Appendix A: Benchmarks by Industry

These benchmarks are compiled from industry reports, platform data, and independent research. Use them as directional guides, not absolute standards. Your specific audience, content quality, and sending practices will produce results that may differ significantly from averages.

A note on methodology: industry averages are dragged down by brands with poor practices, inactive lists, and infrequent sending. If you follow the guidance in this book, you should consistently outperform these averages. If you’re at or below these numbers, treat that as a signal that something in your programme needs attention.

Email Performance by Industry

Industry	Average Open Rate	Average CTR	Average Unsubscribe Rate
Ecommerce	15-20%	2-3%	0.2%
SaaS/Technology	20-25%	2-3%	0.2%
Financial Services	20-25%	2.5-3.5%	0.15%
Healthcare	20-25%	2-3%	0.15%
Education	25-30%	3-4%	0.1%
Nonprofit	25-30%	2.5-3.5%	0.1%
Media/Publishing	20-25%	4-5%	0.1%
Real Estate	20-25%	2-3%	0.2%
Travel/Hospitality	18-22%	2-3%	0.2%
Retail	15-20%	2-3%	0.2%
Professional Services	20-25%	2.5-3.5%	0.15%
Restaurant/Food	20-25%	2-3%	0.2%

Note: Open rates are increasingly unreliable due to Apple’s Mail Privacy Protection, which inflates open rates for Apple Mail users by pre-loading tracking pixels regardless of whether the recipient actually opened the email. In 2026, Apple Mail accounts for roughly 50-60% of email opens in many markets. Focus on click-through rates and conversion metrics as your primary engagement indicators.

Email Type Performance

Email Type	Average Open Rate	Average CTR	Revenue Impact
Welcome Emails	50-60%	5-8%	Sets the tone for relationship
Abandoned Cart	40-50%	5-10%	Highest direct revenue per email
Post-Purchase	40-50%	3-5%	Drives repeat purchase and loyalty
Win-Back	10-15%	1-2%	Low rate but high value per conversion
Promotional	15-20%	2-3%	Bulk of programme revenue
Newsletter	20-30%	3-5%	Engagement and brand building
Transactional	60-80%	5-15%	Highest open rates of any type
Product Launch	20-30%	3-5%	Varies widely by audience fit

The gap between welcome email performance (50-60% open rate) and promotional email performance (15-20% open rate) tells you something important about subscriber intent. New subscribers are actively interested. That interest decays over time unless you nurture it. The welcome series is your best opportunity to establish engagement habits.

Key Thresholds

Metric	Healthy	Warning	Critical
Bounce Rate	< 2%	2-5%	> 5%
Complaint Rate	< 0.05%	0.05-0.1%	> 0.1%
Unsubscribe Rate	< 0.3%	0.3-0.5%	> 0.5%
List Growth Rate	> 2% monthly	0-2%	Negative
Click-to-Open Rate	> 10%	5-10%	< 5%

Gmail specifically enforces a complaint rate threshold of 0.3%, and exceeding 0.1% consistently will begin to impact inbox placement. Keep your complaint rate below 0.05% to maintain optimal deliverability. Yahoo and Microsoft have similar thresholds. These are not guidelines. They are gates. Exceed them and your emails go to spam.

ROI by Channel

Channel	Average ROI	Notes
Email Marketing	$36-42 per $1 spent	Highest of any digital channel
SMS Marketing	$20-25 per $1 spent	Rising, especially combined with email
Social Media (Organic)	Difficult to measure	Brand building, hard to attribute
Social Media (Paid)	$2-5 per $1 spent	Varies widely by platform and audience
Search (SEO)	$15-20 per $1 spent	Long-term investment, compounds over time
Search (PPC)	$2-8 per $1 spent	Immediate but stops when you stop spending
Content Marketing	$10-15 per $1 spent	Long-term, builds organic traffic
Direct Mail	$4-7 per $1 spent	Higher cost per touch, strong for specific uses

Email’s ROI advantage comes from two factors: low cost per send (fractions of a cent) and a direct relationship with an engaged audience. No algorithm decides whether your subscribers see your email. No platform takes a cut of the transaction. The audience is yours.

Cold Email Benchmarks

Metric	Average	Good	Excellent
Open Rate	40-60% (inflated by MPP)	50%+	60%+
Reply Rate	1-5%	5-10%	10-20%
Positive Reply Rate	0.5-2.5%	2.5-5%	5-10%
Reply-to-Meeting Conversion	20-40%	30-50%	50%+
Bounce Rate	< 3%	< 2%	< 1%

Cold email open rates are heavily inflated by Apple Mail Privacy Protection and should not be relied upon as a performance indicator. Reply rate is your primary metric. Positive reply rate (replies expressing genuine interest versus ‘not interested’ or ‘remove me’) is your quality metric. Reply-to-meeting conversion rate tells you whether your qualification and targeting are strong. If you’re getting high reply rates but low reply-to-meeting conversion, your targeting is off, as you’re reaching people who are willing to engage but aren’t actually good prospects.

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