How to Measure Email Campaign Effectiveness in HubSpot

Uncovering Hidden Reports That Reveal True ROI

When you launch an email campaign in HubSpot, the default metrics — open rates, click-through rates, bounces — are just the tip of the iceberg. If you're serious about improving ROI, you need to go deeper.

In this article, we’ll explore the less obvious but more insightful reports in HubSpot that help you measure the real impact of your email campaigns on your pipeline and revenue.

Why Basic Metrics Aren’t Enough

Open and click rates are good for surface-level diagnostics. But they don’t tell you:

• If leads moved further down the funnel

• Whether the campaign influenced deals

• What kind of revenue it helped generate

HubSpot’s attribution, contact lifecycle, and campaign influence reports offer this deeper insight — if you know where to look.

Key Reports for Real Email ROI in HubSpot

1. Email Attribution in Campaign Analytics

HubSpot’s Campaigns tool groups emails, landing pages, CTAs, and forms into a single campaign entity. Within this, the "Influenced Revenue" and "New Contacts" metrics can reveal how your emails supported sales outcomes.

Find it under:
Marketing → Campaigns → [Select Campaign]

What to look for:

• Revenue influenced: Did recipients later close as customers?

• Influenced contacts: Who interacted with emails and converted?

📌 HubSpot Campaigns Guide – Learn how HubSpot tracks campaign performance and revenue attribution.

2. Lifecycle Stage Movement by Email Engagement

This custom report shows how many recipients moved from one lifecycle stage to the next (e.g., Lead → MQL) after engaging with an email.

How to build it:

• Create a custom contact-based report

• Add filters: Email clicked/opened → Lifecycle stage changed within X days

Why it matters:
An open rate of 40% is great — but if no one moved down the funnel, it’s noise, not ROI.

3. Deal Influence Report

Track whether contacts who received or interacted with your email ended up being associated with deals.

Steps:

1. Use the Attribution Reports tool

2. Set interaction source: Marketing Email

3. Choose attribution model (e.g., Linear, U-Shaped)

Pro Tip: The U-Shaped model gives more credit to the first and lead-converting touches.

📊 HubSpot Attribution Models Explained

4. Email Click-to-Deal Conversion Rate

A powerful metric: how many clicked contacts eventually became deals?

Steps:

• Create a List of contacts who clicked a specific email

• Build a report showing how many have associated deals or deal stages

Use Case: If 15% of clickers ended up in deal stage "Proposal Sent" — that’s a high-value campaign worth replicating.

5. ROI by Email Type or Template

Compare outcomes across different email types (newsletters vs. promos) or templates.

How:

• Tag emails with custom naming (e.g., Promo_Q3, Newsletter_June)

• Build a performance report using those tags

• Cross-reference with influenced revenue or closed-won deals

Use it to:
Determine which types of emails produce the best downstream results, not just the highest opens.

Bonus: Integrate with HubSpot Revenue Attribution Tools

For advanced marketers, HubSpot’s Marketing Hub Professional and Enterprise tiers offer multi-touch attribution — tracking how email touchpoints interact with other channels like paid ads, web visits, and sales follow-ups.

If you're running email in isolation, you're not seeing the whole story.

Business Example: What Better Email Reporting Unlocks

One client of CRM Magnetics sent monthly nurture emails with strong open rates (~38%) but low direct responses. After building an attribution-based report, they found that 27% of those readers converted indirectly — through clicking a later paid retargeting ad.

That led to:

• Expanded email → ad sequence campaigns

• Better ROI reporting across teams

• A 19% lift in pipeline from email-attributed leads in 60 days

Final Thoughts

If you're still relying on open rates alone, you're measuring only engagement — not results. HubSpot offers a suite of powerful but underused reports that surface what really matters: pipeline influence, lead quality, and revenue impact.

Let CRM Magnetics help you build smarter reports and unlock the real value of your email marketing.