Another way to look at this is as a way to quickly improve your click-through rate. Without any outgoing clicks, then your customers are just reading your email and didn't act on your calls to action.
Possible reasons why no one is clicking on your email newsletter links:
1. No one can find your links in your email
Some marketers are too clever for their one good and seem to think that blaring links disrupt their glorious design and interrupt the flow of the copy.
But hiding your links for the sake of the design is just plain silly.
You want your customers to do something, right? The first part of that "something" is clicking on a link, so don't make your subscribers hunt them down and search through the weeds to find them.
You don't have to get all crazy with showing where your links are. But, your subscribers need to be able to find them.
2. Your links are completely unrelated to the email content
Slapping some random links within your email just because you think you need them wastes space, devalues the links themselves and draws the attention away from your promotion.
If your promotion is all about the hottest deals of the day, then don't go and cloud the issue with links about upcoming promotions. The focus needs to be squarely on the promotion.
However, links that support the promotion, say, customer review of the products on sale, is perfectly legitimate.
3. Your links aren't labeled correctly
The worst of all email marketing sins is to have perfectly good links wasted because they're mislabeled.
Think about it: these links are primed, set and ready to work as hard as they can for your promotion, directing your customers to the correct landing pages.
Those are 3 of the most common culprits to not getting clicks.
But to even get to the point of knowing why people are not clicking on your links, you need to be tracking them first.