Marketing Analytics intermediate 45-60 minutes

How to Track Email Marketing Performance Metrics

Master your email marketing by learning how to track and interpret the metrics that actually drive revenue for your Australian business.

Angus 2 February 2026

Running an email campaign without tracking metrics is like driving from Brisbane to Cairns with a bag over your head—you might be moving, but you have no idea if you're on the right track or about to hit a dead end. Tracking your performance allows you to stop guessing what your customers want and start making data-driven decisions that actually grow your bottom line.

Why Tracking Matters for Your Business

In the Australian market, where competition for attention is fierce, understanding your email data helps you respect your customers' time. When you know what they click on, you can send more of what they love and less of what they ignore. Plus, with the Australian Privacy Principles (APPs) and the Spam Act in play, keeping a close eye on your list health isn't just good marketing—it's essential for compliance.

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Prerequisites: What You’ll Need

Before we dive into the data, make sure you have the following ready:
  • An Email Service Provider (ESP): Like Mailchimp, Klaviyo, or ActiveCampaign. (If you’re still sending bulk BCC emails from Outlook, please stop! It’s a one-way ticket to the spam folder).
  • Google Analytics 4 (GA4): Installed on your website to track what happens after the click.
  • A Spreadsheet: (Optional but recommended) To track your month-on-month growth outside of your ESP.
  • Your ABN: Useful for setting up professional sender authentication settings.

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Step 1: Define Your Key Performance Indicators (KPIs)

Not all metrics are created equal. Some are just "vanity metrics" that make you feel good but don't pay the bills. What you should see: Open your ESP dashboard. You’ll likely see a big percentage for "Open Rate." While this is interesting, don't let it be your only focus. The metrics that actually matter:
  • Click-Through Rate (CTR): The percentage of people who clicked a link. This shows engagement.
  • Conversion Rate: The percentage of people who completed an action (like buying a product) after clicking.
  • Unsubscribe Rate: How many people are leaving? (Keep this under 0.5%).
  • Revenue per Email: Total revenue divided by the number of emails sent.
Pro tip: If you're a local service business in Brisbane, your "conversion" might be a phone call or a booking rather than a checkout. Make sure you know what a 'win' looks like for you.

Step 2: Set Up UTM Tracking Parameters

This is where most people get stuck, and honestly, the interface in Google Analytics doesn't help. UTM parameters are little bits of code added to the end of your links so GA4 knows exactly which email a visitor came from. How to do it:
  • Go to the Google Analytics Campaign URL Builder.
  • Enter your website URL.
  • Set Campaign Source to newsletter or email.
  • Set Campaign Medium to email.
  • Set Campaign Name to something specific like june-winter-sale-2024.
Observation: Most modern platforms like Klaviyo have a checkbox that says "Automatically add UTM parameters." Check that box! It saves you from doing this manually every time. It’s a lifesaver.

Step 3: Monitor Your Deliverability (The "Inbox" Test)

You can have the best copy in the world, but it’s useless if it lands in the 'Promotions' tab or, worse, the Spam folder. Check your Bounce Rate:
  • Hard Bounces: The email address doesn't exist. Delete these immediately.
  • Soft Bounces: The inbox was full or the server was down. Keep an eye on these.
Pro tip from experience: Aim for a bounce rate under 2%. If it’s higher, your list might be getting old or "stale." It might be time for a list cleaning session (we'll cover that in another guide).

Step 4: Analyse the "Open Rate" (With a Grain of Salt)

Since Apple’s Mail Privacy Protection (MPP) update, open rates have become notoriously unreliable. Apple now "opens" almost every email in the background to protect user privacy, which inflates your numbers. The Fix: Focus on Click-to-Open Rate (CTOR). This measures how many people who opened the email actually clicked. It’s a much better indicator of how compelling your content is. Don't worry if this screen looks different—platforms like Mailchimp change their reporting UI constantly. Just look for the "Reports" or "Analytics" tab.

Step 5: Check Your "Unsubscribe" and "Spam Complaint" Rates

This is the part everyone hates looking at. It’s like seeing people walk out of your shop while you’re talking to them. But it’s vital information. What to look for:
  • If you see a spike in unsubscribes after a specific email, ask yourself: Was the tone wrong? Was the offer irrelevant? Did I send it at 3 AM by mistake?
  • Australian Context: Ensure your "Unsubscribe" link is easy to find. Hiding it is a breach of the Spam Act 2003 and will actually hurt your deliverability more in the long run because frustrated people will just hit the "Report Spam" button instead.

Step 6: Dive into GA4 to Track Post-Click Behaviour

Now, let's see what happened after they clicked that shiny button in your email.
  • Log into Google Analytics 4.
  • Go to Reports > Acquisition > Traffic Acquisition.
  • Look for the row that says "Email."
  • Scroll to the right to see Key Events (Conversions) and Total Revenue.
This is the trickiest part—everything after is easy. If you don't see "Email" listed, it means your UTM tags from Step 2 weren't set up correctly. This is a common mistake, so don't beat yourself up over it.

Step 7: Perform A/B Testing (Split Testing)

If you want to improve your metrics, you have to experiment. Most ESPs allow you to test two versions of an email against each other. Things to test:
  • Subject Lines: "20% Off Everything" vs "A special treat for our Brisbane locals."
  • Call to Action (CTA) Buttons: "Shop Now" vs "Claim My Discount."
  • Send Time: Tuesday morning vs Thursday evening.
Quick tip: Only test ONE thing at a time. If you change the subject line AND the images, you won't know which change caused the result.

Step 8: Create a Monthly Performance Report

Don't let this data sit in your ESP. Every month, spend 15 minutes putting the key numbers into a simple spreadsheet. Why? Because it allows you to see seasonal trends. For example, you might find that your Queensland-based customers engage more with "Winter" content in June, even if it's still 22 degrees outside!

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Common Mistakes to Avoid

  • Ignoring the Mobile View: Over 60% of emails are opened on phones. If your email looks great on a desktop but your links are too small to click on a thumb, your CTR will plummet.
  • Over-sending: Sending three emails a week might seem like a good idea, but if your engagement drops, the "Spam" filters will start flagging you.
  • Buying Email Lists: Never, ever do this. It’s the fastest way to get your account banned and ruin your domain reputation in Australia.

Troubleshooting

  • "My Open Rates are 0% or 100%": This is usually a technical glitch with the tracking pixel. Check if your ESP is verified with your domain (DKIM/SPF settings).
  • "I'm getting clicks but no sales": The problem isn't your email; it's your landing page. Ensure the page people land on matches the promise of the email.
  • "My emails are going to the Junk folder": Check your "Sender Reputation." Use a tool like Mail-Tester.com to see if your technical setup is causing issues.

Next Steps

Now that you're tracking your data, it's time to start optimising!
  • Pick one metric to improve this month (e.g., Click-Through Rate).
  • Try your first A/B test on your next campaign.
  • Book a strategy session if you'd like us to take a look at your analytics and find the hidden revenue in your list.

Setting this up is admittedly a bit fiddly the first time, but once it's done, you'll have a clear view of exactly how much money your email marketing is making for your business. You've got this!

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