Cold emails are a marketing channel that a lot of people don’t take for serious. But those who do use it know that reaching out to as many people as possible is actually worth the time and money spent. Just look at the diagram below!
Image source: Statista
How much money should you spend on cold emailing? First of all, you need to know how good your current strategy is doing. Let’s find out how to do it.
So, you do need to gather some stats on how your cold email campaign is doing. But what indicators are the most significant ones that you should pay attention to?
Are your emails being opened at all? While the fact that the message is opened doesn’t necessarily mean it is read, you do need to give it some attention. If all your emails are just ignored, you’ll know something should be changed in the way you write your subjects.
Image source: Mailchimp
If half of your cold emails are opened, you did a great job! Make sure you track unique opens though. If somebody is actually interested in your services, they might reopen an email a few times.
However, don’t waste much time calculating and comparing open rates, as there are much more important things to track.
If you want to define how successfully your cold emails generate leads, there’s no better indicator than CTR. According to DMA’s survey, it is one of the three most important metrics for companies.
Image source: Direct Marketing Association
And there’s no better way to gain CTR than by implementing call-to-actions to your emails. A recipient visiting your website from a cold email is like a bypasser entering your shop after looking at a flyer.
Once your email is opened, you have approximately 3 seconds to drag recipients’ attention. That’s why you need a CTA. If your messages are opened, but the links are not clicked, consider revising your calls-to-action. If you need some help with it, stay with us for a couple of paragraphs, and we’ll tell you more.
CTR measures how many cold email recipients became leads, but it is actual customers that matter the most. Conversions are those occasions when a person who clicked the link also did what you want them to do. This might be buying a product, signing up, subscribing for an annual plan, etc. So, the number of conversions (and its percentage) is what shows your success.
If a lot of people click your link from a cold email but don’t convert, then whether your website lacks a decent CTA or its visitors don’t find what they were promised. Either way, you should revise both your landing page and your cold emails.
ROI (return-on-investment) is the amount of money you earned. And it doesn’t get easier than that. All these metrics are important undoubtedly, but after all, it is dollars that you want the most. Moreover, emailing delivers the highest ROI rate, according to VentureBeat.
Image source: VentureBeat
Calculating your ROI is the best way to learn how good each marketing stage did. Cool thing is, cold emails do really good regarding ROI. They are the most cost-efficient channel with almost 50 times more income than the money spent. At least, this is what you should head for.
However, make sure you consider every kind of expenses. One cent neglected now can lead to a lot of losses in a few months.
Track how much money cold emails themselves give you. Then, you can compare the amount of money earned to total ROI. In this way, evaluating the efficiency of cold outreach emails is really easy to do.
Every single unsubscription or spam report can be crucial. So, you should count them. In the first case, it is more about your present customers. But if they unsubscribe from your newsletter, all of your emails might be too annoying.
Spam reports are much worse on the other hand. Sometimes one complaint is enough for your account to be temporarily banned, which is a total disaster for your marketing channel. Thus, make sure you track reports on spam and keep them less than 0.1%. Which might be rather difficult, depending on your business sector.
Image source: Smart Insights
Once you’ve learned your flaws, turn them into your advantages! Evaluating all the metrics of cold outreach emails is a significant part of marketing. But what good is it if you don’t change what’s bad? Here are some awesome tips we’ve gathered that may be perfect for you to boost CTR and ROI but lessen unsubscriptions.
If you are a B2B marketing team, surely your emails are not interesting for everyone. If you make decorations for houses, your services have no appeal for large software developing companies. Surely, you can send as many cold emails as you want, but be careful about it. If they are irrelevant for a lot of recipients, your company will earn itself a bad reputation, being reported as spam for too often.
Spend some time and resources to do research. Find out who needs your service the most and reach out to them instead of blindly clicking send for a million times a day. Cold emails are not based on luck.
Make a schedule. Just because you received no feedback doesn’t mean your email didn’t work. There are billions of billions of messages sent every day. Some of them get lost and ignored occasionally.
If you’ve got no feedback, send one more email after a day; then after 2 days, then after 4… By increasing the time gap between emails, you make sure they are not considered spam while getting closer to your goal.
Once again, the amount of emails sent every day is enormous. So, you need to stand out and be unique. Put some effort into your emails. We will discuss later how you can make a text engaging, but you should consider the visuals as well.
One of the essential parts of a superb cold email is its signature. It is like your outfit. You don’t attend theater in a T-shirt (most of the time), and you don’t wear a tie going to the beach (most of the time). Make sure your email signature is eye-catching and relevant.
Luckily, there are many online tools that help you develop and implement email signatures. For example, NEWOLDSTAMP has a browser editor that allows you to put any kind of content in your email signature.
The editor has a centrally managed signature control system. You can easily organize all your departments and make signature templates for your employees.
While ‘playing’ with an editor is awesome, don’t make it too vivid. After all, you are a professional. NEWOLDSTAMP allows you to choose fonts, banners, and finishes from a huge library. Doing so, you make sure everything fits the style.
Add your recipients name to an email text. This is the best way to drag someone’s attention. When they are scrolling through the inbox, addressee's name will definitely catch their eye. Another cool thing to do is writing rhetorical questions. They make people think for a second about the answer, thus spending more time with your email.
After you have mastered all the supporting stuff, make your text is good. Some formulas are scientifically proven to drag attention. Let’s take a glance at them!
This one is probably the most intuitive and successful one. The idea is simple. At first, you tell your addressee what they have now. For example,
“We all know how hard it is to generate new leads.”
Then you tell what they can have in the nearest future.
“Our company can help you develop the list of your possible clients.”
And then comes ‘the bridge’ - a particular solution.
“Visit our website by the link and learn how!”
This formula makes your recipients feel like someone cares about them and knows their problems. In addition, by writing in this way, you make it look like you have already done a service. So people feel they owe you.
This one is somewhat similar to the previous formula. The main difference is that you pay more attention to the problem your leads have. Firstly, you identify it; and then you agitate it, further pointing out the flaw. Finally, you suggest the solution and add some links to where people can find it.
This formula is like a disclaimer. You tell people about their problem and agitate them to visit your website or ask to get some services. But then you add a short sentence telling them that they are free to do whatever they want. It is both a nice form of politeness and the way to make your recipient more interested in such a respectful form of cooperation.
The AIDA formula is rather intuitive as well, yet it is really effective. The idea is as follows:
It works because every next stage makes people more engaged. By the time they reach the final sentence, they already feel like they need your help. So, don’t hesitate to catch the opportunity.
When you are told a certain story, your brain acts like it actually experiences it. Thus, add a short story to your cold email. The best way to do so is by writing in the first person. So, you introduce yourself, you tell a story when you faced a certain problem, and then you deliver a solution found.
Cold outreach email is one of the best ways to generate leads. It does not require much time and resources, but the results you can get are magnificent. Just make sure you are relevant, true, and consistent. And never forget to track all the stats, as they can show you any pros and cons of your current strategy.