Your email programme is generating open rates that look healthy and revenue attribution that looks reasonable and retention numbers that are quietly not responding to either of those things.
Email open rate is a measure of subject line quality and send time optimisation. It is not a measure of commercial relationship health. A customer who opens your emails every week and has not purchased in four months is not an engaged customer. They are a habit. The inbox is familiar. The offer has not yet been compelling enough, or the moment has not yet been right, or the trust threshold for the next purchase has not been reached, and the open rate is not telling you which of those is true.
The CRM programme optimised for engagement metrics is not the same as a CRM programme designed to produce commercial outcomes. One measures what is easy to measure. The other requires a read of the customer journey at a level of specificity that most CRM infrastructures were not built to produce. You are probably running the first one while being held accountable for the second.
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