Estimate what your email list could bring in each month
Enter your list size, how often you send and your own rates. Get a rough estimate of monthly revenue from email campaigns, with every step of the math shown.
Free, 30 minutes, and you'll leave with at least one clear next step.
Example result
Estimated email revenue
- Estimated monthly email revenue
- From campaigns, before returns
- Estimated orders per month
- Rounded to a whole order
- Estimated clicks per month
- People who reach your store
- Revenue per subscriber per month
- Monthly revenue divided by list size
Estimated monthly email revenue is $4,704 from about 67 orders and 2,240 clicks.
How the math works
- Emails sent per month = list size × campaigns per month
- Opens = emails sent × open rate
- Clicks = opens × click rate
- Orders = clicks × conversion rate
- Estimated monthly revenue = orders × average order value
This is an estimate from the rates you enter, not a benchmark. It covers campaigns sent to the whole list. Automated flows (welcome, abandoned cart, post-purchase) are not included. Opens can be overcounted because some email apps open messages automatically.
Worked example
Example numbers only. List size: 20,000 people; Campaigns sent per month: 8 sends; Open rate: 35%; Click rate (of people who open): 4%; Conversion rate (of people who click): 3%; Average order value: $70.00.
- Emails sent: 20,000 × 8 = 160,000
- Opens: 160,000 × 35% = 56,000
- Clicks: 56,000 × 4% = 2,240
- Orders: 2,240 × 3% = 67.2
- Estimated monthly revenue: 67.2 × $70.00 = $4,704
What does this calculator estimate?
It estimates the monthly revenue your email campaigns bring in, based on rates you type in. Each step from send to sale gets a number: how many emails go out, how many get opened, how many people click, how many buy and what they spend.
Treat the result as an estimate and a way to test ideas. It is not a benchmark, and it won't tell you what a good open or click rate is for your store. The most useful numbers to enter are your own, taken from the last few months of campaign reports in your email platform.
How is the estimate worked out?
Multiply list size by campaigns per month to get emails sent. Multiply that by open rate to get opens. Multiply opens by click rate to get clicks. Multiply clicks by conversion rate to get orders, then multiply orders by average order value to get revenue.
The click rate here is the share of people who opened and then clicked. Some platforms call this click-to-open rate. The formula and a worked example with example numbers are right under the calculator.
The calculator also shows revenue per subscriber per month. That helps when you decide what a new subscriber is worth to you, for example when you weigh a pop-up discount or a giveaway.
Where do you find your own numbers?
Klaviyo and HubSpot both show open rate, click rate and placed orders for each campaign. Use averages from the last three to six months. Leave out one-off sends like a big holiday sale if they skew the picture, and run them through the calculator on their own.
Be careful with open rates. Some email apps open messages automatically to load images, which counts as an open even if the person never read it. That pushes open rates up. Clicks and orders are more reliable. If your platform reports click rate as a share of everyone who received the email, divide it by your open rate before you enter it here.
Which mistakes make the estimate wrong?
Watch for these when you fill in the fields.
- Mixing campaigns and flows. This calculator covers campaigns sent to your list. Automated flows like welcome, abandoned cart and post-purchase are separate and should be measured on their own.
- Counting every contact as reachable. Use the number of people you actually send to, after unsubscribes, bounces and anyone you hold back for not opening.
- Assuming more sends means more revenue in a straight line. Sending more often can raise unsubscribes and spam complaints, which shrink your list and hurt delivery. Test a change for a few weeks before you count on it.
- Taking email-credited revenue at face value. Email platforms usually credit a sale to an email if someone opened or clicked within a set window, even if they would have bought anyway. Check the totals against Shopify.
How should you use the result?
Use it to see which lever matters most for your list. Change one field at a time and watch the revenue move. A bigger list, a better click rate and a higher order value each change the result in a different way. That tells you where to put your effort, whether that's growing the list, writing better emails or raising order value with bundles.
You can also put a value on list growth. Take revenue per subscriber and multiply it by the subscribers a pop-up or a paid ads campaign adds each month. Pair that with our max CAC calculator to see how repeat orders from email raise what you can pay for a new customer, and with the break-even ROAS calculator to check the ads that grow the list.
When should you talk to someone?
Talk to someone if your estimate is far from what your store actually makes from email, if your open rates dropped all of a sudden, or if you send campaigns but have no automated flows set up yet. Each of those usually has a fix that doesn't need a bigger list.
Our email marketing team builds campaigns and flows in Klaviyo and HubSpot for online stores. See what that looked like for Charlie Hustle and First Stop Fashion, or book a 30-minute call.
Email revenue calculator questions
Why does the calculator ask for clicks out of people who opened?
Because it works down the chain one step at a time. It finds opens first, then the share of those openers who click. If your platform shows clicks out of everyone who received the email, divide that number by your open rate to convert it.
Does the estimate include revenue from automated flows?
No. It covers campaigns sent to your list. Welcome, abandoned cart, browse and post-purchase flows run on their own triggers, so measure them separately in your email platform.
Can I use this calculator for text messages?
Yes, with one change. Texts don't report opens, so set the open rate to 100% and enter the share of recipients who click as the click rate. The rest of the math works the same way.
Why is my estimate higher than the email revenue I actually see?
The usual causes are inflated open rates from apps that open emails automatically, a list size that counts people you no longer send to, and a conversion rate taken from a single strong campaign. Use averages over a few months and the list you send to today.
What should count as list size?
Count the people who actually receive your campaigns. Leave out unsubscribes, bounced addresses and anyone you hold back for not engaging. If you send different campaigns to different segments, run the calculator once per segment.
Related
More free tools
Want to know what your list should be bringing in?
Bring your email reports to a 30-minute call. We'll look at your campaigns and flows and point out the first thing to fix.