Monitor and optimize your email outreach campaigns with comprehensive performance tracking
✓ Free to download · ✓ Excel 2016+ and Google Sheets · ✓ Custom version in 24h
Cold email metrics only mean something at the sequence level. This tracker records sends, replies and outcomes per step, so you can tell which message is working rather than whether the campaign is.
The actual columns, with sample rows
| A | B | C | D | E | F | G |
|---|---|---|---|---|---|---|
| 1 | Sequence | Step | Sent | Replies | Reply % | Positive |
| 2 | Ops leaders Q3 | 1 · Intro | 420 | 18 | 4.3% | 7 |
| 3 | Ops leaders Q3 | 2 · Case study | 391 | 31 | 7.9% | 14 |
| 4 | Ops leaders Q3 | 3 · Breakup | 348 | 26 | 7.5% | 5 |
| 5 | Finance Q3 | 1 · Intro | 260 | 6 | 2.3% | 2 |
Why each one is written the way it is
=IF([@Sent]=0,"",[@Replies]/[@Sent])
Reply rate per step. Campaign-level reply rate averages a strong follow-up with a weak opener and hides both.
=IF([@Replies]=0,"",[@Positive]/[@Replies])
Positive share of replies. A step can generate replies and no interest; this separates volume from quality.
=SUMIFS(Steps[Positive],Steps[Sequence],[@Sequence])/MAXIFS(Steps[Sent],Steps[Sequence],[@Sequence],Steps[Step],"1*")
Sequence conversion against the number of people entered, not against total sends.
=COUNTIFS(Contacts[Status],"Unsubscribed",Contacts[Sequence],[@Sequence])/COUNTIFS(Contacts[Sequence],[@Sequence])
Unsubscribe rate. Above 2% the list or the targeting is wrong, and volume will make it worse rather than better.
A worked example with real numbers
A sales team judged a sequence a failure on a 5.6% overall reply rate. Broken out by step, the case-study email was at 7.9% with 45% positive replies while the opener was at 4.3% with 39%. Rewriting the opener around the case study's angle lifted step-one replies to 6.8% and, because more people reached it, sequence conversion nearly doubled.
Tab by tab
| Tab | Contents |
|---|---|
| Sequences | Steps, copy variants and send dates. |
| Contacts | Prospect list with status and sequence membership. |
| Replies | Reply log classified as positive, neutral or negative. |
| Dashboard | Reply and positive rates by sequence and step. |
| README | How replies are classified and by whom. |
What is included, and what to look at next
Specific to this workbook, not generic
3–8% for a well-targeted B2B list, with 30–50% of replies positive. Below 2% the problem is targeting rather than copy, and rewriting the email will not fix it.
Three to five. Beyond five, the marginal reply rate rarely justifies the unsubscribe and complaint cost.
Sceptically. Privacy proxies pre-fetch images and inflate opens substantially. Replies are the only metric worth optimising against.
"This tracker helped us double our email response rates. The analytics and A/B testing features are invaluable for optimizing our outreach."