that got one or more clicks. It is essentially the email marketing metric that helps you to understand whether your customers find your emails useful/relevant enough to click through. If you are not offering them anything (can help over a problem, a promotional offer, new information or a feature, etc.), your click-through rate will be below.

To have a better click rate, you need to create content that can appeal to your customers. This doesn’t necessarily mean that you need to change your content. You can achieve a high click rate by just changing the subject line or the sender name. These can help your customers to understand the context and sender of the email instantly, without spending time and effort, which are things that can directly affect your click rate.

Other ways to improve your click rate are the structure and visuals of your emails. If your emails contain distracting images and unnecessary sentences, your customers will not try to solve what your emails want to say and will leave the email without clicking on any link. Likewise, avoid using phrases like “click here” for links because they are vague and unclear. Customers tend to click on links that are smoothly embedded in words/phrases/sentences that they cannot understand. Therefore, while constructing your emails, you should consider different aspects of an email and create an email that is both visually and contextually appealing.

Also, regularly checking your subscribers’ list can make a huge difference in your click rate. Keeping track of hard bounces (failed email addresses) and soft bounces (temporarily unavailable email addresses) can help you to clean and revise your subscriber list and help you to improve your click rate.

Average Click Rate = (Contacts Who Clicked on a Link in Your Email / Total Number of People Who Received the Email) x 100

Email List Growth Rate

As the name implies, email list growth is the rate at which your subscriber list is growing. This is one of the metrics that can help you to understand how many of your customers you are reaching and how many of you cannot reach. Email list growth rate also accounts for the unsubscribers, which are as important as new subscribers. Unsubscriptions can give you valuable insights into your email marketing strategy. To track and understand why your customers are unsubscribing from your mailing list and who these subscribers are, you can get help from HockeyStack. With its detailed reports and useful visuals, HockeyStack can easily help you identify your weaknesses and enhance your marketing strategies.

Even though unsubscription is not a favorable action, it is very natural to experience some. There will always be some subscribers that will not engage with the emails you are providing. The important thing is continually expanding your email list so that the number of new subscribers is always exceeding the number of unsubscribers: Focus your energy to find new loyal subscribers, engage with your current subscribers, and provide valuable content for your customers.

Email List Growth Rate = ((Number New Subscribers – Number of Unsubscribers) / Total Number of Email Addresses on Email List ) x 100

Bounce Rate

Bounce rate is the metric that measures how many of your subscribers didn’t receive your emails. Bounces are can occur more frequently than you think because bounces are not just failed email addresses, but they also contain temporarily unavailable email addresses.

Soft bounces are bounces that refer to temporarily unavailable email addresses, meaning that they track temporary problems with email addresses. These can happen when the recipient is on vacation or when the mailbox of the recipient is so full that they cannot look at emails. Hard bounces, on the other hand, refer to failed email addresses, which are permanent problems. When the recipient’s email address is wrong or the email address is closed, a hard bounce will occur.

Tracking and analyzing hard and soft bounces are crucial to understanding the quality of your subscribers’ list and its growth. If you have a high rate of hard bounces, you need to check your list for old, fake, or error email addresses. To minimize these bounces, you can require a double opt-in, which helps you to verify your subscribers’ email addresses and confirm their email subscription. This can significantly lower your bounce rate because it helps you to refine your email list and eliminate any passive subscribers.

Bounce Rate = (Bounced Emails / Sent Emails) x 100

How To Reduce Email Bounce Rate (6 Steps Easy Guide) - weMail
From weMail

Share Rate

Share rate (email sharing rate) measures how many times your recipient shared your email through social media or forwarded it to another recipient. Sharing the email through email is not considered while calculating the share rate. Therefore, to calculate the average share rate, you need to track the number of clicks on the “share this” button on your email.

While share rate can show you the engagement level of your emails, it also gives you an idea of how many potential subscribers you are reaching. This is especially helpful to understand the new additions to your email list and strategize to find new loyal subscribers.

The share rate metric can be used on its own. However, it is mostly used to set helpful benchmarks for the future with a combination of other email marketing metrics. For example, combining click rate and share rate can give you an idea about the quality of your content and the ways your subscribers are engaging with your emails. Similarly, combining share rate with email list growth rate can help you to improve your email list and attract new subscribers.

Share Rate = (Amount of clicks on “share this” button / Total Amount of Delivered Emails) x 100

Unsubscribe Rate

Unsubscribe rate is the rate at which your subscribers unsubscribe from your mailing list. It is one of the simplest and easiest to track email marketing metrics. The Unsubscribe rate helps you to see the number of unsubscriptions and to understand the reason behind those unsubscriptions. It can especially be helpful to identify your weaknesses and strengths in your email marketing campaigns (visuals, content, structure, etc.).

While the high number of unsubscribers can indicate a weakness, it can also indicate that you are effectively refining your email list. For example, if the unsubscribe rate is increasing while the bounce rate is decreasing, it is actually a positive outcome because this means that your email list is clear from subscribers that are not engaging with your content.

In addition, offering your subscribers the opportunity to unsubscribe to your mailing list is an effective marketing strategy to gain the trust of your customers. With this opportunity, you can both show your appreciation to your customers and let them know that you care about their decisions.

Unsubscribe Rate = (Number of unsubscribed / Total Number of Emails Delivered) x 100

How to Track Email Marketing Metrics: HockeyStack

Knowing how each email marketing metric is working is the first step to understanding how effective your email marketing is. However, without using a powerful web analytics tool, you cannot identify problems in your email marketing and propose solutions.

With HockeyStack, you can easily track, analyze, and combine metrics to get the most out of your email marketing.

What’s HockeyStack?

HockeyStack is an end-to-end analytics tool for SaaS companies. It unifies marketing, revenue, sales, and product data into one dashboard with no code so that you can understand what really drives revenue at your SaaS. It’s completely no code, and it doesn’t require any setup.

HockeyStack’s Features

HockeyStack offers these features with no code:

  • Step-by-step user journey
  • Custom dashboards
  • Funnels and goals
  • Insights
  • Surveys
  • Revenue analytics
  • Segments

and more

HockeyStack Pricing

HockeyStack has a free forever plan and 3 paid plans. Paid plans have a 14-day trial with a 30-day refund guarantee.

You can check out the pricing page here.

This image has an empty alt attribute; its file name is Screen-Shot-2021-12-01-at-22.49.46-1024x482.png
From HockeyStack

HockeyStack Integrations

  • Paddle
  • Stripe
  • Hubspot
  • Mailchimp
  • Crisp
  • Salesforce (coming soon)
  • Zapier (coming soon)

HockeyStack Pros and Cons

I might be biased, but this is an objective evaluation of HockeyStack’s pros and cons 🙂

HockeyStack Pros

The unique benefit of HockeyStack is its ability to unify your marketing, revenue, sales, and product data using no code. This allows you to uncover unique insights that you wouldn’t be able to by using multiple tools as they cause you to have fragmented data.

  1. You can integrate with Stripe, Paddle, and Hubspot and build every single dashboard that you can think of, using all sales, marketing, revenue, and product metrics.
  2. You can create funnels, goals, and surveys, which are rare to get with other tools on this list.
  3. You don’t need any developers, tracking is cookieless, and the script is small, so it doesn’t increase your site loading time.

HockeyStack Cons

HockeyStack generally lacks reporting features as it’s not focused on agencies and other reporting-based businesses.

  1. HockeyStack doesn’t have weekly e-mail reports
  2. The tool lacks some integrations, such as Salesforce and Zapier (which are on the roadmap).


Email marketing metrics are essential to understand the quality of your email marketing and to find ways to improve your email marketing. You can use email marketing metrics on their own or you can combine them to identify your weaknesses and strengths. Not tracking and analyzing email marketing metrics can cause difficulties while strategizing new email marketing ideas and attracting new customers (or keeping your current customers) through email. By knowing how specific email marketing metrics are working, you can have better email marketing and overall engagement.


What are email marketing metrics?

Email marketing metrics are important data points that you should track to analyze how your customers are receiving and responding to specific emails. There are different types of email marketing metrics that help you with different aspects of email marketing: subscribers, unsubscribers, spam emails, content, etc.

What are hard and soft bounces?

Soft bounces are bounces refer to temporarily unavailable email addresses, meaning that they track temporary problems with email addresses. These can happen when the recipient is on vacation or when the mailbox of the recipient is so full that they cannot look at emails. Hard bounces on the other hand refer to failed email addresses, which are permanent problems. When the recipient’s email address is wrong or the email address is closed, a hard bounce will occur.

How do you calculate the share rate?

Share Rate = (Amount of clicks on “share this” button / Total Amount of Delivered Emails) x 100