Count the five outbound numbers, not just the reply rate
Replies, then the ones that are actually positive, then meetings booked, then meetings that happened, then closes. Each rung fails for its own reason, and a 10% reply rate made of polite noes is a copy problem wearing a success. Split it by list segment too — one or two segments usually carry everything, and the average hides which.
Step 2.2.4
Time: 45m
Done when
Quote the five outbound numbers for the last send: sent, delivered, replied, positive, booked. All five present, for the same period. (Proof: the exact words.)