Reply rates have fallen to ~3.5–5% as inboxes filter AI-written outreach. Model the funnel honestly before you spend the quarter on it.
The funnel chains: sends × reply% × positive% × meeting% × win% × deal value. The two numbers leaders actually manage by are cost per meeting (healthy: under $300–500 for mid-market) and ROI. If ROI is negative at honest rates, more volume makes it worse, not better.