Free tool

Free Email Marketing Performance Calculator

Plug in sends, opens, clicks, conversions, and revenue to see open rate, CTR, CTOR, conversion rate, revenue per email, and ROI in seconds. Benchmarked against B2B and ecommerce email industry ranges.

Results

Engagement and revenue

Revenue per email —

ROI —

Sent

—

Opened

—

Clicked

—

Converted

—

Metric	Value	Benchmark

How it works

Three steps from ESP report to email economics you can defend

Pull raw counts, compute rates, compare to benchmarks. The hardest part is being honest about what opens actually mean now.

S

From: SourceLoop Weekly

Q2 attribution recap →

50K sent 11K opens 1.25K clicks

01
Pull from the ESP report

Mailchimp, Klaviyo, HubSpot, Iterable, Customer.io. Use unique counts, not totals. Use 'delivered', not 'sent'.
Open 22%

CTR 2.5%

CTOR 11.4%

02
Read the three rates

Open rate (with MPP caveat), CTR (most reliable), CTOR (content quality). Each tells you a different thing about the campaign.
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Q2 attribution recap

Promo to active list
- Revenue / email $0.18
- AOV $150
- ROI 36x
03
Convert to revenue economics

Revenue per email is the number that makes email comparable to paid channels. ROI tells you the program economics at full scale.

Inputs explained

What each input does (and what to watch out for)

Six fields. The first five are everything most ESPs report. Send cost is optional and only needed for ROI.

Recipients sent

Total successful sends (after bounces). Pull from your ESP's campaign report. Some platforms call this 'delivered', which is what you want.
- 10K list
- 50K list
- 500K+ list
Opens

Unique opens, not total opens. Be aware that Apple Mail Privacy Protection inflates iOS open counts by 30 to 50 percent on consumer lists. Discount accordingly.
- 20% list typical
- 30%+ engaged
Clicks

Unique clicks across all links in the email. The single most reliable engagement signal post-MPP, since opens are now mostly noise on consumer lists.
- 1 to 3% list
- 2 to 5% B2B
Conversions

Orders placed or leads filled out the form. Pull from your ESP if it has commerce integration, or from your store/CRM tagged with the campaign UTM.
- 1 to 5% of clicks
Revenue

Total revenue attributed to this email. For B2B, use closed-won pipeline value if the email drove a deal. For ecom, use order subtotal net of returns.
- Net of returns
Send cost

Optional. ESP cost per send plus any production cost. For a $500/month ESP sending 100K emails, that is $0.005 per send. Skip for ROI-only purposes.
- $0.001 to $0.01 per send

Best practices

Five rules for reading email performance honestly

01
Trust clicks, not opens

Apple Mail Privacy Protection inflates iOS open counts on consumer lists by 30 to 50 percent. Click-through rate is the only universal engagement signal that hasn't been distorted.
02
Compare CTOR for content quality

CTOR isolates how compelling the email is for people who actually opened it. CTR can be high because of subject line tricks. CTOR tells you whether the body did its job.
03
Use revenue per email, not just total revenue

Total revenue scales with list size. Revenue per email scales with quality. The latter is the number that lets you compare campaigns and segments fairly.
04
Track active list, not total list

Inactive subscribers (no open or click in 90 days) drag your engagement metrics down. Most successful ESPs suppress them automatically. Make sure your reports do too.
05
Tag campaigns with UTMs and tie to revenue

ESP-reported revenue is usually clicks-through-and-bought attribution. Real attribution accounts for multi-touch. The gap is often 30 to 50 percent for nurture flows.

Guide

How to read email performance honestly

The post-MPP world: opens are mostly noise

Apple Mail Privacy Protection (introduced in iOS 15) preloads tracking pixels for users who enable it, which is the default. The result: iOS Mail opens are reported even if the user never actually opened the email. On a consumer list with 50 percent Apple Mail share, your reported open rate is 30 to 50 percent inflated. This isn't getting fixed. The industry response has been to deemphasize open rate in dashboards and rely on click rate as the primary engagement signal.

The math, top to bottom

open_rate    = opens / sent
ctr          = clicks / sent
ctor         = clicks / opens
conv_rate    = conversions / clicks
revenue_per_email  = revenue / sent
roi          = (revenue - send_cost) / send_cost

CTOR matters because it removes the open rate noise. If your CTR is 2 percent and CTOR is 4 percent, you need a better subject line. If CTR is 2 percent and CTOR is 12 percent, your subject line is fine and the body content is doing its job, but you're not opening enough emails to scale.

Realistic benchmarks by industry

B2B newsletter: 25 to 40% open, 2 to 5% CTR, 8 to 15% CTOR
Ecommerce promo: 15 to 25% open, 1 to 3% CTR, 5 to 10% CTOR, 1 to 3% conversion
SaaS lifecycle / nurture: 30 to 50% open, 3 to 7% CTR, 8 to 15% CTOR
Transactional (receipts, confirmations): 50%+ open, 10 to 15% CTR (high because expected)
Cold outbound (sales): 30 to 50% open, 2 to 5% reply rate (different metric)

These are post-MPP realistic ranges, not the inflated numbers you see in industry reports from before 2022.

Revenue per email is the number that matters

Open rate, CTR, and CTOR are diagnostic. Revenue per email is the outcome. It's the only metric that lets you compare email to paid social, paid search, or any other channel on a dollar-for-dollar basis. Healthy ecommerce promotional emails generate $0.10 to $0.50 per send. Premium B2B nurture flows can hit $1 to $5 per send because of larger deal sizes. Below $0.05 per send, the program is fighting deliverability or targeting more than economics.

The 36:1 ROI myth

The widely-cited "$36 ROI per $1 spent" stat comes from older studies that count revenue per dollar of ESP fee, ignoring all other costs (production, design, list management, deliverability tooling, marketing salaries). Real fully-loaded ROI for email programs typically lands at 5:1 to 20:1 depending on margin and segment, which is still excellent but not the magic number floating around marketing slide decks.

A worked example

You send 50,000 emails. 11,000 open (22 percent). 1,250 click (2.5 percent CTR, 11.4 percent CTOR). 60 convert (4.8 percent conversion rate on clicks). Revenue is $9,000, send cost is $250. Revenue per email = $0.18. AOV = $150. ROI = ($9,000 - $250) / $250 = 35x. Healthy ecommerce promo numbers across the board, with CTR slightly below the 2.5 to 5 percent benchmark for the segment but conversion rate strong enough to compensate. The diagnostic: subject line is doing its job (good open rate), but the email content or offer is leaving some clicks on the table.

FAQ

Email marketing performance, FAQ

How does this email marketing performance calculator work?

Plug in sends, opens, clicks, conversions, revenue, and optionally cost. The calculator computes open rate, CTR, click-to-open rate (CTOR), conversion rate, revenue per email, revenue per recipient, AOV, and ROI. Each metric is benchmarked against realistic email industry ranges so you can see what's good and what's broken.

What is a good email open rate?

It depends on industry and audience. B2B newsletters typically run 25 to 40 percent open rates. Ecommerce promotional emails sit at 15 to 25 percent. Transactional emails (receipts, order confirmations) hit 50 percent or higher. Apple Mail Privacy Protection now inflates iOS opens by 30 to 50 percent on consumer lists, so trust click rate as a more reliable engagement signal.

What is the difference between CTR and CTOR?

Click-through rate (CTR) is clicks divided by total sends. Click-to-open rate (CTOR) is clicks divided by opens. CTR tells you the campaign's overall reach to engagement. CTOR tells you how compelling your email content was for the people who actually opened it. CTOR is more reliable for measuring email content quality because it removes the noise from open rate (especially post-MPP).

What is a good email click-through rate?

B2B emails typically run 2 to 5 percent CTR. Ecommerce promotional emails sit at 1 to 3 percent. Transactional emails can hit 10 to 15 percent because the user is expecting the click (e.g., 'view your order'). Click rate is the most important metric to track post-MPP because it's the only universal engagement signal that hasn't been inflated by mail privacy features.

How does Apple Mail Privacy Protection affect my numbers?

Apple Mail (iOS Mail app, not Gmail or Outlook) preloads tracking pixels for users who enable Mail Privacy Protection, which is most of them. This means iOS Mail opens are reported even if the user never actually opened the email. On a consumer list with 50 percent Apple Mail share, your reported open rate is roughly 30 to 50 percent inflated. Click rates are unaffected. The fix: deemphasize open rate in your reports and use clicks as the primary engagement metric.

What is a good email ROI?

Industry rule of thumb is 36:1 to 42:1 ROI for email marketing, but those numbers come from older studies and overstate the average. A realistic blended target is 10:1 to 20:1 for ecommerce promotional emails. B2B nurture sequences run higher because the deal sizes are larger but volumes are smaller. ROI below 5:1 means the email program is not pulling its weight relative to other paid channels.

Is this calculator free?

Yes. No signup, no email gate. We host it because the same teams measuring email performance also need real attribution to know which emails drove revenue across the full customer journey, which is what SourceLoop does.