<b>Reply rate is the metric that lies to you</b>
Everyone says: "Optimize for reply rate — it's the truest signal of a good campaign."
Myth. "No thanks" is a reply. "Who is this?" is a reply. "Take me off your list" is a reply. A subject line built on curiosity-gap bait will spike replies and tank deals, because you bought attention you can't convert. The number that pays rent is <i>positive</i> reply rate, and it usually moves opposite to total replies. Stop counting whether they answered. Count whether they wanted to.
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<b>Reply rate is the metric that lies to you</b>
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