25 Ways to Measure the Success of Your Newsletter

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When I sit down with a prospective client, I typically ask two big questions. The first is one they always have an answer to: What do your metrics look like at this moment? In response, they usually share a few stats, often starting with open rate and list size.

But the second question is harder to answer: What does success look like for your newsletter in the next year?

Sometimes, they tell me that success means growing their audience or converting a certain percentage of readers to paying subscribers or customers. Other times, they look at me and say, “Dan, I was kind of hoping you could answer that for us.”

The truth is, most newsletters — even ones that have been running for years — don’t measure success quite the way they should. Most look exclusively at two metrics: open rate and list size. 

But those two metrics only give you a narrow view of a much bigger picture. You need to evaluate additional metrics to understand what’s actually working (or what’s not) with your newsletter.

When I work with a client, I try to break down success into one of four categories:

1. Engagement
2. Growth
3. Monetization
4. Feedback

In this guide, let’s look at 25 core metrics underneath those four big categories. I’ll tell you what I tell my clients: Your goal should be to pick at least one metric from each category. Once you start to measure these metrics over a longer period of time, you’ll be able to better understand how to improve your emails and figure out where to invest to make your newsletter as good as it can be.

Engagement

1.) Open rate

Every newsletter should think about metrics beyond open rate, but let’s start here since it’s one of the most misunderstood metrics.

Open rate doesn’t actually measure whether a real person opened and read your email. Your email service provider, or ESP, places a tiny image, something a fraction of an inch wide, in your newsletter. When a newsletter is opened, the inbox sends a message back to your ESP that it needs to download that image and display it to your reader. The ESP gets that message and records it as an open — though that doesn’t mean a person has actually seen the email.

“Open rates measure nothing more than an image pixel being opened,” Tom Kulzer, CEO at AWeber, told me. “That’s all it’s measuring. It is not measuring whether or not a human opened the email. It never has, it never will.”

Your open rates might be inflated if your emails are opened by a security tool trying to check email for malicious content or by users who have Apple’s Mail Privacy Protection, or MPP, feature turned on. With MPP, it’s possible for a reader to ignore your newsletters but still show up in your ESP’s data as being highly engaged. Here’s what’s happening with MPP:

In September 2021, Apple rolled out a new feature called Mail Privacy Protection, which tries to protect user data from email marketers. But MPP doesn’t really protect your data — it mostly makes it harder to understand if your audience is actually engaged. When users turn on MPP, Apple opens emails on their behalf.

MPP has been so widely adopted by consumers that, according to a November 2023 report from Litmus, more than 65% of all emails opened are connected to MPP. (Outlook, for comparison’s sake, represented about 3% of global opens.) 

All that’s led to significant inflation across the industry in terms of open rates. Among Inbox Collective clients, many have seen open rates rise by 10-20% since MPP rolled out.

But open rates can also be significantly depressed, primarily by two factors. One is if readers have images turned off in their inbox. If that’s the case, the tracking pixel in the newsletter won’t fire, leading to an undercount by your ESP.

The other factor is email clipping. In Gmail, if an email has more than 102 kilobytes of code, it may get cut off. Most ESPs place the tracking pixel at the bottom of the email, so if an email gets clipped, the tracking pixel may not be displayed, which leads to a lower-than-expected open rate.

And if all that doesn’t complicate things enough, there’s this: Different ESPs display open rates differently. Common ways ESPs might show open rate include:

• Unique open rate — The percentage of unique users who opened an email at least once, divided by the number of unique emails sent.
• Estimated open rate — A version of unique open rate, adjusted for users who likely opened an email but had images turned off.
• Non-MPP open rate — Another version of unique open rate, adjusted for users who are not Apple users or who have MPP turned off.
• Total open rate — The number of times an email was opened divided by the number of unique emails sent.

I would discourage you from using that final metric — it can be wildly inflated by bots or users who forward a newsletter to listservs or large lists. (The latter happened often at BuzzFeed, which is why some of our newsletters regularly saw total open rates north of 100%. Any metric where more than 100% of your audience is doing something is probably not one you should put too much stock in.)

As for the others, check with your ESP to see what they actually show you when you look at your open rates.

What does a “good” open rate look like? Since MPP rolled out, the numbers have been higher than they used to be. The average open rate will vary based on the audience you send to and the quality of the content you send, but here are a few benchmarks shared by major ESPs in 2023:

• ConvertKit says the average open rate of their users is 43%.
• Beehiiv says their average is 38.7%..
• Mailerlite says their average is 37.6%.
• Constant Contact says their average is 36.5%.

I typically tell newsrooms, non-profits, and individual writers that if your open rate is consistently below 30%, something might be wrong. That’s a sign that you should look more closely at how you grow, how you protect your sign-up forms from bots, and how you win back inactive readers.

2.) Percentage of readers who frequently open

Before MPP, this was one of my favorite metrics to track. Some ESPs, like Mailchimp, provide a star rating (on a scale of one to five stars) to show you how engaged a reader is. Others, like SailThru, place readers into buckets based on high engagement (readers can be “Engaged,” “Active,” or “Passive”) or disengagement (“Disengaged” or “Dormant”).

Before MPP, I’d often tell clients, particularly those with a paid subscription, membership, or donation strategy, to primarily target readers who frequently opened and engaged. Those four- or five-star readers were far more likely to pay than the one- or two-star readers.

But most of these metrics are based at least partly on open rate, and since open rate isn’t always highly accurate anymore, you should take these metrics with a grain of salt. They can still point you towards general engagement patterns — a high percentage of frequently inactive readers would be a red flag, for instance.

3.) Click rate

Most ESPs will give you several options for measuring how many readers clicked through from your newsletter, including:

• Click rate (CTR) — The percentage of unique readers who clicked on at least one link, divided by the number of emails delivered to inboxes.
• Click-to-open rate (CTOR) — The percentage of unique readers who clicked on at least one link, divided by the number of unique emails opened.
• Unique clicks — The total number of clicks on links in your email, but a unique reader only counts for one click, even if they’ve clicked multiple times on the same link.
• Total clicks — The total number of clicks on links in your email, including multiple clicks from the same reader.

Which click metrics make the most sense for you? I typically recommend click-to-open rate — even though opens are inflated, it still gives you a decent view of what happens after users open your newsletter.

What does a good click-to-open metric look like? In 2023, ConvertKit said the average CTOR was 9.2%, while Mailerlite said their average was 8.9%.

One more thing: If you’re sending to a high percentage of business, .gov, or .edu email addresses, you may see higher-than-expected click data due to bots checking the links in your email for malicious content. One ESP, Omeda, estimated that more than three out of every five clicks on newsletters come from these bots. But if you send to a more general mix of email addresses, like readers using Gmail or Yahoo, bots may not be as prevalent. (AWeber said the percentage of bot clicks on those emails is closer to about 5%.)

4.) Percentage of readers subscribed to 2+ newsletters

If you’re a large publisher or organization that sends multiple newsletters, track the percentage of readers who are signed up for two or more of your newsletters. Typically, the more someone reads your newsletters, the more likely they are to buy something from you, like a subscription or product. Tracking this percentage might give you a sense of your highly-engaged audience.

If your percentage of readers on 2+ newsletters is lower than expected, then that may be a sign you need to do cross-promotion across your newsletters to get readers onto that second or third newsletter list.

5.) Time on site from newsletters

Some tools can log how long a reader spends reading a newsletter, but most measure only the first six seconds of engagement. Six seconds might be a lot for a brand trying to sell airline tickets or t-shirts, but for a news organization, non-profit, or independent writer, six seconds is barely enough time for a reader to reach the end of your first sentence.

Instead, if you’re driving people to your website, try tracking engagement from newsletter readers on your site. Most common analytics tools like Google Analytics can do this. (I personally use Fathom Analytics on my site — GA can be a little overwhelming for an indie publication like mine.) Just make sure to add UTMs — those little bits of code at the end of the URL that let you track the source or campaign that a reader came from. Many ESPs allow you to easily add UTMs to your links, or you can use a free tool like UTM.io to create them.

Time on site should give you a good sense of whether readers who click actually read your content. At The New Yorker, for instance, I looked at this metric closely. Many of our stories were tens of thousands of words long, so if I saw a story with a high number of clicks but low time on site, it meant readers weren’t really reading, and we needed to adjust how we promoted that story.

6.) Traffic to site from newsletters

If you track time on site, you should also track traffic from newsletters. You can do this either by tracking the number of unique visitors within a time period or by tracking the total number of page views.

There’s usually a gap between these numbers. For instance, I published a story in November titled “19 Great Newsletter Landing Pages You Can Learn From.” As of this writing, about 3,200 unique readers have visited that page, but they’ve generated roughly 6,400 page views. For my site, that typically means some readers are returning again and again to the page — in this case, probably to read about other examples they can apply to their own landing page.

7.) Unsubscribe rate

While a high open or click rate might be an indicator that readers are enjoying your newsletter, a high unsubscribe rate should be a red flag that something’s wrong.

The magic number to stay under, based on the data I’ve looked at over the past decade, is 0.25% — if you see more than 0.25% of readers on a single email unsubscribe, you’ll want to look more closely into the issue. A high unsubscribe rate might mean that content isn’t matching up with what readers expect or that you’ve been adding readers to your list who didn’t expect to receive newsletters from you.

Every newsletter sees some unsubscribes, but consistently low unsubscribe rates are a sign of a healthy newsletter list.

8.) Spam complaint rate

This metric looks at the percentage of users who marked your email as spam. (It doesn’t measure the number of emails delivered to the spam folder.)

This number is very low for most newsletters — when I look at a typical client’s data, a normal spam complaint rate is 0.0%. But there’s a new reason to track this closely: As of February 1, 2024, Gmail will require anyone who sends newsletters to any Gmail users to stay below certain spam complaint thresholds. They say:

“Keep spam rates reported… below 0.10% and avoid ever reaching a spam rate of 0.30% or higher.”

The challenge is that mailboxes like Gmail usually don’t share spam complaint data with your ESP. You can only find spam complaint reporting from Gmail, for instance, by setting up Gmail Postmaster, a free tool that tracks data points like the health of your sender IP, domain reputation, and spam complaints. Setting up Postmaster takes just a few clicks — here’s a 60-second video to walk you through the process. 

If you deal with lots of spam complaints, here are a few steps you should consider taking to improve the health of your email program.

9.) Bounce rate

Bounces occur when a newsletter cannot be delivered to an inbox for one of two reasons:

• Soft bounces are the result of temporary issues with a mailbox. Maybe a mailbox is full, or maybe there were one-off technical issues that prevented the newsletter from being delivered that day. These issues typically resolve themselves within a few days.
• Hard bounces are the result of permanent issues with a mailbox — like a user’s mailbox being shut down when they change jobs or email addresses. Many ESPs will automatically remove a reader from your list if they hard bounce.

Bounce rates should be fairly low — in 2023, Mailerlite saw an average bounce rate of 0.4%, while ConvertKit’s bounce rate was 0.3%. Anything above that is a sign that you need to clean unengaged readers from your list immediately. High bounce rates can send a signal to inbox providers that your emails are untrustworthy and belong in the spam folder.

10.) Inbox placement rate

Somewhere in your ESPs reports, you’ll probably see a metric labeled “delivery rate” or “successful deliveries.” That measures the percentage of emails that were sent and didn’t bounce back — but it can’t tell you if your newsletter was delivered to the spam folder or the inbox, and it can’t tell you where in the inbox your newsletter might have landed.

Instead, I’d look more closely at a metric known as inbox placement rate, which looks at the percentage of emails delivered to the actual inbox — not spam folder. This isn’t something that every newsletter will want to monitor closely since you’ll need a third-party tool, like Glock Apps, Inbox Monster, or Validity, to track this over time. (There are some free tools, like this, that allow you to run one-off tests.) But if you send hundreds of thousands of emails a day, you may want to make the investment in one of these tools since a sudden dip in inbox placement could be incredibly costly for your businesses.

Growth

11.) Newsletter list growth

You probably already keep close tabs on the size of your newsletter list, but you may also want to track two other metrics when it comes to growth:

• Active list size — What percentage of your list has opened or clicked on an email in the last 90 days? I’ve already laid out why opens and clicks aren’t perfectly accurate, but if you see readers on your list who haven’t engaged at all during that window of time, you can be reasonably confident that they are truly unengaged. Advertisers are going to be most interested in the size of your active list — unengaged readers are unlikely to see their ads or buy their products.
• Engagement by referral source — Some ESPs, like Beehiiv, allow you to look at open rate or click rate based on a reader’s sign-up source. Did readers who came via Facebook ads engage? What about the ones who attended an event? You may want to track whether certain channels lead to newsletter engagement.

If your list isn’t growing as fast as you expected, take a look at the ideas in this list — you may find a few new ways to grow your subscriber base.

And not every newsletter needs to commit to growing fast. For some, slow growth is the right option. But even if you’re OK with a slower pace of growth, you probably do want to keep tabs on the overall size of your audience.

12.) Total unique opens

Many larger brands, like newsrooms or ecommerce players, may send out lots of email per month across multiple lists. But as Yanna-Torry Aspraki has written, an increase in emails sent without a corresponding increase in emails opened may set off alarm bells for spam filters.

So, every month, track how many total emails were opened by readers. Since all of these newsletters will be affected by MPP or bots, you’ll be able to get a fair comparison of how engagement is changing month over month. If you see a significant bump in emails sent without a bump in emails opened, that’s a deliverability red flag.

13.) Conversion rate on sign-up forms

If you’re creating a new landing page, sign-up module, or pop-up on your site, you should track how effectively those forms convert readers to newsletter subscribers. Growth tools like OptinMonster can show you what percentage of readers saw a form and entered their email address — a low conversion rate is a sign that you need to improve the copy or design of a form to convert more readers. OptinMonster also allows for some A/B testing on those forms, or you could use tools like CrazyEgg or Optimizely to A/B test multiple versions of a landing page.

14.) Reactivation rate

As the number of inactive readers on your list grows, it’s wise to run a reactivation campaign to win back these readers. But reactivation campaigns are not one-size-fits-all — some will be far more effective at winning back readers who’ve started to drift off. So it’s worth tracking reactivation rate, or the percentage of readers who re-engage with newsletters and become active readers again, thanks to one of these campaigns. (Some teams will refer to this metric as “winback rate.”)

As I’ve written before, the first time you run a campaign, anything between a 2-5% reactivation rate would be considered a success. Over time, you can always make tweaks to your strategy to improve your reactivation rate. I’ve found that at best-in-class newsletters, you might see a reactivation rate of anywhere between 5-15%.

15.) Customer acquisition cost

If you spend money to grow your email list, be sure to closely track customer acquisition cost, or CAC.

CAC measures the cost to acquire one newsletter subscriber. So, let’s say you spend $1,000 on a series of ads and bring in 500 new subscribers. Divide the cost of the campaign ($1,000) by the number of subscribers (500), and you’ll get the CAC — in this case, $2.

Most newsletter operators, when they first start running advertisements, tend to invest more in ads that produce a lower CAC. But as Boye Fajinmi, co-founder and president of The Future Party, told Inbox Collective, “I wish we had known early on that not all growth channels are the same. Cheaper CAC doesn’t at all mean more valuable CAC.” Certain growth tactics, like running giveaways, often lead to lots of new subscribers but relatively low engagement. Keep tabs on which channels drive both growth and engagement.

16.) Payback period

Here’s one metric that savvy newsletter operators measure closely: payback period.

Let’s say it costs $2 to acquire a newsletter subscriber. Payback period looks at that CAC, as well as the estimated lifetime value of a subscriber — which we’ll get into below — to show you how long it will take to make your money back on that one new subscriber.

The best newsletters think about paid acquisition as an investment, not an expense. The goal isn’t to acquire readers at the lowest cost — it’s to bring in readers who will return value to your newsletter in the long run. Understanding the payback period for each growth channel also allows you to set limits on CAC. “Once we understand what a payback period is, that’s a true measure of… what the CAC should be,” Eliot Crist, CEO of Fantasy Life, told Inbox Collective.

Calculating metrics like payback period can be a bit tricky, but there are free tools, like Beehiiv’s Newsletter Navigator, to help you calculate your payback period, CAC, and subscriber lifetime value.

Monetization

17.) Newsletter subscriber lifetime value

Subscriber lifetime value (LTV) is a metric that helps you answer a simple and yet surprisingly complicated question: What’s the value of one newsletter subscriber?

LTV looks at a few things to help you understand what one subscriber is worth: open rates, ad revenue, conversion rates to a paid product (like a subscription), and the value of that paid product. (Sophisticated publishers might even add revenue from their website into their LTV model.). LTV is particularly important when deciding whether to spend money to grow your list. If you know that you’ve got a high LTV, then it’s a lot easier to justify spending a few dollars to acquire an individual email address — since that reader will likely be worth more to you in the long run.

Every newsletter will have a different LTV. For a newsletter that makes money via ad revenue, the typical value of a subscriber might be anywhere from $3 – $10 per year. For one that sells high-priced subscriptions or products, the value might be in the hundreds of dollars per year.

Again, I’ll nudge you towards Beehiiv’s Newsletter Navigator — input a few metrics, and it’ll spit out your estimated LTV.

Some teams — particularly those who monetize exclusively via ads — tend to measure success through a metric known as average revenue per user (ARPU). Either LTV or ARPU can work for you, but it’s helpful to have some sort of sense of what your subscribers are worth.

18.) Click rate for ads

If you sell ads, be sure to track what percentage of readers, on average, click on the links in your newsletter. The higher the click rate, the more you may be able to charge.

But I’ll issue this caveat again: Bots may affect click data. Be transparent with your advertiser about this. If you’re tracking clicks for an advertiser, set expectations up front about which data points you’re sharing — are you giving them the number of unique clicks or total clicks? — and what it means.

19.) Ad revenue from newsletters

The more revenue you bring in from ads, the more closely you’ll track total ad revenue. But you may also want to track the dollar value at which you sell these ads. Newsletter operators refer to this number as cost per mille (CPM), CPM/opens, or cost per opens (CPO). All of these terms refer to the same thing: the rate that an advertiser pays per every 1,000 readers who open an email. Even if you sell your ads at a fixed price, you still should track this number.

The number may vary for a few reasons. You might be selling a big package of ads to an advertiser at a discounted rate. That’s great for your total sales numbers, but it may mean you’ve sold at a lower-than-usual CPM. Or you could be offering discounted rates to try to fill unsold inventory at the last minute.

Some tools, like Sponsy, can even help you track which ad placements drove more revenue than usual compared to your newsletter’s averages and which might be lagging behind.

20.) Conversions from the newsletter to supporters or customers

Maybe you sell something in your newsletter, like a subscription that readers pay for to receive additional content. Perhaps it’s a membership, where readers get access to a community or additional benefits. Maybe it’s a donation strategy where readers choose to give to support your work. Or it might be a paid product, like a course, ebook, or merchandise.

If you sell something, make sure to track the rate at which new readers convert to paying supporters or customers. Understanding that is key to unlocking your LTV, but it’s also an indicator of your overall paid strategy. A low conversion rate might indicate that you’re selling the wrong products to the wrong audience, or it could be a sign that your promotional tactics aren’t very effective. What’s behind the disconnect? You may need to run a survey to better understand the nature of the problem.

21.) Percentage of supporters on at least one newsletter list

Any newsletter with a reader revenue strategy — a paid subscription, membership, or donation — will want to track this metric closely. (The one exception: independent writers who publish primarily through newsletters, since probably all of your paying subscribers are also newsletter subscribers.) There’s usually a clear connection between reader engagement and reader retention. The more your readers actually read your content, the more likely they are to choose to renew their support. If you notice that this percentage is dipping, that’s a sign that you need to do more at the point of payment to convert paying supporters to newsletter readers.

22.) Additional revenue from newsletters (events, affiliate, etc.)

Your newsletter might bring in revenue in ways outside of ad revenue or reader revenue. For instance, for Inbox Collective, I keep close tabs on event revenue, as well as affiliate revenue. (When readers purchase products from certain partners, I may receive a small commission.) For me, a metric like LTV is tough to measure since some readers become consulting clients who might be worth thousands of dollars to me. But in lieu of LTV, I like to track all the different revenue streams to better understand the value of my audience.

Feedback

23.) Net Promoter Score or another quantitative metric

When you’re running a survey, I always recommend asking something numeric. One of the most common questions is around Net Promoter Score, or NPS, which follows the format: “On a scale of 1 to 10, how likely are you to recommend our newsletter to a friend or colleague?” What’s nice about NPS is that you can measure your results against those of other similar orgs.

But you don’t have to use NPS. You can also ask a simple question like, “On a scale of 1 to 5, how much do you like our newsletter?” The results should give you a decent sense of reader satisfaction, and you can compare your results to those from previous surveys to understand if you’re improving your newsletter over time.

Plus, you don’t need to ask this via a big survey — a simple poll at the bottom of a newsletter might be enough to collect numeric feedback.

24.) Survey feedback

Input from readers shouldn’t be limited to just a numeric type of question. You can ask for feedback about the content readers find most valuable or ask what they would add to the newsletter if they could change just one thing. I’ve even asked readers how they’d feel if I shut down my newsletter. (No, I never plan to shut down my newsletter, but if a lot of readers say they’d be heartbroken if it disappeared, that’s a sign that readers must really like it.)

There may be specific numbers you can pull from these surveys (i.e., “74% of readers say they subscribe to my newsletter to find new recipes”). Or you can look at the big picture: Do readers seem to feel more positive or negative about my newsletter?

25.) Direct replies to your newsletter

Reader replies are great for a lot of reasons — they can help with deliverability and allow you to build a 1-to-1 relationship with your audience — but they’re also a great indicator of engagement with your list. Readers usually don’t reply to newsletters unless they’re highly engaged. (When’s the last time you took the time to reply to an email you were lukewarm on?) A high percentage of reader replies is a sign that you’re sending something people make time for.

This is actually something you can track — at least in small ways. (There isn’t an official name for the metric, though Ann Handley described it as Open to Write Back Rate or OWBR.) For instance, over the years, I’ve kept tabs on how many readers write back to my welcome email — about one in five readers replies. If I notice that lots of readers sign up but don’t reply, that’s a warning sign that I might be attracting readers who are not engaged with what I have to say.

A few next steps

There is no one metric that every newsletter uses. You’d expect that some metrics are universal — Dan, surely every newsletter looks at their open rate, right? — but I’ve worked with teams that have turned open rate tracking off as part of a privacy promise to readers.

Since there isn’t a universal metric that all newsletters use, it’s up to you to figure out which metrics make the most sense for your newsletter.

The most important thing is to make sure you look at a variety of metrics. When I think about newsletter data, I think back to something my first boss at BuzzFeed, Dao Nguyen, used to say. Here’s how she explained her approach to newsletter data to Fast Company: 

“For a long time, it was: you want to get subscribers up, you want to get clicks up, you want to get unsubscribes down. But one of the things we talk about all the time is there is no one metric you are optimizing for. Anyone who just optimizes to one metric is going to eventually have a problem.”

With that in mind, here are some approaches to measuring success for your newsletter:

• Try to pick at least one metric from each of the categories above — If you rely too heavily on open rate or LTV, you may not be accurately evaluating your entire newsletter strategy. Adding in other metrics, from engagement to revenue to growth to reader feedback, should help you see the bigger picture. And if you can’t pick a metric from a category — for instance, if your newsletter is a side project and you don’t aspire to make any money off of it — feel free to ignore that category.
• It’s OK if you use different metrics for different newsletters — Let’s say you’re a publisher with five different newsletters. One might be designed to drive traffic back to the site, so you’d focus on metrics like click rate or time on site. Another may be anchored by a particular writer without a lot of outside links. For that newsletter, survey feedback, conversions to a paid product, or reader replies might be a better indicator of success.
• Think about how you’ll track these metrics — You can do this the old-fashioned way: Create a spreadsheet and input your metrics on a weekly, monthly, or quarterly basis, or send a regular email to your team with the latest numbers. Or you could use newer tools to track this. Glueletter, for instance, can automatically send email or Slack reports about the performance of recent campaigns. You could also use a tool like Databox to create sophisticated dashboards showing recent newsletter results. 
• Make time to review your metrics and hold yourself accountable — Whatever metrics you choose, make sure you create space to review these numbers, figure out what they’re telling you, and decide what to do next to improve your newsletter. So many teams track these numbers but fail to act on them. But each metric should inspire you to take the next step. Have your growth numbers slowed down? That’s a sign that you should deploy new ways to convert readers to subscribers. Are CPMs lower than usual? You may want to revisit your strategy for selling ads.

Pick the metrics that matter most to you, and use them as guideposts to figure out how to keep improving your newsletter.

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