You can't improve what you don't measure. Here's your guide to cold email analytics.

Core Metrics

Open Rate: Emails opened / Emails delivered. Target: 40-60%.

Reply Rate: Replies / Emails sent. Target: 5-15%.

Positive Reply Rate: Interested replies / Total replies. Target: 30-50% of replies.

Meeting Rate: Meetings booked / Emails sent. Target: 1-3%.

Bounce Rate: Bounced / Sent. Target: Under 2%.

What Each Metric Tells You

Low open rate: Subject line problem, deliverability issue, or wrong audience.

Low reply rate (good opens): Body content isn't resonating, weak CTA.

Low positive reply rate: Targeting wrong people or wrong message.

Low meeting rate (good replies): Not converting interested prospects, process issue.

By step: Which email in your sequence performs best/worst?

By segment: Which audience responds best?

By rep: Who's crushing it and why?

By time: What days/times work best?

Track: Volume sent, opens, replies, meetings, pipeline created.

Segment by: Campaign, persona, rep, time period.

Review: Weekly for trends, monthly for strategy.

Identify weakest link in your funnel. Test improvements. Measure impact. Repeat.

Example: Open rates are low → Test subject lines → Winner becomes new default → Move to next weakest link.

Track which emails lead to meetings. Track which meetings lead to deals. Calculate true ROI of cold email.